French Music Industry Grows Despite Physical Copies Decline

The French music industry experienced a 5.9% year-over-year (YoY) increase in revenue during the first half of 2024, despite a nearly 7% drop in physical sales.

According to a report from the Syndicat National de l’Edition Phonographique (SNEP), France’s music sector generated a total of €415.22 million ($463.35 million) in the first six months of 2024.

Digital music led the growth, with revenues climbing 9.6% YoY to €333 million ($371.80 million). Physical formats, including CDs and vinyl, contributed €82 million ($91.55 million), reflecting a 6.8% decline compared to the same period last year.

The fall in physical sales was attributed to fewer major CD releases in 2024 compared to the previous year. However, vinyl sales rose slightly by 0.2%, surpassing CD sales for the first time since the 1980s, although this increase was modest compared to other markets like the U.S., which saw a 17% rise in vinyl revenue during the same period.

Streaming continued to dominate the industry, generating about 62% of total recorded music revenue. Paid subscriptions accounted for the majority of streaming revenue, bringing in €258.51 million ($288.62 million), an 11.3% YoY increase. Ad-supported audio streaming grew 6.1% to €38.02 million ($42.45 million), and video streaming also saw a 5.1% rise, generating €31.47 million ($35.14 million).

The rise in digital revenue is particularly significant given that France’s paid music subscriber penetration rate was just 23% in 2023, according to Universal Music.

This growth highlights the expanding role of streaming services in the country’s music industry.

Local artists continue to play a crucial role in the French market. Over 70% of the top-selling albums in the first half of 2024 were by French musicians, with Taylor Swift’s Tortured Poets Department being the only non-French album to make it into the top 10, ranking fifth on the charts.

Looking ahead to 2025, the strong streaming performance across France and other European markets, combined with the rise of emerging markets, presents continued opportunities for growth.

The focus is expected to shift towards building stronger fan engagement and exploring premium subscription options as part of the next stage in music monetization.