According to a survey by Pro-Música, streaming services are mainly responsible for the industry’s growth, accounting for 99.2% of the sector’s revenues
Entity that represents the main record labels and phonographic producers in Brazil, Pro-Music carried out a survey that shows how the recording industry grew 21% in the first half of 2024 (compared to the same period in 2023).
In the first six months of the year, the market generated revenues of around R$1.442 billion through digital and physical media. Streaming services are the main driver of the industry’s growth, accounting for 99.2% of the sector’s revenues (R$1.430 billion).
Revenue from subscriptions on digital platforms reached R$995 million, and the amount generated by streaming paid for by advertising was R$436 million. Meanwhile, physical sales raised R$9 million, according to Pro-Music. In the first half of 2024, vinyl records were the most sold (R$ 6 million), followed by CDs (R$ 2.5 million).
In a statement to the press, Paul Rosepresident of the company, spoke about the growth of the music market. “The sector’s numbers in the first half of 2024 continue to demonstrate the predominance of music distribution by streaming platforms operating in Brazil, following a global trend seen in the last 10 years, at least,” he said.
The 21% growth in the sector’s digital and physical revenues directly reflects the efforts and investments made by recording companies, both in the production of national musical content and in the marketing, promotion and development of the careers of thousands of Brazilian artists.
Source: Rollingstone
Earl Johnson is a music writer at Gossipify, known for his in-depth analysis and unique perspective on the industry. A graduate of USC with a degree in Music, he brings years of experience and passion to his writing. He covers the latest releases and trends, always on the lookout for the next big thing in music.
