IMS Business Report 2024: doubling of devenues in top 15 music companies

The International Monetary Fund (IMF) recently put out a business report that brings good news about the music industry’s recovery after the pandemic. The report points out that the 15 leading music companies have nearly doubled their revenues compared to before the pandemic. The quick growth is mostly due to live music, but 2023 was also a great year for recorded music.

The IMF report indicates that the combined revenues of the top 15 music companies have almost doubled since the pre-pandemic times. This significant growth showcases the music industry’s resilience and its capability to adapt and flourish even amidst challenging times. The industry’s bounce back has been driven by innovative approaches, including virtual concerts, increased streaming, and direct-to-consumer sales.

Despite the hurdles brought about by the pandemic, live music has seen the quickest growth. With the relaxation of restrictions, live performances have made a strong comeback, contributing significantly to the industry’s revenue. The high demand for live music experiences has led to sold-out concerts and music festivals globally, indicating a solid recovery and a bright future for this segment.

While live music has been the main growth driver, 2023 was also a big year for recorded music. Artists and record labels took advantage of the increased time people spent at home, leading to a rise in music streaming and purchases. The advent of new platforms and technologies has also contributed to this growth, providing artists more ways to distribute their music and connect with fans.

The IMF Business Report paints a bright future for the music industry. With revenues nearly doubling and both live and recorded music seeing significant growth, the industry is set for continued success in the post-pandemic world. The music industry’s story of resilience can serve as a beacon of hope for all sectors as we navigate the path to recovery.

For a more comprehensive understanding of these trends, you can access the full IMF Business Report online.