In 2023, Brazil ranked ninth among the ten largest music markets in the world — a remarkable performance primarily driven by streaming.
Last year, the Brazilian music market recorded revenues of R$ 2.864 billion, a 13.4% increase compared to the previous year.
The data is from a report released on Thursday (21) by Pro-Música, the organization representing major record labels and producers in Brazil. Last year’s result more than triples the revenue of the domestic music market over the past six years.
Brazil has been featured in the ranking of the ten largest music markets in the world for seven consecutive years.
The growth in 2023 surpassed the expansion of the global market (10.2%), whose revenues reached US$ 28.6 billion during the period, also driven by streaming.
In an interview with Agência Brasil, Pro-Música president Paulo Rosa stated that the growth observed in Brazil is a fact to be celebrated and a sign that the country continues to be a vital market for music, especially Brazilian music.
The document points out that, among the 200 most streamed songs in Brazil in 2023, Brazilian music accounted for 93.5%. “This is much higher than it was during the vinyl and CD era. The consumption of Brazilian music used to represent about 75%. Today, it represents much more, at least among the most played songs. This is also something to celebrate. It shows the great diversity of Brazilian music. It’s not just the Rio–São Paulo axis — the music produced in the major centers — but music from all over Brazil and the world.”
Top 10
He highlighted that Brazil is not far behind the major markets, ranking ninth in the top ten of the International Federation of the Phonographic Industry (IFPI). “We are in ninth place in the top 10, but we are still far behind compared to the US market, for example, which has over US$ 15 billion, or the UK market [US$ 3 billion], but we are fighting in the top 10.”
Paulo Rosa believes that Brazil, as the largest music market in Latin America, is a fairly accurate reflection of the region. “I think there is still a lot of room for growth. If we look at the country’s demographics, we feel that there is still a significant space to continue expanding the number of subscribers to streaming platforms — the dominant model today and the biggest boost for the market.” In his view, it is an extremely successful model in Latin America, due to its accessibility and reasonable price. This is also one of the reasons why streaming is growing so fast worldwide, both in Latin America and in Brazil, he argued.
Streaming accounted for 87.1% of the total revenues of the Brazilian recorded music market, a 14.6% increase compared to 2022, totaling R$ 2.5 billion, keeping streaming services as the main source of revenue for the sector. Subscription streaming on platforms like Spotify, YouTube Music, Deezer, Apple Music, and others grew by 21.9%, reaching R$ 1.6 billion. Ad-supported streaming grew by 7.3% with music videos and recorded a slight decline of 1% in the audio segment.
Original Source: Agência Brasil