(CelebrityAccess) — Global music revenues grew for the 10th consecutive year, according to the International Federation of the Phonographic Industry (IFPI)’s 2025 Global Music Report.
According to the IFPI, total trade revenues for the recorded music industry reached US$29.6 billion in 2024, up 4.8% from the previous year.
Music streaming, particularly subscription streaming, remained a key driver of industry growth, accounting for US$20.4 billion in revenue worldwide in 2024—an increase of 9.5% year over year.
Additionally, the number of paying music subscribers grew 10.6% in 2024, reaching 752 million globally.
Meanwhile, performance rights revenues climbed to US$2.9 billion in 2024, marking a 5.9% increase from the previous year and the fourth consecutive year of growth.
At the same time, revenue from physical music sales weighed on overall results, declining 3.1% in 2024. However, vinyl remained a bright spot, with sales rising 4.6% year over year.
IFPI CEO Victoria Oakley commented:
“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 explored 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 rights holders pose a very real and present threat to human artistry,” Oakley added.
