The global music industry is singing a triumphant tune as streaming revenues reached unprecedented heights in 2024. According to the latest Global Music Report, the recording industry experienced its tenth consecutive year of growth, with streaming at the forefront of this musical renaissance.
For the first time in history, streaming revenues surpassed the $20 billion mark, totaling $20.4 billion in 2024. This milestone represents a significant shift in how consumers access and enjoy music, with streaming now accounting for 69% of total recorded music revenues.
The primary engine behind this growth is subscription-based streaming services. Revenues from this segment increased by an impressive 9.5% year-over-year. More importantly, the number of paid subscription users worldwide grew by 10.6%, reaching a staggering 752 million subscribers. This surge in user base underscores the growing popularity and accessibility of music streaming platforms.
While streaming dominates the landscape, it’s not the only player in the industry’s growth story. Performance rights revenue, which includes royalties from live performances and public broadcasts, saw a healthy 5.9% increase, reaching $2.9 billion in 2024.
The physical format market, however, faced some challenges. Overall revenues from physical formats, including CDs and vinyl, declined by 3.1%. This drop comes on the heels of a strong 14.5% growth in 2023, suggesting a potential market correction rather than a long-term trend.
Interestingly, vinyl continues to defy expectations. In an era of digital dominance, vinyl revenues grew by 4.6% in 2024, marking its 18th consecutive year of growth. This persistent popularity of vinyl records highlights a niche but passionate market for tangible, high-quality audio experiences.
The global nature of this growth is particularly noteworthy. Every region experienced an increase in revenue in 2024, with some areas showing remarkable expansion. The Middle East and North Africa led the charge with a 22.8% increase, closely followed by Sub-Saharan Africa at 22.6% and Latin America at 22.5%.
Industry leaders are optimistic about the future. Victoria Oakley, CEO of IFPI, the organization representing the recording industry worldwide, commented on the report’s findings: “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.”
As the industry continues to evolve, streaming services are likely to play an even more significant role. Projections suggest that by 2025, global streaming subscribers could surpass 1.1 billion. This growth is expected to be driven by increasing demand for on-demand content and the rising popularity of mobile streaming.
The music industry’s digital transformation continues to yield positive results, with streaming leading the charge. As technology advances and consumer preferences evolve, the industry appears positioned for further growth and innovation in the years to come.
