In 2023, Brazil ranked ninth among the top ten music markets in the world – a remarkable performance driven mainly by streaming.
Last year, the Brazilian music market generated R$ 2.864 billion, a 13.4% increase compared to the previous year.
The data is included in the report released on Thursday (21) by Pro-Música, an entity that represents the main record labels and producers in Brazil. Last year’s result more than triples the revenue of the national music market over the past six years.
Brazil has appeared in the ranking of the top ten music markets in the world for seven consecutive years.
The growth in 2023 surpasses the expansion of the global market (10.2%), whose revenue reached US$ 28.6 billion during the period, also influenced by streaming.
In an interview with Agência Brasil, the president of Pró-Música, Paulo Rosa, stated that the growth observed in Brazil is a fact to be celebrated and a sign that the country remains 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 had a 93.5% share. “This is much greater than it was during the vinyl and CD era. The consumption of Brazilian music usually represents 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 emphasized that Brazil is not far behind the major markets, ranking ninth in the International Federation of the Phonographic Industry (IFPI) top ten. “We are in ninth place among the top 10, but still very far when compared to the US market, for example, which boasts over US$ 15 billion, or the UK market [US$ 3 billion], but we are fighting up there among 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 demographics of the country, we feel that there is still a lot of space to continue expanding the number of subscribers to streaming platforms – the dominant model today and the biggest boost for the market.” For him, this is a highly successful model in Latin America, due to its accessibility and reasonable price. This is also one of the reasons why streaming is growing so rapidly worldwide, both in Latin America and in Brazil, he argued.
Streaming accounted for 87.1% of the total revenue of the Brazilian phonographic market, an increase of 14.6% compared to 2022, totaling R$ 2.5 billion, keeping streaming services as the main source of revenue for the sector. Subscription-based 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 showed a slight decline of 1% in the audio segment.
Original source: Agência Brasil