France’s recorded music market grew by 5.9% within the first half of 2024, pushed by double-digit progress in paid subscription revenues, with French artists dominating the charts throughout the interval.
In line with knowledge from the business group SNEP (the Nationwide Syndicate of Phonographic Publishing), recorded music turnover in H1 2024 reached EUR €415 million (USD $449 million on the common trade fee for the half), with streaming accounting for €328 million ($355 million) of that.
Paid subscriptions made up the lion’s share of streaming revenues, coming in at €258.5 million ($279.5 million), or 62.2% of all recorded music income. Paid subscription income was up 11.3% YoY, the strongest progress of any recorded music phase.
Advert-supported streaming got here in at €38.0 million ($41.1 million), up 6.1% YoY. In complete, digital music revenues reached €332.7 million ($359.8 million), up 9.6% YoY.
“Nonetheless, these performances usually are not sufficient to make up for the delay within the growth of paid streaming in France,” SNEP mentioned in its report.
Turnover in bodily music fell 6.8% YoY, to €82.5 million ($89.2 million), pushed by a 13.2% YoY drop in CD gross sales, to €37.8 million ($40.9 million). Gross sales of vinyl stabilized at €41.8 million ($45.2 million), up 0.2% YoY.
SNEP famous that this was the primary time for the reason that Nineteen Eighties that vinyl outsold CDs.
“We’re seeing encouraging outcomes, however they need to be higher, particularly for streaming subscriptions, given the best way we nonetheless need to go to achieve a passable degree of maturity,” SNEP CEO Alexandre Lasch mentioned.
“We’re seeing encouraging outcomes, however they need to be higher, particularly for streaming subscriptions, given the best way we nonetheless need to go to achieve a passable degree of maturity.”
Alexandre Lasch, SNEP
Lasch mentioned he needs to see the federal government “redefine” the significance of music subscriptions within the nation’s Tradition Go program, an app the French authorities launched that offers younger folks entry to varied geolocated cultural and creative occasions and venues.
Whether or not resulting from authorities coverage or cultural shifts, home music is more and more dominating the recorded music market in France, reflecting a development in the direction of native music seen in lots of European nations.
SNEP reported that 16 of the 20 top-selling albums in France in H1 2024 had been produced in France, whereas 72% of the highest 200 albums had been regionally produced. In the meantime, 15 of the 20 most-streamed tracks had been French-language songs.
Nonetheless, world megastars haven’t been pushed out of France’s music scene altogether. SNEP famous that Taylor Swift’s The Eras Tour, which handed by way of France in H1, “sparked an actual craze round [her] music.”
SNEP famous that most of the different worldwide stars who had a significant affect within the first half of 2024 had been feminine, together with Billie Eilish, Ariana Grande, Dua Lipa, and Beyonce.
In the course of the interval, 130 albums had been licensed, a rise of 20% YoY, SNEP mentioned. That included 73 Gold certifications; 54 Platinum, Double Platinum or Triple Platinum certifications; one Diamond certification; and two Double Diamond certifications.
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