Amid growth slowdowns in North America and Asia, besides double-digit expansions in other regions, global recorded music industry revenue increased by 4.8% in 2024. Photo Credit: IFPI
That’s according to the IFPI, which put out its 2025 Global Music Report (covering 2024’s revenue particulars) this morning. As many know, 2024 brought indications of a streaming-growth slowdown in the U.S., and the RIAA yesterday elaborated on the trend in its own annual report.
In other words, that the IFPI identified a modest 2.1% YoY recorded-revenue increase for the U.S. and Canada doesn’t exactly come as a surprise. Nor does the fact that streaming made up an even 69% of last year’s worldwide recorded revenue, up from a 67.3% share in 2023.
That comes out to a 7.3% across-the-board improvement in 2024 to $20.4 billion for streaming, which, all told, had 752 million worldwide “users of subscription accounts.” Amid price bumps, paid streaming revenue grew 9.5% YoY.
Meanwhile, behind 2024’s $29.6 billion in total revenue, 17.7% came from ad-supported streaming, representing a 1.2% YoY boost, the IFPI relayed.
As highlighted, on-demand listening’s 2024 gains (and those of the broader industry) are attributable in large part to double-digit spikes in streaming-heavy emerging markets.
Overall, each region save North America, Europe, Asia, and Oceania achieved double-digit growth last year, the IFPI indicated.
USA & Canada: 2.1% growth in 2024 (down from 7.4% in 2023)
Latin America: 22.5% growth in 2024 (up from 19.4%)
Europe: 8.3% growth in 2024 (down slightly from 8.9%)
Asia: 1.3% growth in 2024 (down from 14.9%)
MENA: 22.8% growth in 2024 (up from 14.4%)
Sub-Saharan Africa: 22.6% growth in 2024 (down from 24.7%) to $110 million
About 75% of the total came from South Africa.
Australasia: 6.4% growth in 2024 (down from 10.8%) to $629 million
Behind the figures, Mexico (15.6% YoY revenue growth) supplanted Australia to become the 10th-largest recorded market in the world. 9.6% YoY growth for China and continually strong physical sales in South Korea helped offset a slight revenue dip for Japan, which ranks only behind the States by industry size.
Rounding out the 2024 data, the narrowly defined sync category is said to have delivered $650 million (up 6.4% YoY). Less the $412.6 million in sync revenue attached to the U.S. for 2024, that comes out to just $237.4 million for all non-U.S. licenses.
Lastly, despite yet another double-digit decline, permanent downloads brought in $828.8 million in recorded revenue last year, when public performances contributed $2.9 billion (up 5.9% YoY), according to the report.
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Music Industry Revenue Grew 4.8% in 2024 Amid U.S. Slowdown – Digital Music News
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