The German Music Industry Association (BVMI) has just released promising figures indicating a 6.6% growth in the German recorded music market during the first half of 2023, reaching an impressive €1.056 billion.
Despite a slightly reduced performance in physical sales compared to the previous year, with a marginal decrease of 0.8%, physical formats such as CDs and vinyl continue to hold their ground. CDs contributed 11.2% to physical sales, while vinyl accounted for 6% of the market share. Additionally, sales of DVDs and Blu-rays experienced a slight uptick of 0.9% compared to 2022.
Collectively, physical mediums, including CDs, vinyl, DVDs, and physical single sales, still contribute significantly, comprising around 18% of total sales. However, the digital realm continues to dominate, constituting a substantial 82% of total sales. The digital segment notably saw a healthy growth of 8.4% during the first half of 2023 compared to the same period in 2022.
Within the digital domain, audio streaming emerged as a powerhouse, boasting a remarkable 9.7% increase in revenue. On the other hand, revenue from downloads experienced a decline of 4.9%.
Reflecting on these trends, Dr. Florian Drücke, Chairman & CEO of the BVMI, expressed optimism about the overall trajectory of music sales in Germany. He commented, “Music sales in Germany continue to develop positively despite the economically complex overall situation. For many years now, streaming has been the well-known driver that has significantly increased the market as a whole, the famous pie, ultimately benefitting everyone involved—companies and artists alike.”
These figures underscore the resilience and adaptability of the German music industry, highlighting the continued importance of both traditional formats and digital platforms in shaping its landscape. As the industry evolves, stakeholders are poised to capitalize on emerging opportunities, ensuring sustained growth and innovation in the years to come.
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