According to the Global Music Report 2025 published by IFPI, the global music market continued to grow in 2024 for the tenth consecutive year. Revenue increased by 4.8%, reaching 29.6 billion US dollars. While more moderate than in previous years, this progression reflects a stable trend driven by the development of streaming, the preservation of physical formats such as vinyl, and the rise of emerging markets.
France is the world’s sixth-largest music market
The list of the top markets in 2024 reveals a mix of historical economic powers and countries where music consumption is rapidly increasing. The USA is still in the top spot, followed by Japan and the UK. In fourth place is Germany, and China is fifth. In sixth place, France remains one of Europe’s strongest music markets, bolstered by dynamic national production and a growing international following for its artists.
South Korea confirms its role as an influential cultural hub, thanks in particular to the export of K-pop. Canada and Brazil are still present in the top 10. Finally, Mexico emerged with a high growth rate, enabling it to overtake Australia and enter the top ranking for the first time, illustrating the rise of Latin America in the global music economy.
Top ten markets in 2024 :
- USA
- Japan
- UK
- Allemagne
- China
- France
- South Korea
- Canada
- Brazil
- Mexico
2024: a record-breaking year for music
In the early 2000s, the music industry market was worth almost 20 billion dollars in revenues. With the explosion of piracy, the arrival of poorly regulated digital music and the decline in CD sales, these revenues fell sharply. At their lowest, in 2014, they reached 12.9 billion dollars. The industry was slow to reorganize and find more viable business models.
It was streaming, and in particular paid subscriptions, that enabled the music industry to recover its growth. Since 2015, revenues have reached 29.6 billion dollars, a level not seen for twenty-five years. This recovery is no longer based on the sale of physical media, but on digital listening, which is spreading to every corner of the globe and to new resources.
Breakdown of music revenues in 2024
Analysis of 2024 revenues shows that streaming clearly predominates in music consumption. However, some more traditional formats, such as vinyl and performance rights, continue to play an important role. The breakdown of revenues per format is accompanied by contrasting trends depending on the segment:
- Streaming: 69% (+9.5%)
- Physical media: 16.3% (-3.1%)
- Performance rights: 9.7% (+5.9%)
- Downloads: 2.8% (-7.7%)
- Other (films, advertising, games): 2.2% (+6.4%)
In 2024, global physical media revenue reached 4.8 billion US dollars, down 3.1% after a sharp rise of 14.5% in 2023. CD and music video sales dropped, while vinyl continued to grow for the 18th year running, with revenues up 4.6%.
Regional distribution of revenues in 2024
2024 was marked by growth in all global regions, with particularly dynamic growth in developing markets. The Middle East, Africa and Latin America had the most significant increases, reflecting the rapid adoption of digital practices and the structuring of local ecosystems.
- Middle East and North Africa (MENA): +22.8%, the region’s model is based almost entirely on streaming, which accounts for 99.5% of revenues.
- Sub-Saharan Africa: +22.6%, with a symbolic milestone of over $100 million in revenues, the market is dominated by South Africa, which accounts for almost three quarters of revenues.
- Latin America: +22.5%, for a 15th consecutive year of growth. Brazil and Mexico are the main contributors, with the latter now in the world’s top 10.
- Europe: +8.3%, the region remains the second largest. The UK, Germany and France all generated revenue growth.
- Australasia: +6.4%, growth was seen in both Australia and New Zealand, despite Mexico overtaking Australia in the global ranking.
- North America: +2.1%, the region remains by far the leader in absolute terms, driven by the United States (+2.2%) and a base that is already very high.
- Asia: +1.3%, growth was more moderate in this region, due to the decline in physical sales in South Korea and the stability of the Japanese market, and partially offset by continued growth in China (+9.6%).
In 2024, recorded music confirmed its global growth, driven by streaming and the rise of emerging markets. According to IFPI, revenues reached a level not seen for two decades, in an ecosystem now dominated by digital uses, but where physical formats and regional diversity continue to play an important role.
Source: IFPI Global Music Report
