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Global Recorded Music Revenue and Streaming Grew More Slowly in 2024
For the first time, streaming’s share of global recorded music revenue did not increase from the previous year, according to MIDiA Research.
In March, Universal Music Group chief digital officer Michael Nash stated the company is in talks with multiple streaming platforms about super-premium tiers. The decline in streaming’s influence aren’t likely to be seen in other organizations’ annual figures because MIDiA Research’s global revenue estimates includes expanded rights such as merchandise, licensing and touring (as well as production music). Expanded rights income—companies such as HYBE and SM Entertainment in South Korea represent multiple aspects of their artists’ careers—grew to $1.6 billion, and 66% of that revenue came from four Asian record labels.
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