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Emerging Markets Were the Story of 2024 & Other Takeaways From the RIAA, IFPI & MIDiA Reports
Music market trends in 2024 were highlighted in RIAA, IFPI and MIDiA's new reports, including growth in emerging markets and subscription streaming.
In November, Billboard published a story about major labels’ pivot in investment strategy from tech startups to old-school music companies in small and developing markets. So, while the U.S. remained the world’s largest market — by a wide margin — its revenue growth didn’t even keep up with 2024’s 2.9% inflation rate (depending on which numbers you’re looking at). SiriusXM CFO Tom Barry, speaking at a banking conference on March 11, said advertising started “to see a drop-off” in previous weeks following the Trump administration’s tariff threats.
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