Global recorded music revenues have grown for the 10th consecutive year, according to IFPI.
That’s the good news in the latest edition of the recording industry organisation’s Global Music Report 2025, which was unveiled at an event in London today (March 19). The UK can also be satisfied about retaining its No.3 status in the global recorded music market rankings, behind the US and Japan.
But in the wake of sinking growth figures for the US market and other industry reports, there was an expectation that the IFPI numbers would not portray 2024 as a banner year for the global music industry.
In the event, the IFPI results showed a positive picture in many global markets – albeit with the headline growth in revenues down quite sharply compared to annual results in the past decade.
Total trade revenues reached $29.6 billion in 2024, an increase of 4.8% year-on-year.
Looking back, that’s compares unfavourably with growth in 2023 (10.2%), 2022 (9% – in a year in which the IFPI described challenges for the global sector), 2021 (18.5%), 2020 (7.4% – when Covid caused declines in multiple areas), 2019 (7.6%), 2018 (10.3%), 2017 (7.6%) and 2016 (9%, the year when growth in revenues turned around). Some of these figures have been restated since the original reporting.
In percentage terms, 2024’s slightly less than 5% was the worst growth rate since the measly 3.1% in 2015, although that was welcomed at the time following the years of piracy-induced decline. In absolute terms, the global market added just an extra $1.4 billion in 2024 – which explains the major labels’ continuing push to target high-value superfans while also pushing back against potentially damaging AI legislation.
“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,” said the upbeat assessment from IFPI.
IFPI recently revealed its artist rankings, including pole position for Taylor Swift as Global Recording Artist Of The Year. Benson Boone had the biggest global hit with Beautiful Things.
Streaming drives global revenues
Crucially, streaming continues to do the heavy lifting – at least where paying customers are concerned. Subscription streaming was the key driver of growth, with an increase of 9.5%. But that’s down almost a couple of points on the 11.2% growth in 2023.
Total streaming revenue (including ad-funded platforms) was worth $20.4bn (up 7.3% year-on-year). In fact all of that $1.4bn in total revenue growth effectively came from streaming, as growth in smaller market segments (performance rights and sync) were offset by declines in physical and downloads.
Meanwhile, users of subscription accounts grew 10.6% to 752 million globally. The RIAA just reported 100m in the US alone. Overall, streaming now accounts for 69% of recorded music trade revenue (up from 67.3% in the prior year).
In her first year overseeing the 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 $20bn for the first time ($20.4 billion) and represented 69.0% of total recorded music revenues. That figure is 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% ($4.8bn). 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 reached $2.9 billion in 2024 and grew by 5.9% – the fourth successive year of revenue growth.
We must harness the potential of AI to support and amplify human creativity, not to replace it
Victoria Oakley
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,” according to IFPI.
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 just 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%. IFPI noted that 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 solid 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 just 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 21.1% of global physical revenues in 2024. A decline in physical (-4.9%) 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 No.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 15th 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 10 market, and Mexico increased revenues by 15.6%. Mexico climbed to become the 10th largest global recorded music market.
Australasia +6.4%
Recorded music revenues in the region reached $629m and grew by 6.4% in 2024. Australia increased revenues by 6.1% – but dropped out of the Top 10 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 $100m for the first time ($110m). South Africa remained the largest market in the region and accounted for 75% of the region’s revenues, following growth of 14.4%.
In IFPI’s Global Music Report, the organisation also publishes key priorities for the three heads of the major music companies…
Sir Lucian Grainge, CEO & chairman, Universal Music Group: “As a global community that supports artists and their music, it’s more critical than ever that we continue to advance the artist-centric principles that elevate the entire music ecosystem by rewarding real artists and those who support them. Working together to promote creativity, innovation and the responsible application of new technologies we can create an environment where artist development can flourish for years to come.”
Rob Stringer, chairman, Sony Music Group: “While we are supportive of technological change that helps bring music to fans everywhere around the world it only seems reasonable that artists be paid appropriately for their endeavours. In true partnerships based on mutual respect we can all build an exciting vision for the future of our artists and our industry."
Robert Kyncl, CEO, Warner Music Group: “The future is never guaranteed – we must continue to build a collaborative environment where artists are championed, music is valued and protected, and innovation thrives. By matching the brilliance and bravery of artists with velocity and impact of our own, we'll pioneer that bright future together."
Gee Davy, CEO at UK independent trade body AIM, said: “It is certainly encouraging to see the UK retain its Top 3 spot globally and recorded music revenues continue to show growth. All the same, fast action is needed to support the UK’s music businesses, to ensure that they can compete in the new global market dynamics. Increased streaming subscription revenues are positive, suggesting that fans’ appetites haven't been dampened by price rises. However, recent findings from MIDiA meanwhile show that the introduction of streaming thresholds, particularly those which demonetise, are taking a toll on the finances of emerging artists. With the streaming market coming of age, we call on streaming platforms to ensure that those on the way up aren’t unfairly penalised under the guise of so-called 'artist-centric' model changes.”
Local currency values are stated at independently sourced 2024 exchange rates. IFPI restates all historic local currency values on an annual basis. Market values can vary retrospectively because of foreign currency movements.
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