- Global recorded music revenue grew 4.8% in 2024, reaching $29.6 billion.
- Subscription streaming revenue increased by 9.5%, with users rising to 752 million.
- Physical music sales declined, but vinyl continued its 18-year growth streak.
The recorded music industry marked its 10th consecutive year of growth, fueled by the dominance of streaming. With annual streaming revenue exceeding $20 billion for the first time, this sector now accounts for 69% of total recorded music earnings.
Regional markets demonstrated varied growth rates, with the Middle East & North Africa leading at 22.8%, followed closely by sub-Saharan Africa and Latin America.
Streaming Boom Powers a Decade of Music Industry Growth
Subscription-based streaming saw a 10.6% increase in users, bringing the total to 752 million globally. Advertising-supported streaming revenue showed a modest rise of 1.2%, reinforcing the dominance of paid subscriptions in driving industry growth. This steady expansion signals a continued shift toward digital consumption.
Beyond streaming, performance rights revenue climbed 5.9%, reflecting the growing value of licensed music in public spaces. However, physical formats faced challenges, with an overall decline of 3.1%. Even so, vinyl sales saw a 4.6% uptick, continuing their nearly two-decade-long resurgence.
The report also highlighted strong growth in emerging markets, with streaming accounting for 99.5% of total revenue in the Middle East & North Africa. These numbers suggest that digital platforms will continue to define the industry’s future, shaping music consumption worldwide.
Industry leaders, including IFPI CEO Victoria Oakley, emphasize the potential for further growth through innovation and new technologies. With streaming reshaping revenue models, artists and record labels alike are adapting to a digital-first landscape.
The global music industry’s sustained growth, driven by streaming and expanding digital markets, points to a future where innovation and evolving technology continue to reshape music consumption.
“Music is the divine way to tell beautiful, poetic things to the heart.” – Pablo Casals
