Sound of music continues to grow

Global recorded music revenues have grown for the 10th consecutive year. Figures released on Thursday in IFPI's Global Music Report 2025 reveal that total trade revenues reached $29.6 billion in 2024, up 4.8 percent, according to the International Federation of the Phonographic Industry, the organization that represents the recording industry worldwide.

Subscription streaming was the key driver, with an increase of 9.5 percent while subscription accounts grew 10.6 percent to 752 million globally.

China, ranked fifth globally, increased revenues by 9.6 percent.

Streaming revenues exceeded $20 billion for the first time ($20.4 billion) and represented 69 percent of total recorded music revenues. For context, $20 billion was bigger than the entire recorded music industry revenues for each year between 2003-2020.

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

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

"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," says Victoria Oakley, CEO, IFPI, commenting on the release of the Global Music Report.

"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 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 authorization from the rights holders poses a very real and present threat to human artistry," says Oakley. "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."