Global Music Industry Revenue (2024)
The International Federation of the Phonographic Industry (IFPI) has released its Global Music Report 2025, showcasing a robust year for the music industry with global recorded music revenues growing by 4.8% in 2024 to reach $29.6 billion. This growth demonstrates the continued resilience and expansion of the music market across multiple revenue streams.
Streaming continues to dominate the music landscape, with streaming revenue crossing a significant milestone by surpassing $20 billion for the first time. This represents 69.0% of total recorded music revenues, underscoring how digital consumption has become the primary driver of industry growth. The streaming sector's performance highlights the ongoing shift in how consumers access and consume music globally.
Physical formats are experiencing a renaissance, particularly vinyl records, which saw growth of 4.6% in 2024. This marks an impressive 18th consecutive year of growth for vinyl, demonstrating that despite the digital revolution, there remains strong consumer appetite for tangible music formats. This sustained growth reflects both nostalgia and the premium experience that physical formats provide to music enthusiasts.
The industry has also seen strong recovery in performance rights revenues, which grew by 5.3% as the sector bounced back from pandemic-related disruptions. This income stream, generated from public performances of recorded music, indicates that live events, broadcasting, and other public music usage have returned to pre-pandemic levels and beyond.
Additionally, sync licensing experienced notable growth of 7.4%, driven by increased demand from brands and content creators seeking licensed music for films, advertisements, video games, and other media. This growth reflects the expanding opportunities for music placement across diverse platforms and the recognition of music's value in enhancing content and brand messaging.