Brazil’s Recorded Music Market Grows 21% in H1 2024 Driven by Streaming Boom
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Loading... - Carl Theodor
- 18 Oct 2024
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The Brazilian recorded music industry experienced significant growth during the first half of 2024, expanding by 21% year-over-year thanks to the continued rise in streaming, according to a new report from Pro-Musica Brasil.
With Brazil ranked as the ninth largest music market globally by the International Federation of the Phonographic Industry (IFPI), streaming remains the dominant revenue driver, a trend reflected across much of South America.
Streaming Propels Revenue Surge
During Q1 and Q2 2024, Brazil’s recorded music market generated $255.37 million (R$1.44 billion) in revenue—a jump of 70% compared to 2021 levels. This sum includes streaming and physical sales but excludes downloads, merchandise, and licensing revenue.
The report also highlights the continued growth of subscription-based streaming, which saw a 28.4% increase year-over-year, generating $176.42 million (R$995 million). Meanwhile, ad-supported streaming revenue grew more modestly, increasing by 6.6% YoY to $77.30 million (R$436 million).
If these trends persist throughout the remainder of 2024, Brazil's streaming revenue could surpass $500 million by the end of the year.
Investments Fueling Industry Growth
Pro-Musica Brasil’s president, Paulo Rosa, attributed the sector’s success to ongoing investments in Brazil’s music market, which is becoming increasingly lucrative. Among these investments:
- Warner Music acquired a stake in Sua Música, a popular streaming service, in July 2024.
- Warner also launched a new Rio de Janeiro headquarters earlier in the year and unveiled a structural overhaul aimed at strengthening its presence in local genres like sertanejo, forró, and samba.
Additionally, major international artists are tapping into Brazil’s growing music scene. For example, The Weeknd will perform a sold-out concert in São Paulo on September 7, which will livestream exclusively on YouTube—highlighting the global focus on Brazil's streaming-heavy audience.
Tackling Piracy and Fraudulent Streaming
Given the reliance on streaming revenue, minimizing piracy and fake plays is a top priority for industry stakeholders. The IFPI and Pro-Musica Brasil recently launched "Operation Redirect," a campaign aimed at combating illegal music platforms. With support from Brazilian law enforcement, the operation successfully shut down eight illegal sites in August 2024.
Outlook for 2024 and Beyond
With the Brazilian recorded music market expanding rapidly, the industry is poised for a record-breaking year if current trends hold. The combination of strong subscription growth, international attention, and investments in local music genres positions Brazil as a rising star in the global music market.
As streaming continues to dominate the landscape, Brazil’s music industry is expected to solidify its place among the world’s top markets while also working to curb piracy and maintain sustainable growth.
