EU Music Industry: Global Powerhouse Despite Mixed Fortunes
The European Union's music industry has seen a mixed bag of success and challenges, according to a recent report by the European Commission. While the EU remains a global powerhouse with €5.2 billion in recorded music revenues in 2023, this figure is only 61% of its 2001 level when adjusted for inflation.
The report, titled 'Music in the EU: A Global Opportunity', highlights that EU markets have a strong preference for domestic artists, with an average of 60% of the Top 10 singles being by local talents. This contrasts with non-EU markets, where only 47% of the Top 10 singles are by domestic artists.
U.S. artists lead the global Top 10 single exports, with Latin and Central American artists also performing well. However, the EU's music industry contributes significantly to its GDP. For every €1 directly generated or invested by record companies, an additional €1.80 is added to the GDP of other parts of the music sector value chain.
The European Commission's report underscores the EU's global importance in music, despite facing challenges in recovering its pre-2001 revenues. The strong preference for domestic artists in EU markets and the significant GDP contribution of the music industry highlight the sector's resilience and potential for further growth.
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