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IFPI Report Reveals Risks and Opportunities for EU Music
September11
IFPI, the organization representing record companies worldwide, has released its inaugural report o
IFPI, the organization representing record companies worldwide, has released its inaugural report on recorded music in the European Union, *Music in the EU: A Global Opportunity*.
The report examines how record companies` work and investments are driving the success of European music both within the EU and globally. It also highlights the challenges and opportunities the EU faces in maintaining its competitive position in the global music industry.
Key findings show that the EU remains a significant player in the global music market, generating €5.2 billion in annual recorded music revenues in 2023. However, when adjusted for inflation, these revenues represent only 61% of the industry`s peak in 2001.
The report also notes that European domestic artists have a strong presence in EU markets, with 60% of Top 10 singles coming from local artists, compared to just 47% in non-EU markets.
The report underscores the positive economic impact of record labels` investments, which contribute significantly to the EU’s GDP. For every €1 generated by record companies, an additional €1.80 is contributed across the music sector`s value chain.
However, the EU risks falling behind rapidly growing markets like the U.S. and Latin America, which lead in global music exports. IFPI urges EU policymakers to support the music industry by ensuring a functioning Digital Single Market, enforcing intellectual property rights, and regulating the ethical use of AI in music.
IFPI CEO Victoria Oakley emphasized the urgency of the situation, stating, “The EU is a vitally important place for music. It has an incredible history of producing extraordinary artists who have delighted music fans worldwide for generations and helped to maintain Europe’s place on the global cultural map.
“It is clear how the work, investment and passion of record labels and their partnership with incredible European artists is driving positive developments in the EU and supports its leading role on the global music landscape.
“However, the data in this report shows us that other parts of the world are developing and growing rapidly and the EU risks falling behind. Policymakers have an opportunity to help us to rectify this; by ensuring there is a well-functioning internal market, providing legal certainty and protection for music rightsholders, supporting the development of responsible and ethical AI and creating a competitive playing field on which today’s dynamic music sector can evolve.
“Today, European music faces great risk but also great opportunity. How policymakers address these issues will help determine its future.”
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