The music industry's total revenue in 2024 is expected to reach 4.43 trillion yen, a 10th consecutive year of growth, and the number of subscribers to paid subscription services is expected to exceed 752 million.
The International Federation of Phonographic and Video Producers (
GMR_2025_State_of_the_Industry_Final_83665b84be.pdf
(PDF file) https://ifpi-website-cms.s3.eu-west-2.amazonaws.com/GMR_2025_State_of_the_Industry_Final_83665b84be.pdf
IFPI GLOBAL MUSIC REPORT 2025
https://globalmusicreport.ifpi.org/
IFPI: AMIDST HIGHLY COMPETITIVE MARKET, GLOBAL RECORDED MUSIC REVENUES GREW 4.8% IN 2024 - IFPI
Global recorded music revenues hit $29.6bn in 2024, up 4.8% YoY; users of paid music subscriptions reach 752m - Music Business Worldwide
https://www.musicbusinessworldwide.com/global-recorded-music-revenues-hit-29-6bn-in-2024-up-4-8-yoy-users-of-paid-music-subscriptions-reach-752m/
Every year, IFPI publishes a report on the state of the music industry called the 'Global Music Report,' and the 2025 edition, 'Global Music Report 2025,' was released on March 19, 2025. According to this report, total revenues for the music industry worldwide in 2024 will reach $29.6 billion, up 4.8% from the previous year, marking the 10th consecutive year of growth.
Additionally, all regions around the world saw an increase in total revenue for the third consecutive year, with particularly rapid growth in the Middle East and North Africa, up 22.8%, Sub-Saharan Africa , up 22.6%, and Latin America, up 22.5%.
In addition, there will be changes in music markets around the world in 2024, with Mexico overtaking Australia to become the 10th largest music market in the world. According to the IFPI, Japan is the second largest music market in the world after the United States.
Commenting on this growth, the IFPI said: 'Record companies operate in a competitive market, driving growth in the global market by making long-term investments in artists' careers, and developing and licensing more engaging and exciting ways for fans to experience music.'
This revenue increase is mainly driven by music streaming services. The IFPI report reveals that total revenue from subscription streaming services in 2024 will exceed $20.4 billion worldwide, accounting for approximately 69% of the music industry's total revenue. The number of users with paid subscriptions was 752 million, up 10.6% from the previous year. Meanwhile, revenue from free, ad-supported streaming formats grew by only 1.2% year-on-year, showing small growth.
In contrast to the strong growth of streaming services, total revenue from physical formats such as CDs fell 3.1% year-on-year to $4.8 billion (approximately 718.9 billion yen). In particular, total revenue from music CDs has struggled, falling 6.1% year-on-year.
On the other hand, revenue from records has been on the rise in recent years, with revenue increasing 4.6% year-on-year in 2024.
IFPI CEO Victoria Oakley said: 'The vital role music plays in so many parts of our lives is reflected in the continued growth of the music industry around the world. What's exciting is the potential for even further development through innovation, emerging technologies, investment in artists and the growing global music ecosystem. These positive developments don't happen by chance - they reflect the incredible creativity, vision and hard work of artists and others around the world, and are supported by the work, investment and passion of record companies and their teams.'
Oakley also touched on the recent developments in generative AI, saying, 'It's clear that generative AI, which trains models and 'ingests' copyrighted music without permission from the rights holders, poses a very real threat to human artistry. We are calling on policymakers to protect music and artistry. We need to harness the potential of AI to support and amplify human creativity. AI will never replace humans.'
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