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Global recorded music revenues have grown for the 10th consecutive year, according to IFPI, the organisation that represents the recording industry worldwide.

Figures released today in IFPI’s Global Music Report 2025 reveal that total trade revenues reached US$29.6 billion in 2024, up by 4.8%.

Working within a highly competitive market, record companies’ long-term investment into the careers of artists, alongside the development and licensing of engaging and exciting ways for fans to experience music, continues to drive the growth of the global market – with every region experiencing an increase in revenue in 2024.

Subscription streaming was the key driver of growth, with an increase of 9.5% whilst users of subscription accounts grew 10.6% to 752 million globally.

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.

“One of the key issues we’ve looked at in this report is the role of AI in music. Record companies have embraced its 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 authorisation from the rightsholders poses a very real and present threat to human artistry.

“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.”

Recorded music revenue formats:

Streaming revenues exceeded US$20bn for the first time (US$20.4 billion) and represented 69.0% of total recorded music revenues. For context, US$20bn was bigger than the entire recorded music industry revenues for each year between 2003-2020.

Paid subscription streaming revenue increased 9.5% in 2024, whilst ad-supported streaming formats grew by a more modest 1.2%.

Physical formats had a more challenging year, with revenues declining by -3.1%, however this was against a strong performance in 2023 when revenues soared by 14.5%. Vinyl revenues continued to grow in 2024, up 4.6%, which was the 18th consecutive year of growth.

Performance rights revenues meanwhile reached US$2.9 billion in 2024 and grew by 5.9% – the fourth successive year of revenue growth.


To view a free copy of the IFPI's Global Music Report 2025, head to the link below...

Related Links

https://globalmusicreport.ifpi.org/

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IFPI Global Music Report 2025 available now showing the state of the global recording industry