A AudiogestAssociation for the Management and Distribution of Rights, released the 2023 Report on Music Market Numbers in Portugal, announcing a notable growth in revenues in the music sector, highlighting the predominance of streaming in global sales, which now represents 23% of the market. Total revenue from national digital sales reached 27,682,865 euros, registering an increase of 25% compared to 2022. Physical sales remained stable with vinyl records representing a significant portion of this market.
In a year with significant results for the music industry, Audiogest observed the consolidation of streaming, which now represent 73% of total music sales in Portugal. This growth not only highlights the importance of streaming in the consumption of music and in the way the public accesses and enjoys it, as demonstrated by the industry’s effective adaptation to them.
Miguel Carretas, General Director of Audiogesthighlights that “2023 was a landmark year for the music industry in Portugal. The substantial increase in streaming revenue demonstrates that the preference for digital formats is now rooted in the choices of Portuguese consumers, and also reflects the resilience and adaptability of our industry.”
Despite this growth, according to the same person responsible, “the national market still has a relatively low penetration rate of healthcare services. streaming music paid by the consumer when compared to other European countries. Being the recipe for artists and producers, on a stream per subscription six times greater than the revenue of a stream supported by ads, increasing consumption and subscription to paid services is a priority for national music publishing.”
The Report also details that the digital market grew by around 25% compared to the previous year. This increase in digital sales, which reach a value of 27,682,865 euros, is seen as a sign of the vitality of the sector. When it comes to sales of physical formats, these remained stable compared to 2022, with vinyl dominating the segment and now representing 67% of physical sales, which is equivalent to 5,803,659 euros.
Regarding music consumption, and despite the prevailing preference for foreign music, (81% of revenue corresponds to sales or streams of foreign repertoire), 2023 was marked by several national successes, ending with four Portuguese songs among the annual TOP 10 of the charts. streaming:
• “COMO TU” by Bárbara Bandeira feat. Ivandro,
• “CHAKRAS” by Ivandro & Julinho KSD,
• “CASA” by DAMA feat. Buba Espinho,
• “LUA” by Ivandro.
National artists have had a significant impact on music sharing platforms. But, here too, the consumption of national music is far below that of most countries.
The growing popularity of national artists is, however, unparalleled in the Top Songs broadcast on the Radio (weighted according to audience). It is expected, however, that 2024 will bring changes in this area, as last September the Ministry of Culture, in light of long-standing demands from the sector, once again set the mandatory minimum quota of Portuguese music in the programming of sound broadcasting program services. by 30%. This measure is a great incentive for national musicians and will be another contribution to the vitality of the music production sector in Portugal.
In 2023, the presentation of market figures had an update component to make it possible to estimate the total value of the music market and not just the market observed through the report made by Audiogest Associates. This coverage rate (coverage rate), follows best international practices and reflects the values published for Portugal in the IFPI (International Federation of the Phonographic Industry) Global Music Report.
See the full report here: Music Market Numbers Report 2023
green media
Tags: Audiogest reports significant growth Digital Music sales
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