Music Industry Growth Driven by Streaming in 2024

As the German Music Industry Association (BVMI) announced today, Germany's music recording market continues to grow, with total revenue reaching EUR 1.136 billion (971 million pounds) from January to June 2024, marking a 7.6% increase from the same period in 2023. While demand for physical media declined by 11.9%, with CDs contributing 8.1% to total sales and vinyl holding a 5.9% market share, digital formats now dominate, accounting for 85.3% of sales. Streaming remains the primary driver, with a 12.7% growth, while downloads dropped by 16%.

Florian Drücke, Chairman of the German Music Industry Association (BVMI), noted the continued appeal of streaming services and the complementary role of vinyl. He also highlighted the need for a binding agreement regarding the use of human-created content by AI, emphasizing that unauthorized use without involving creators in value creation will not be tolerated.