IFPI: Global music market grows for the tenth year in a row, vinyl for 18 years
Global revenue from recorded music rose to 29.6 billion US dollars in 2024 Paid streaming subscriptions remain the most important
(Image: Derick Hudson/Shutterstock.com)
According to the latest Global Music Report 2025 published by the International Federation of the Phonographic Industry (IFPI), the global music industry has recorded its tenth consecutive year of growth. Total revenues increased by 4.8 percent to 29.6 billion US dollars in 2024.
“The essential role that music plays in so many aspects of our lives is reflected in the continued growth of the global industry,” explains Victoria Oakley, CEO of the IFPI. “What's particularly exciting is that there is still huge potential for further development – through innovation, new technologies and investment in both artists and the growing global music ecosystem.”
Streaming subscriptions pass the 20 billion dollar mark
According to the IFPI, the paid streaming segment remains the most important growth driver, with an increase of 9.5 percent in 2024. The number of users with streaming subscriptions rose by 10.6 percent to 752 million worldwide.
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Total streaming revenue exceeded the 20 billion dollar mark (20.4 billion US dollars) for the first time and accounted for 69% of total revenue. By comparison, streaming revenues in 2024 exceeded the music industry's total revenues for every single year between 2003 and 2020.
While revenue from ad-financed streaming increased only moderately by 1.2%, revenue from ancillary copyrights recorded its fourth consecutive year of growth at 5.9%, reaching 2.9 billion US dollars.
Mixed development for physical media
After a strong year in 2023, in which revenue from physical media rose by 14.5%, it fell by 3.1% in 2024. However, vinyl continued its upward trend and grew by 4.6% – the 18th consecutive year of growth for this medium.
This development is in line with the trend in the USA, where, according to the Recording Industry Association of America (RIAA), vinyl sales have now reached a level last seen in mid-1984.
Regional growth worldwide
All seven regions of the world recorded growth in 2024, with three regions even achieving double-digit growth rates:
- The Middle East and North Africa: +22.8 percent (fastest growing region)
- Sub-Saharan Africa: +22.6% (sales exceed USD 100 million for the first time)
- Latin America: +22.5 percent (15th consecutive year of growth)
The largest music markets developed differently:
- USA: +2.2 percent
- Japan: -0.2 percent
- Great Britain: +4.9 percent
- Germany: +4.1 percent
- China: +9.6 percent (fifth-largest market)
Europe grew by 8.3% overall and delivered the highest absolute sales growth of all regions.
AI as an opportunity and a challenge
The IFPI emphasizes that record companies are actively using the possibilities of artificial intelligence to promote the creativity of artists and develop new fan experiences. At the same time, the association warns of the risks of unauthorized AI systems.
“It is very clear that the developers of generative AI systems that 'record' copyrighted music without permission from rights holders to train their models pose a very real and present threat to human artistry,” Oakley emphasizes.
The association calls on policymakers to protect music and artistic creation: “We need to harness the potential of AI to support and enhance human creativity, not replace it.”
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