IFPI Releases Inaugural Music In The EU Report
~ New report highlights that the European market is at a pivotal moment ~
~ Policymakers have chance to bolster European music’s future amidst rising global competition ~
10th September 2024 – IFPI, the organisation representing record companies worldwide, has today released Music in the EU: A Global Opportunity, its first-ever report on recorded music in the European Union.
The report explores the ways in which the work and investment of record companies is helping to drive the success of European music and artists, both domestically and internationally, whilst providing insight into the challenges and opportunities for maintaining and enhancing the EU’s position in today’s global music ecosystem. With other regions across the world seeing rapid growth and development, the report sets out how EU policymakers can help secure a positive future for music at what is a pivotal time for music in Europe.
Key highlights:
1. The EU is a globally important place for music but there is room for further growth
Annual recorded music revenues in 2023 were €5.2 billion – greater than Japan (€2.5bn), the UK (€1.7bn) and China (€1.3bn).
If adjusted for inflation, EU recorded music revenues in 2023 were only 61% of where they were in 2001 (the industry’s revenue peak).
2. Record label investment has a positive ripple effect across the European music industry and provides a boost to EU GDP contributions
Every €1 directly generated or invested by record companies leads to an additional €1.80 GDP contribution to other parts of the music sector value chain.
3. Domestic artists are relatively more successful in Europe however, the EU risks falling behind in what is the most competitive global market ever
In the 22 EU markets where IFPI collects yearly chart data, on average, 60% of the Top 10 singles were tracks by domestic artists – compared to only 47% in non-EU markets.
But U.S. artists lead global Top 10 single exports, with Latin and Central American artists also performing well.
The report also outlines how the EU institutions can support a thriving music sector and the development of responsible and ethical AI by:
- Pre-empting any national initiatives that could jeopardise the functioning of the Digital Single Market and the ability of the music industry to grow and evolve dynamically
- Stopping AI companies’ unauthorised ingestion of copyright protected content
- Fully enforcing the EU’s intellectual property rules across Europe
Commenting on the report, IFPI’s CEO, Victoria Oakley said: “The EU is a vitally important place for music. It has an incredible history of producing extraordinary artists who have delighted music fans worldwide for generations and helped to maintain Europe’s place on the global cultural map.
“It is clear how the work, investment and passion of record labels and their partnership with incredible European artists is driving positive developments in the EU and supports its leading role on the global music landscape."
“However, the data in this report shows us that other parts of the world are developing and growing rapidly and the EU risks falling behind. Policymakers have an opportunity to help us to rectify this; by ensuring there is a well-functioning internal market, providing legal certainty and protection for music rightsholders, supporting the development of responsible and ethical AI and creating a competitive playing field on which today’s dynamic music sector can evolve."
“Today, European music faces great risk but also great opportunity. How policymakers address these issues will help determine its future.”
IFPI publishes its Global Music Report each spring, providing the definitive annual review of the global recorded music market, including the official data on recorded music revenues worldwide as well as insight and analysis on industry trends and developments.
You can find the full press release here: Press Release - Music in the EU Report
Report Music in the EU: A Global Opportunity is available here: Music in the EU Report