MBW’s Stat Of The Week is a series in which we highlight a data point that deserves the attention of the global music industry. Stat Of the Week is supported by music data analytics firm Chartmetric.
Yesterday, the RIAA‘s end-of-year music report for 2024 revealed a few gloomy stats about the US recorded music market.
Things are looking a lot sunnier globally, however, according to a new report from IFPI, the organization that represents the recording industry worldwide.
Figures released today (March 19) in IFPI’s Global Music Report 2025 show that total trade revenues reached USD $29.6 billion in 2024, up by 4.8% YoY.
The report, which you can see here, also shows that global recorded music revenues grew in every region for the third consecutive year, with breakneck growth in Latin America (+22.5%), the Middle East and North Africa (+22.8%), and Sub-Saharan Africa (+22.6%).
IFPI’s report identifies subscription streaming as the key driver of growth globally. Subscription streaming revenues rose by9.5% YoY globally last year, while users of paid subscription accounts grew 10.6% YoY to 752 million globally (see below).
Breaking IFPI’s report down by format reveals total Streaming revenues (including both paid subscription and advertising-supported) exceeded USD $20 billion for the first time ($20.4 billion) in 2024.
Total streaming revenues grew7.3% YoY and represented 69% of total recorded music revenues.
Paid subscription streaming revenues, meanwhile, increased 9.5% YoY in 2024, accounting for 51.2% of the global market.
In dollar terms, this means that subscription streaming revenues reached $15.15 billion in 2024. Ad-supported streaming formats grew by a modest 1.2% YoY.
Elsewhere, IFPI reports that global physical revenues declined3.1% YoY and reached $4.8 billion in 2024. IFPI points out in its report that this decline “was set against a very strong performance for the format in 2023, when revenues increased by 14.5%”.
Global CD and music video revenues fell by 6.1% YoYand 15.5% YoY, respectively, in 2024. These declines were partially offset by revenues generated by vinyl, which grew by 4.6% YoY and marked the format’s 18th consecutive year of growth.
IFPI reports that Performancerights revenues reached $2.9 billion in 2024, up by 5.9% YoY, marking the fourth successive year of revenue growth. Performance rights revenues represented 9.7% of total recorded music revenues globally.
(These revenues are collected by Music Licensing Companies and are derived from the use of sound recordings and music video, mostly in public performance and broadcasting).
Geographically, IFPI reports that “there was a positive story” globally, with three of the world’s seven regions posting double-digit revenue growth, including the Middle East and North Africa (MENA), Sub-Saharan Africa, and Latin America.
IFPI noted that 55 out of 58 markets recorded growth in 2024, which included eight of the Top 10 global markets.
There was also movement in the Top 10 markets in 2024, with Mexico overtaking Australia to become the world’s tenth-largest recorded music market, which means of course, that Australia officially dropped out of the Top 10 last year.
As of 2024, the world’s Top 10 biggest recorded music markets are:
1. USA
2. Japan
3. UK
4. Germany
5. China
6. France
7. South Korea
8. Canada
9. Brazil
10. Mexico
Here’s a more detailed geographic breakdown of global recorded music revenues:
Middle East and North Africa (MENA)
MENA was the fastest-growing region. Recorded music revenues increased by 22.8% there in 2024. Streaming in the MENA region accounted for 99.5% of total revenues.
USA & Canada
Representing the largest share of global recorded music revenues (40.3%), the USA and Canada grew 2.1%in 2024.
The USA, the world’s single largest recorded music market, posted growth of 2.2% YoY according to IFPI. Canada, the world’s eighth-largest market, saw revenue growth of 1.5%.
Europe
Representing more than a quarter of global revenues (29.5%) after revenue growth of 8.3% in 2024, Europe remained the second largest region in the world for recorded music revenues in 2024.
The region’s three largest markets generated revenue growth in 2024: the UK (+4.9%), Germany (+4.1%), and France (+7.5%).
Asia
The third largest region globally, revenues in Asia rose by 1.3%in 2024. IFPI notes that this growth 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 in the world, accounting for 45.1% of global physical revenues in 2024. A 4.9%decline in physical revenues, therefore, impacted the region’s overall growth rate.
The world’s second-largest market, Japan, was flat year-on-year (-0.2%) [due to a decline in physical revenues], while China, the world’s fifth-largest global recorded music market, increased revenues by 9.6%.
Latin America
Recorded music revenues in Latin America rose by 22.5% in 2024, 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% making it the fastest-growing Top 10 market, while Mexico’s recorded music revenues increased by 15.6%.
Australasia
Recorded music revenues in Australiasia reached $629 million and grew by 6.4% in 2024.
Australia’s revenues increased by 6.1%, but dropped out of the World’s top 10 recorded markets, replaced by Mexico.
New Zealand recorded music revenues grew by 7.8%.
Sub-Saharan Africa
Recorded music revenues in Sub-Saharan Africa grew22.6% last year and surpassed USD $100 million for the first time, reaching $110 million.
South Africa remained the largest market in the region and accounted for 75% of its total revenues, following a growth of 14.4% in 2024.
“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.
Victoria Oakley, IFPI
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.”
Oakley also highlighted “one of the key issues” explored in the new IFPI report: the role of AI in music.
IFPI’s CEO noted that “record companies have embraced [AI’s] 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 authorization from the rightsholders pose a very real and present threat to human artistry,” added Oakley.
“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.”
The report also featured commentary from the heads of the three major music companies.
Photo: Austin Hargrave
“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.”
Universal Music Group Chairman and CEO, Sir Lucian Grainge said: “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.”
Credit: Sony Music Group
“In true partnerships based on mutual respect we can all build an exciting vision for the future of our artists and our industry.”
Sony Music Group Chairman Rob Stringer CBE, added: “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.”
“By matching the brilliance and bravery of artists with velocity and impact of our own, we’ll pioneer that bright future together.”
Robert Kyncl, CEO of Warner Music Group, said: “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.”
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