South Africa Drives SSA’s 24.7% Streaming Growth as Global Subscriptions Hits 500 Million


The global recorded music industry continued its upward trajectory in 2023, experiencing a substantial 10.2% increase in revenues, reaching a total of $28.6 billion, as reported by the International Federation of the Phonographic Industry (IFPI). Sub-Saharan Africa emerged as the standout performer, boasting an impressive growth rate of 24.7%, fueled predominantly by a surge in paid streaming revenues. Latin America sustained its growth streak for the 14th consecutive year, with revenues rising by 19.4% in 2023.

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Streaming platforms remained the primary driver of revenue growth worldwide, claiming a significant 67.3% share of the total market. Notably, the number of paid subscriptions to music streaming services surpassed 500 million globally, a milestone indicative of the industry’s evolving landscape.

In the midst of this growth, African music executives emphasized the industry’s diversification and cultural exchange, highlighting the importance of partnerships for regional development. They underscored the growth potential across various African genres beyond Afrobeats, citing the increasing global traction of Amapiano and other emerging styles.

Major labels are actively forging partnerships with regional players to capitalize on the vibrant music scenes emerging worldwide. This collaborative approach aims to cultivate talent, strengthen internal markets, and tap into the immense potential of African music on the global stage.

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Godwin Okafor
Godwin Okafor
Godwin Okafor is a veteran Financial Journalist, Internet Social Entrepreneur, and the visionary Founder of Naija247news Media Limited. With an extensive career spanning over 16 years in financial journalism, Godwin possesses a wealth of experience that seamlessly bridges both traditional and digital media landscapes. His journey in journalism commenced at Business Day, Nigeria, where he laid the foundation for his prolific career. In 2010, Godwin took a bold step by founding Naija247news Media, a platform that has since become a prominent player in delivering timely and accurate news. Educationally, Godwin Okafor holds a Bachelor's degree in Industrial Relations and Personnel Management from the prestigious Lagos State University, Ojo, Lagos. His commitment to continuous learning led him to the Lagos Business School, where he further honed his skills. Additionally, he is recognized as a Fellow of the University of Pennsylvania, having successfully completed the Wharton Seminar for Business Journalists. Throughout his illustrious career, Godwin has earned acclaim by winning numerous journalism awards, a testament to his dedication to excellence in reporting. Beyond his role as a Financial Journalist, Godwin Okafor wears the hat of the Chairman at Emmerich Resources Limited, the publishing entity behind Naija247news. His visionary leadership has played a pivotal role in shaping the media landscape and establishing Naija247news as a trusted source of information. Godwin Okafor's multifaceted expertise, commitment to journalistic integrity, and leadership in the realm of business journalism underscore his influential presence in both the media and entrepreneurial spheres.

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