French music sales grew 5.9% in first half of 2024 compared to the same period last year according to figures released by SNEP, the French music industry association. Total sales were €415 million with physical sales down 6.8%% and digital sales up 9.6%. The volume of downloading remains stable but marginal with barely more than 1% of total turnover.
First half of 2024 highlights
- Physical sales are falling again (-6.8%) after a cyclical surge in the first half of 2023. Physical sales account for almost 20% of total sales but the first 6 months of the year are never the most significant as more are sold in the second half of the year.
- The surge in CD sales in the first half of 2023, which was explained by a calendar of very popular commercial releases, has given way to a return to the downward trend seen in the first half of recent years. However, the ever-popular CD remains the leading medium in terms of the number of purchases.
- For the first time since the 1980s, the turnover generated by vinyl sales exceeded that of CDs which were down 13%. The growth in vinyl sales slowed to only 0.25 during this period.
- Digital sales are increasing but still below 10% (+9.6%).
- Subscription revenues grew by 11.3% which largely account for the increase in total revenues for the period as these represent more than 60% of the half-year’s turnover. However paid streaming in France still lags behind other countries.
- The growth in advertising-funded operations, whether audio (+6.1%) or video (+5.1%), is more modest and together accounts for less than 17% of the half-year result.
The complete report (10pp in French) on the first half of 2024 can be downloaded here.
