Internationally, total commercial revenue reached $29.6 billion in 2024, a 4.8 percent increase compared to the previous year.

The 2024 statistics on physical and digital sales of the sound recording market were published by the IFPI (International Federation of the Phonographic Industry) in its annual report (Global Music Report) on Thursday, with the Hungarian data prepared by the organization's domestic representative, Mahasz (Association of Hungarian Sound Recording Publishers).

As they wrote, the domestic recording industry's net revenue last year was close to 12.2 billion forints; the nominal value of the amount has shown an increase for the eleventh year. 

Music streaming revenue in Hungary increased by more than 2.6 billion forints, as did total digital turnover: from 7.5 billion forints in 2023 to 10.2 billion forints, or 35.3 percent.

The revenue generated by music streaming was more than 10 billion forints last year, of which almost 6.8 billion came from subscription audio streaming, 761 million from advertising-based audio streaming, and 2.5 billion from video streaming.

Digital revenue generated by Hungarian music has increased again: more than a third (34 percent) of the total digital music turnover, or 3.5 billion forints, came from digital sales of domestic repertoire, typically from streaming.

In 2024, 12 percent more vinyl records were sold (269 thousand units), which generated 12 percent more revenue (net 1.26 billion forints) than a year earlier. 

The increasing trend was once again able to compensate for the decrease in demand for CDs. Last year, 670 thousand physical audio carriers were sold in Hungary, for a total of 2 billion forints. The quantity sold increased by 4 percent, and the commercial value by 9.8 percent.

The IFPI report highlighted that global recorded music revenues have grown for the tenth consecutive year. The published data shows that total commercial revenue will reach $29.6 billion in 2024, an increase of 4.8 percent.

The key to the growth was subscription streaming, which grew 9.5 percent worldwide, while the number of users with subscription accounts rose 10.6 percent to 752 million.

Streaming revenues surpassed $20 billion ($20.4 billion) for the first time, accounting for 69 percent of total recorded music revenue. This amount is greater than the total revenue of the entire recorded music industry from 2003 to 2020. Subscription streaming revenues grew by 9.5 percent last year, while ad-supported streaming formats grew by 1.2 percent.

International revenue from physical formats fell by 3.1 percent, compared to a 14.5 percent increase in 2023. Vinyl revenue has only been growing for two decades, this time by 4.6 percent. Royalties from public performances reached $2.9 billion in 2024, up 5.9 percent.

All regions saw revenue growth last year, with three of the world's seven regions - the Middle East and North Africa, Sub-Saharan Africa, and Latin America - posting double-digit growth. The fastest-growing region was the Middle East and North Africa, up 22.8 percent.

Europe, which accounts for more than a quarter (29.5 percent) of global revenues, will remain the world’s second-largest region for recorded music revenues in 2024, after an 8.3 percent increase in revenue. The region’s three largest markets all saw revenue growth in 2024: the United Kingdom (+4.9 percent), Germany (+4.1 percent) and France (+7.5 percent).

"One of the key issues we examined in this report is the role of artificial intelligence in music. Record labels have begun to harness its potential to enhance artists' creativity and create new, exciting fan experiences.

However, a very real and present threat to human art comes from developers of generative AI systems that use copyrighted music to train their models without the permission of the rights holders," the statement quoted Victoria Oakley, IFPI's chief executive.

He said they are calling on decision-makers to protect music and art, adding that the potential of artificial intelligence should be used to support and amplify human creativity, not replace it.

The data and tables can be found at www.mahasz.hu/piaci_adatok.

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