Global recorded music revenues grew 4.8% in 2024 driven largely by growth in paid subscription streaming according to IFPI, the organisation that represents the recorded music industry worldwide. Figures released recently in IFPI’s Global Music Report show total revenues for 2024 were US$29.6 Bn.
Subscription streaming was the key driver of growth, with an increase of 9.5% whilst users of subscription accounts grew 10.6% to 752 million globally.
Recorded music revenue formats
- Streaming revenues exceeded US$20 Bn for the first time (US$20.4 Bn) and represented 69.0% of total recorded music revenues. For context, US$20 Bn was bigger than the entire recorded music industry revenues for each year between 2003-2020.
- Paid subscription streaming revenue increased 9.5% in 2024, whilst ad-supported streaming formats grew by a more modest 1.2%.
- Physical formats had a more challenging year, with revenues declining by -3.1%, however this was against a strong performance in 2023 when revenues soared by 14.5%. Vinyl revenues continued to grow in 2024, up 4.6%, which was the 18th consecutive year of growth.
- Performance rights revenues meanwhile reached US$2.9 Bn in 2024 and grew by 5.9% – the fourth successive year of revenue growth.
Growth in the world’s regions
- USA & Canada +2.1% – Representing the greatest share of global recorded music revenues (40.3%), there was a gain of 2.1% in 2024 in the USA and Canada. The USA, the world’s single largest recorded music market posted growth of 2.2%. Canada, the world’s eighth largest market, saw revenue growth of 1.5%, however this was set against a 2023 figure which included a one-off payment included in performance rights revenues.
- Europe +8.3% – Representing more than a quarter of global revenues (29.5%) after revenue growth of 8.3%, Europe remained the second largest region in the world for recorded music revenues in 2024. The region’s three largest markets all generated revenue growth in 2024: UK (+4.9%), Germany (+4.1%) and France (+7.5%). The region added more revenue growth than any other.
- Asia +1.3% – The third largest region globally, revenues in Asia rose by 1.3% in 2024. This was set against a strong performance in 2023 across both physical and digital formats, where revenues jumped 14.4%. However, Asia maintained its status as the largest physical market and accounted for 45.1% of global physical revenues in 2024. A decline in physical (-4.9%) as therefore impacted the region’s overall growth rate. The world’s second largest market, Japan, was flat year-on-year (-0.2%) [due to decline in physical], whilst China, ranked #5 globally, increased revenues by 9.6%.
- Latin America +22.5% – Recorded music revenues in Latin America rose steeply in 2024 by 22.5%, once again outpacing the global growth rate and marking its fifteenth consecutive year of growth. Streaming remained the key driver and accounted for 87.8% of recorded music revenues in the region. Brazil grew by 21.7% which made it the fastest growing top ten market, and Mexico increased revenues by 15.6%. Mexico climbed to become the tenth largest global recorded music market.
- Australasia +6.4% – Recorded music revenues in the region reached US$629 million and grew by 6.4% in 2024. Australia increased revenues by 6.1%, however dropped out of the top ten markets and was replaced by Mexico, whilst New Zealand grew recorded music revenues by 7.8%.
- Middle East & North Africa +22.8% – Middle East & North Africa (MENA) was the fastest growing region and saw recorded music revenues increase by 22.8% in 2024. The region remained dominated by streaming and those revenues accounted for 99.5% of the total.
- Sub-Saharan Africa +22.6% – Sub-Saharan Africa saw recorded music revenue growth of 22.6% and these revenues surpassed US$100 million for the first time (US$110 million). South Africa remained the largest market in the region and accounted for 75% of the region’s revenues, following growth of 14.4%.
A copy of the Global Music Report 2025 – State of the Industry report (English language) can be freely downloaded here.
