Global Music Industry Grows 4.8% to $29.6B in 2024, Led by Emerging Markets Despite US Slowdown
The global recorded music industry reached $29.6 billion in revenue for 2024, marking a 4.8% year-over-year increase despite varied regional performance.
Music industry global revenue chart
Streaming dominated the industry, accounting for 69% of global revenue ($20.4 billion), with 752 million users worldwide. Paid streaming grew 9.5% year-over-year, while ad-supported streaming increased by 1.2%.
Regional Growth Breakdown:
- MENA: 22.8% growth
- Latin America: 22.5% growth
- Sub-Saharan Africa: 22.6% growth (total $110 million)
- Europe: 8.3% growth
- Australasia: 6.4% growth (total $629 million)
- USA & Canada: 2.1% growth
- Asia: 1.3% growth
Notable Market Changes:
- Mexico surpassed Australia to become the 10th-largest recorded market
- China showed 9.6% growth
- Japan remained the second-largest market despite slight decline
- South Korea maintained strong physical sales
Other Revenue Streams:
- Physical formats: $4.8 billion (-3.1% YoY)
- Vinyl: 4.6% growth
- Sync licensing: $650 million (+6.4% YoY)
- Public performances: $2.9 billion (+5.9% YoY)
- Permanent downloads: $828.8 million (double-digit decline)
Businessman checking phone with charts
Woman wearing headphones outdoors
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