Global recorded music revenues grew by 6.4% year-on-year and reached $31.7 billion in 2025, according to IFPI’s Global Music Report.
It marks the 11th year of consecutive growth in the global analysis by the organisation representing the recording industry worldwide.
The UK industry will also welcome the fact that it retained its No.3 status in the global recorded music market rankings (behind the US and Japan), as it outperformed European rivals. However, China is on the rise incredibly it’s now at No.4, having entered the Top 10 less than a decade ago – and Brazil and Mexico are moving up the rankings in the Top 10.
“Figures released today in IFPI’s Global Music Report 2026 demonstrate how the continued work and investment from record companies and their partnerships with artists around the world is driving positive market developments – with every region seeing growth,” said a statement.
The 6.4% growth represents an encouraging reacceleration following an increase of less than 5% in 2024. But with streaming markets maturing, there has been a lower rate of growth in 2025 and 2024 compared with the rest of the previous decade – although execs at today’s IFPI panel remained confident about further expansion of the paid subscription model. Following years of piracy-induced decline, IFPI previously reported a 3.1% growth rate in 2015 as the industry began its turnaround.
Taylor Swift was the biggest artist of 2025 and she had the most consumed album with The Life Of A Showgirl, based on IFPI’s data.
Subscription streaming remains the key driver, with revenue growing by 8.8% and accounting for 52.4% of global revenues. There are now 837 million users of paid streaming subscription accounts globally – Spotify recently reported that it accounts for 290m of that total as of the end of 2025.
AI INNOVATION & STREAMING FRAUD
The IFPI noted that record companies are at the forefront of the next generation of AI innovation. UMG CEO & chairman Sir Lucian Grainge has just appeared at the Nvidia GTC conference to address the opportunities.
Amid a flurry of licensing deals, AI could be the way to drive the industry back towards double-digit growth.
The report details music companies’ active engagement in the development of music licensing models to generate revenue opportunities for artists – with the ultimate aim being to “build an ecosystem where AI and human artistry thrive together”.
With perfect timing, the UK government has today confirmed it has ditched plans to allow AI firms to use copyrighted works without permission based on a text and data mining exemption – a move welcomed at the IFPI event.
While unregulated AI has been a concern for artists and rights-holders, the IFPI report also highlights the ongoing issue of streaming fraud as a reminder of what could be lost after years of growth (and memories of the piracy years in the noughties).
“The music industry faces an increasing threat from streaming fraud,” said the IFPI report. “By artificially generating plays for manipulated or fake content, bad actors are siphoning vital revenues away from the artists and others who power the music economy. While record companies are taking robust action, they are calling for organisations at every stage of the streaming value chain to take proactive steps to prevent, detect and act on fraudulent activity.”
Music is embracing the future, demonstrated by record company partnerships with generative AI developers who respect the rights of creators
Victoria Oakley
Commenting on the release of the Global Music Report, Victoria Oakley, CEO, IFPI, said: “Great music from incredible artists, aided by record company partnerships and investment, is driving global growth – with more people than ever before paying to engage with it on paid streaming services worldwide.
“Importantly, this growth means even greater financial returns for artists and reinvestment into an increasingly broad range of music communities worldwide.
“Music is embracing the future, demonstrated by record company partnerships with generative AI developers who respect the rights of creators. They are partners that explore how technology can be harnessed to support and enhance creativity, not replace it. We are asking policymakers to support this work by upholding the copyright laws that are the bedrock for this progress.”
On streaming fraud, Oakley added: “The entire music community must take action to tackle the threats facing our industry. Streaming fraud is theft, plain and simple. The organisations with the data, scale and leverage to prevent this fraudulent activity, including streaming services, content aggregators and distributors, must take decisive action.”
RECORDED MUSIC REVENUE FORMATS
Total streaming revenues surpassed $22 billion and accounted for 69.6% of global recorded music income.
Paid subscription streaming grew 8.8% and accounted for 52.4% of total revenues.
Physical formats returned to growth, with revenues increasing 8.0%, driven by “enduring fan demand for tangible music experiences” and a 13.7% rise in vinyl, its 19th consecutive year of growth.
Performance rights revenues reached $2.9 billion in 2025 and grew by 0.3% – the fifth successive year of revenue growth.
Thanks to the long-term investment of our record labels at the heart of its ecosystem, the UK remains the world’s third largest market for recorded music and is the biggest exporter after only the US
Dr Jo Twist
Dr Jo Twist OBE, BPI chief executive, said: “IFPI’s GMR 2026 once again reflects how intensely competitive the global music market has become, with streaming having lowered barriers to entry and all parts of the world producing music which competes for fan attention. But despite this, and thanks to the long-term investment of our record labels at the heart of its ecosystem, the UK remains the world’s third largest market for recorded music and is the biggest exporter after only the US, and with a new wave of exciting British talent breaking through on the global stage, we remain optimistic about British music’s ability to remain at the top.”
GROWTH IN EVERY REGION AROUND THE WORLD
Every region saw recorded music revenue growth in 2025 and four of these posted double-digit gains. Latin America was the fastest growing region, up 17.1% in 2025.
USA & Canada +3.5%
The world’s largest recorded music region increased revenues by 3.5% in 2025, held a 38.7% share of global revenues, and added more than $400 million to global revenues. USA, the world’s single largest recorded music market, posted growth of 3.3%. Canada, which dropped down one place in the global rankings to be the ninth largest market in 2025, saw revenue growth of 5.6%.
Europe +5.6%
Europe maintained its position as the second largest region and grew revenues by 5.6% in 2025. Europe added the second highest revenue growth of all regions and added more than $500 million and accounted for 30.4% of global revenues. The region’s three largest markets all generated revenue growth in 2025: UK (+4.8%), Germany (+1.7%) and France (+3.7%).
Asia +10.9%
Asia saw a strong improvement in growth in 2025, with double-digit growth of 10.9% in 2025. The region maintained its status as the largest for physical revenues and accounted for 45.1% of global physical revenues in 2025. The world’s second largest market, Japan, returned to growth in 2025 (+8.9%), while China overtook Germany to become the fourth largest global market, with strong revenue growth of 20.1%, the fastest growing market in the top 20.
Latin America +17.1%
Latin America continued its growth trajectory in 2025, generating growth of 17.1% in 2025, which marked a 16th consecutive year of growth for the region. Streaming remained the key driver and accounted for 88.1% of recorded music revenues in the region. Brazil grew by 14.1% which resulted in the market moving up a spot in the global rankings to No.8, and Mexico increased revenues by 13.3%. Mexico climbed to become the 10th largest recorded music market.
Australasia +1.5%
Recorded music revenues in the region reached $623 million and grew by 1.5% in 2025. Australia increased revenues by 1.2%, however dropped down two places in the global rankings to No.13. New Zealand grew recorded music revenues by 3.0% and contributed 15.2% of the region’s revenues.
MENA +15.2%
Middle East & North Africa (MENA) was the joint second fastest growing region and saw recorded music revenues increase by 15.2% in 2025. The region remained dominated by streaming and those revenues accounted for 97.5% of the total.
Sub-Saharan Africa +15.2%
Sub-Saharan Africa saw recorded music revenue growth of 15.2% and these revenues reached $120 million. South Africa remained the largest market in the region and accounted for 78.1% of the region’s revenues, following growth of 12.9% in 2025.
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