Global recorded music revenues have grown for the tenth consecutive year, according to IFPI, the organization that represents the recording industry worldwide.

Figures released today in IFPI’s Global Music Report 2025 reveal that total trade revenues reached US$29.6 billion in 2024, up by 4.8%.

Working within a highly competitive market, record companies’ long-term investment into the careers of artists, alongside the development and licensing of engaging and exciting ways for fans to experience music, continues to drive the growth of the global market – with every region experiencing an increase in revenue in 2024.

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.

Commenting on the release of the Global Music Report, Victoria Oakley, CEO, IFPI said: “The essential role music plays in so many parts of our lives is evidenced in the continued growth of the global industry.  What is so exciting is that there is still great potential for further development, through innovation, emerging technologies, and investment in both artists and the evolving parts of the growing global music ecosystem. 

“These positive developments don’t happen by accident. They reflect the brilliant creativity, vision and hard work of artists and songwriters around the globe, powered in part by the work, investment and passion of record companies and their teams.  In the case of record labels, returning revenues enable them to be patient, long-term, consistent investors in artists, innovation and culture.  

“One of the key issues we’ve looked at in this report is the role of AI in music. Record companies have embraced its potential to enhance artist creativity and develop new and exciting fan experiences. However, it is very clear that the developers of generative AI systems “ingesting” copyright-protected music to train their models without authorisation from the rightsholders poses a very real and present threat to human artistry.

“We are asking policymakers to protect music and artistry. We must harness the potential of AI to support and amplify human creativity, not to replace it.”

Recorded music revenue formats:

• Streaming revenues exceeded US$20bn for the first time (US$20.4 billion) and represented 69.0% of total recorded music revenues.  For context, US$20bn 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 18^th consecutive year of growth.

• Performance rights revenues meanwhile reached US$2.9 billion in 2024 and grew by 5.9% – the fourth successive year of revenue growth.

Growth in the world’s regions:

There was a positive story of growth across the globe as the work and investment from record companies contributed to every region experiencing revenue growth in 2024. Three of the world’s seven regions posted double-digit gains – Middle East & North Africa, Sub-Saharan Africa and Latin America.  Middle East & North Africa (MENA) was the fastest growing region at 22.8%.

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%.       

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ABOUT: IFPI is the voice of the recording industry worldwide. IFPI and its network of National Groups and Local Associations represents the interests of some 8,000 members across the globe.

IFPI’s Global Data and Analysis team works closely with member companies, national groups and industry partners to improve the global data landscape for the recorded music industry. This includes responsibility for:

– Delivering the global recorded music market size data that forms the backbone of IFPI’s Global Music Report.

– Producing recorded music industry market size and share reports to members through the IFPI Market Analysis Portal (MAP).

– Leading industry efforts to standardise company revenue reporting.

– Providing analysis of macro-economic indicators, emerging markets and key lead indicators such as streaming service subscriber numbers.

– Developing intuitive tools to enable better understanding of market performance.

– Supporting wider projects linked to the agenda to promote the recorded music industry, including the Investing in Music report and global artist royalty analysis.

In addition to collecting and delivering data, IFPI’s Global Data and Analysis team plays an active role in governance, helping our members to set the agenda for the future in this crucial space.