The music market turns up the volume a notch

Fears around artificial intelligence that is shaking up the sector, economic uncertainties, inflation, changing uses... Despite many challenges, the music market continues to turn up the volume in France. In the first half, sales of albums and titles recorded turnover of nearly 400 million euros, up 9.4% compared to the same period a year earlier, according to Syndicate data. national for phonographic publishing (Snep).

The sector objectively has reasons to keep smiling. Digital shows an increase of 10% and, with 309 million euros generated, the segment weighs more than three quarters of the results of the first half. Streaming alone now accounts for almost all (98%) of digital revenue. CD and vinyl sales are holding up quite well. They benefited from an upturn of more than 7% which helped to increase turnover to 89 million euros.

Another reason for satisfaction, “made in France” is still on the rise. Seventeen French productions were ranked in the best half-yearly album sales, led by the new opus from the Enfoirés collective, 2023 Enfoirés un jour, aussi, which accumulated more than 152,000 equivalent sales. And the top 200 is made up of three quarters of albums produced in France.

The French market is growing and that is good news. But the score has some dissonant notes. “If it still shows positive results, the phenomenon of vinyl is settling, under the effect of inflation and the arbitration of expenses by consumers”, points out the main union of producers. The jump in CD sales? Purely situational. It actually owes a lot to the release of “blockbuster” artists such as the Indochine group or the rappers Jul, Ninho, Aya Nakamura…

Above all, sales are growing at a slower pace than in other major Western territories. Subscription streaming via services such as Spotify, Deezer, Amazon or Apple Music remains the leading source of revenue for the sector, with a total of 232 million euros. The segment accounts for 59% of total music sales. However, it has progressed “only” by 10%. At the end of 2022, France had landed in 16th position - out of 18 - in the world ranking of subscription streaming, far behind Sweden, the United Kingdom or the United States...

While inflation lasts, consumers prefer ad-supported streaming offers that are painless for their wallets. The segment is up 28%. Problem, it brings in little: around 36 million euros. Very fashionable, these new uses, as on TikTok, divert part of the public from paid offers. “They thus prevent the virtuous model of the subscription from developing”, deplores Snep.