Global Recorded Music Revenues Reach $29.6 Billion in 2024
A Year of Continued Growth for the Music Industry
According to a new report by the International Federation of the Phonographic Industry (IFPI), global recorded music revenues reached an impressive $29.6 billion in 2024. This marks a 4.8% year-on-year increase, underscoring the ongoing strength and resilience of the global music sector.
Streaming Remains the Dominant Force
The continued expansion of paid streaming services was the primary driver behind the industry’s growth. Paid subscription users worldwide grew to 752 million, reflecting a strong appetite for accessible, on-demand music across diverse markets. Streaming now accounts for the majority of global recorded music revenues.
Subscription Services Lead the Way
Revenue from paid subscription streaming rose by 7.2% year-on-year, driven by both new user growth and higher per-user spending. Services like Spotify, Apple Music, Amazon Music, and emerging regional platforms have expanded their offerings, integrating features such as hi-fi audio, podcasts, and exclusive content to attract and retain subscribers.
Ad-Supported Streaming Gains Momentum
Ad-supported streaming platforms, including YouTube and free tiers of Spotify and Deezer, also contributed significantly to the industry’s revenue pool. While growth was slower than that of paid subscriptions, advertising revenue in music streaming rose steadily, showcasing the complementary nature of free and paid models.
Physical Sales Hold Steady
Despite the digital dominance, physical formats like vinyl and CDs remained remarkably resilient. Vinyl sales continued their upward trajectory, and CDs saw stable demand in markets like Japan and Germany. Physical sales represented approximately 10% of global recorded music revenues in 2024.
Emerging Markets Fuel Expansion
Emerging markets played a critical role in the global growth story. Regions such as Southeast Asia, Latin America, and parts of Africa recorded double-digit increases in streaming revenue. Affordable mobile internet access, localized streaming platforms, and vibrant youth demographics contributed to these gains.
Growth in Synchronization and Performance Rights
Synchronization revenues—earnings from music licensed for use in films, TV, video games, and advertising—also rose significantly. Additionally, performance rights revenue grew as live events rebounded post-pandemic and businesses increased music licensing for public spaces.
Challenges in Monetization and Artist Equity
Despite strong overall growth, concerns remain about fair monetization and equitable revenue distribution for artists and creators. Industry stakeholders continue to advocate for reforms in streaming payout structures and better transparency in royalty reporting.
Impact of AI and New Technologies
The rise of AI-generated music and new tech tools also shaped the 2024 landscape. While offering new creative possibilities, these developments prompted debates around intellectual property rights and compensation, leading to calls for updated regulatory frameworks.
The Role of Independent Music
Independent artists and labels continued to gain market share in 2024, bolstered by direct-to-fan platforms and flexible distribution services. Indie music now represents a substantial portion of global streaming revenues, highlighting a democratization of access to audiences.
Major Label Performance
The “Big Three” record companies—Universal Music Group, Sony Music Entertainment, and Warner Music Group—retained strong positions, thanks to strategic catalog investments, artist development, and innovative digital marketing campaigns that fueled engagement across platforms.
Regional Trends and Insights
The U.S. remained the world’s largest recorded music market, followed by Japan, the U.K., Germany, and France. However, rapid growth in markets like India, Nigeria, and Mexico signaled a shifting global dynamic, prompting labels to invest more heavily in localized talent and marketing strategies.
Looking Ahead: Sustainability and Innovation
Industry leaders emphasize that sustaining this growth will require continuous innovation, investment in emerging markets, support for diverse creators, and adaptations to evolving technology trends. Environmental sustainability in production and touring also remains a key agenda point for the future.
Conclusion: A Positive Outlook for 2025 and Beyond
The 2024 IFPI report paints an optimistic picture of the global music industry’s trajectory. With new technologies, expanding audiences, and evolving consumption habits, recorded music is poised for further growth, diversification, and transformation in the years ahead.