Report says Africa is one of the fastest growing in the world because of a rich blend of genres and cultures.
Sub-Saharan Africa had the fastest growth in music of any region and was the only one to surpass 20 per cent growth, according to the International Federation of the Phonographic Industry (IFPI). Revenues climbed by 24.7 percent, fuelled by gains in paid streaming revenues (+24.5 percent).
According to the IFPI “Global Music Report 2024”, South Africa remained the largest market in the region, contributing 77.0 percent of regional revenues after growth of 19.9 percent. The report says Africa is one of the fastest growing in the world because of a rich blend of genres and cultures.
“Obviously Amapiano is becoming well-established on a global stage, but there are other artists and genres ready to step into the spotlight. I think that as labels, because the A and R (artists and repertoire) sector is so competitive, particularly around certain tracks, we need to ensure that artist development and building sustainable careers – in Africa and overseas, remains an important part of our toolkit. That’s the name of the game for all record companies in my view,” said Christel Kayibi, director of repertoire strategy, Sony Music Africa.
Global recorded music revenues increased by 10.2 per cent in 2023, driven largely by growth in paid streaming subscribers, according to IFPI.