Music Industry Hits $29.6B in 2024, Streaming Leads the Charge

The global recorded music industry continues to thrive, with total trade revenues reaching $29.6 billion in 2024, marking a 4.8% year-over-year (YoY) increase, according to the IFPI’s Global Music Report 2025.

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This marks the third consecutive year of growth across all regions, with standout increases in Latin America (+22.5%), the Middle East and North Africa (+22.8%), and Sub-Saharan Africa (+22.6%). While the U.S. market saw some challenging statistics in the RIAA’s 2024 report, the global picture is much brighter, fueled largely by the continued rise of subscription streaming.

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Streaming Fuels Music Industry Growth

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Subscription streaming remains the dominant force in recorded music revenue.

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• Paid subscription streaming revenues grew 9.5% YoY, reaching $15.15 billion and accounting for 51.2% of the total market.
• Total streaming revenues (including ad-supported) surpassed the $20 billion mark for the first time, hitting $20.4 billion in 2024.
• Users of paid music subscriptions rose 10.6% YoY, reaching 752 million worldwide.
• Ad-supported streaming, however, saw modest growth of just 1.2% YoY.

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Streaming revenues now represent a whopping 69% of total recorded music revenues, reinforcing the industry’s shift toward digital consumption.

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Physical Format Sales Decline, Vinyl Holds Strong

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While streaming dominates, physical format sales saw a dip:

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• Global physical revenues fell 3.1% YoY, totaling $4.8 billion in 2024.
• CD and music video revenues declined by 6.1% and 15.5% YoY, respectively.
• Vinyl, however, continued its impressive resurgence, growing 4.6% YoY, marking its 18th consecutive year of growth.

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Performance Rights Revenues Keep Climbing

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Another bright spot in the report was performance rights revenues, which climbed 5.9% YoY to $2.9 billion. These revenues—derived from the public performance and broadcasting of music—now represent 9.7% of global recorded music revenues.

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What’s Next for the Music Industry?

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The IFPI report underscores the continued expansion of the global music industry, particularly in emerging markets where streaming adoption is accelerating at an unprecedented pace. While physical sales are gradually declining, vinyl remains a cultural and commercial phenomenon.

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Looking ahead, the music industry’s growth will likely continue to be driven by streaming, new revenue opportunities, and increased monetization of music consumption worldwide.

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Source: Music Business Worldwide

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