Italian Recorded Music Revenues Grew 18.8% in 2023
Written by djfrosty on March 21, 2024
In 2023, the Italian market of recorded music grew by 18.8% YoY, reaching a total of 440 million euros of revenues, according to FIMI (Federazione Industria Musicale Italiana), the organization that represents the Italian recorded music industry. It is the best result ever in the country in the streaming era. Italy is the third biggest market of the European Union, after France and Germany.
It is also one of the most significant growths on a global level, where IFPI reports an increase of 10.2% YoY, reaching 28.6 billion dollars and marking the ninth consecutive year of growth, as per their Global Music Report published today (Mar. 21).
In Italy, like elsewhere in the world, the sector was driven by streaming: it now covers a market share of 65% and its revenues grew by 16.2%, reaching 287 million euros. Premium subscribers reached 6.5 million users (+9% compared to the previous year). The premium segment led the streaming sector, with a growth of 18.4% and 190 million euros in revenues. Overall, the digital segment saw a growth of 15.7%. Only downloads decreased in the segment (-11.8% YoY).
Trending on Billboard
The physical segment also recorded a growth, positioning Italy as the eighth market worldwide. With revenues of 62 million euros (+14.4% YoY), it covers a market share of 14%. Vinyl sales lead the sector, growing by 24.3%, but even CDs saw an increase (+3.8%).
Performance rights grew significantly (+42.6%, reaching 73 million euros, which positions Italy as the seventh market globally) and synchronization rights saw an increase of 3.5%, reaching 13 million euros.
The flourishing Italian music scene also opened new opportunities on a global level. In 2023, revenues from outside the country grew by 20% (+130% if compared to 2020, the year before Måneskin’s success), for a total royalty income of more than 26 million euros. This was also driven by the digital sector, with revenues growing by 11% to almost 21 million euros.