South Africa records highest growth as African music industry tops revenue growth for 2023

In Sub-Saharan Africa, the music industry has grown at an unprecedented rate, surpassing global averages, according to the most recent data from the International Federation of the Phonographic Industry (IFPI).

With a staggering 24.7 percent increase in revenues, Sub-Saharan Africa became the only region to exceed 20 percent growth rate. The notable growth was mainly driven by a surge in paid streaming revenues, which increased by 24.5 percent.

The IFPI’s “Global Music Report 2024” said South Africa remained the largest market in the region, contributing 77% of regional revenues and growing by 19.9%.

This unprecedented growth underscores the growing influence and impact of African music on the global stage.

The report says Africa is one of the fastest growing in the world because of a rich blend of genres and cultures.

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According to the report, streaming revenues accounted for the majority of revenue growth and total share of the market. Subscription streaming revenues alone grew by 11.2% and made up almost half (48.9%) of the global market.

In general, the report shows that Global recorded music revenues increased by 10.2% in 2023, driven largely by more paid streaming subscribers.

Africa is one of the music markets with the fastest growth rates in the world, and the IFPI’s “Global Music Report 2024” credits this rise to the continent’s broad mix of genres and cultures.

You can access IFPI’s report here.