Swiss music market continues to grow through streaming
Published: Thursday, Feb 15th 2024, 11:00
Updated At: Thursday, Feb 15th 2024, 11:00
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The Swiss music market grew for the eighth time in a row in 2023. As in previous years, the main driver was music streaming, which now has a market share of 88%. Sales of downloads and physical sound carriers continued to decline.
The industry generated total sales of CHF 233.9 million in 2023, as announced by the Industry Federation of Swiss Music Labels (IFPI) on Thursday. Overall, sales grew by five percent compared to 2022.
Streaming services such as Apple Music, Spotify and YouTube Music contributed CHF 206.1 million, or 88% of the total market. This corresponds to an increase of eight percent. "Thanks to its more than ten-year triumph, streaming has become the all-dominant music format," CEO Lorenz Haas is quoted as saying in the press release.
Music downloads were down again in 2023. Sales amounted to CHF 9.6 million, which represents a decline of 13%. The share of the overall market was four percent. According to the industry association, downloads peaked in 2012, when downloads generated sales of 77.3 million Swiss francs.
Sales of physical sound carriers also declined. CDs accounted for CHF 13 million in sales, which is 20 percent less than in the previous year. CDs accounted for six percent of total sales.
Vinyl sales were also down. At 4.3 million Swiss francs, sales fell by four percent. Between 2014 and 2021, sales of vinyl records had increased in each case.
The Swiss country group of the international industry association IFPI claims to have around 40 members. They represent 90 percent of the domestic music market. Among other things, IFPI Switzerland owns and commissions the official hit parade, the airplay charts and the Swiss Music Awards.
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