The global music industry continued its upward trend in 2024, with recorded music revenues growing for the tenth year in a row. According to the IFPI’s Global Music Report 2025, total trade revenues reached USD 29.6 billion, reflecting a 4.8% increase from the previous year.
Record labels have played a key role in this growth, investing in artist development and expanding music experiences for fans. Every region worldwide saw an increase in revenue in 2024, highlighting the strength of the industry.
Streaming Leads the Growth
Subscription-based streaming remained the biggest contributor, with revenue rising by 9.5%. The number of paid subscribers also grew by 10.6%, reaching 752 million users globally. While ad-supported streaming saw a more modest increase of 1.2%, the overall streaming segment crossed USD 20 billion for the first time, making up 69% of total recorded music revenue.
Physical Formats and Performance Rights
Physical music formats faced challenges, with revenues declining by 3.1%. However, vinyl sales continued to grow for the 18th straight year, increasing by 4.6%. Performance rights revenue, which includes earnings from public performances and broadcasts, grew by 5.9% to USD 2.9 billion, marking four consecutive years of growth.
Regional Highlights
North America (+2.1%)
The USA and Canada together accounted for 40.3% of global revenues. The US market grew by 2.2%, while Canada saw a 1.5% rise.
Europe (+8.3%)
Europe remained the second-largest region, contributing 29.5% of global revenues. The UK (+4.9%), Germany (+4.1%), and France (+7.5%) led the region’s growth.
Asia (+1.3%)
Despite slower growth compared to previous years, Asia retained its position as the largest physical music market, contributing 45.1% of global physical sales. Japan’s revenues remained flat (-0.2%), while China recorded a 9.6% increase.
Latin America (+22.5%)
Latin America continued its strong momentum, growing by 22.5%. Brazil saw a 21.7% rise, making it the fastest-growing top 10 market, while Mexico grew by 15.6% and entered the top 10 global markets.
Australasia (+6.4%)
Revenues in Australia and New Zealand reached USD 629 million, with Australia growing by 6.1% and New Zealand by 7.8%. However, Australia dropped out of the top 10 global markets, with Mexico taking its place.
Middle East & North Africa (+22.8%)
MENA was the fastest-growing region, with revenue increasing by 22.8%. Streaming contributed 99.5% of the total earnings.
Sub-Saharan Africa (+22.6%)
Revenue in Sub-Saharan Africa crossed USD 100 million for the first time, reaching USD 110 million. South Africa, which accounts for 75% of the region’s earnings, saw a 14.4% increase.
AI in Music: Opportunity and Challenge
IFPI CEO Victoria Oakley acknowledged the role of technology in shaping the industry but raised concerns about unauthorized use of copyrighted music for AI training. The organization is urging policymakers to ensure AI supports human creativity rather than replacing it.
As the industry moves forward, continued investment in artists, new technologies, and innovative fan experiences will be crucial in maintaining this momentum.
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