In 2023, the Italian recorded music market grew by 18.8% annually, reaching a total of €440 million in revenue, according to FIMI (Federazione Industria Musicale Italiana), the organization representing the Italian recorded music industry. It is the best result ever in the country in the streaming era. Italy is the third largest market in the European Union, after France and Germany.
It's also one of the most significant increases globally, with the IFPI reporting a 10.2% year-on-year increase to $28.6 billion and marking the ninth consecutive year of growth, according to their World Music Report published today (March 21). .
In Italy, as elsewhere in the world, the industry was driven by streaming: it now covers a market share of 65% and its revenues increased by 16.2%, reaching 287 million euros. Premium subscribers reached 6.5 million users (+9% compared to the previous year). The premium segment led the streaming sector, with growth of 18.4% and revenues of 190 million euros. Overall, the digital segment saw growth of 15.7%. Only downloads fell in the segment (-11.8% YoY).
The physical segment also recorded growth, placing Italy as the eighth market worldwide. With revenues of 62 million euros (+14.4% annually), it covers a market share of 14%. Vinyl sales lead the industry, up 24.3%, but even CDs saw growth (+3.8%).
Performance rights increased significantly (+42.6%, reaching €73 million, which places Italy as the seventh market worldwide) and synchronization rights increased by 3.5%, reaching €13 million.
The thriving Italian music scene has also opened up new opportunities globally. In 2023, overseas revenue increased by 20% (+130% compared to 2020, the year before Måneskin's success), with a total rights income of over €26 million. This was also driven by the digital sector, with revenue increasing by 11% to almost €21 million.
from our partners at https://www.billboard.com/business/business-news/italian-music-revenues-2023-grew-1235638436/
