Global Recorded Music Revenue Surges in 2024
In 2024, the global recorded music industry witnessed a noteworthy 4.8% increase in revenue, fueled primarily by a remarkable 9.5% growth in subscription streaming, as reported by the International Federation of the Phonographic Industry (IFPI). The figures released in their recent Global Music Report indicate that total trade revenue reached an impressive $29.6 billion, marking a decade of consecutive growth.
Streaming Dominates Industry Growth
As of the close of last year, the total number of subscription streaming accounts surged by 10.6%, bringing the global user base to 752 million. While advertising-supported streaming also contributed positively, it grew at a steadier rate of 1.2%. With streaming revenue exceeding the $20 billion mark for the first time—specifically hitting $20.4 billion—this sector alone generated more revenue than the combined recorded music earnings from 2003 to 2020. Consequently, streaming now comprises an astounding 69% of all recorded music revenue.
Performance Rights Show Positive Trends
The revenue from global performance rights saw a notable increase of 5.9% this year, achieving $2.9 billion. This marks the fourth consecutive year of growth in this area, demonstrating its resilience within the industry.
Challenges in Physical Sales
In contrast, the physical music formats faced difficulties, with revenue declining by 3.1% from a robust growth of 14.5% in the previous year. Nonetheless, vinyl sales continued their upward trajectory, growing by 4.6% in 2024, marking the 18th year of sustained growth within this segment.
Regional Revenue Insights
According to the IFPI report, every global region experienced revenue growth, led by the Middle East and North Africa with a staggering 22.8% increase. Sub-Saharan Africa and Latin America closely followed, both with 22.6% and 22.5% growth rates respectively. Europe enjoyed an 8.3% increase, while the U.S. and Canada noted a modest 2.1% rise, and Asia saw a 1.3% improvement.
Impacts and Future Potential
IFPI CEO Victoria Oakley addressed the report during an event in London, acknowledging that while 2024’s growth was slightly lower than the 10.2% increase noted in 2023, it still reflects a healthy advancement that many sectors would aspire to attain. She recognized prominent artists like Charli XCX, Taylor Swift, Benson Boone, and Chappell Roan, along with the burgeoning popularity of country music.
Oakley emphasized, “The essential role music plays in various aspects of our lives is evident through the sustained growth of the global industry.”She noted the exciting potential for future development driven by innovations, technological advancements, and deeper investments in artists and the evolving music ecosystem.
Further praising the creativity and dedication of global artists and songwriters, Oakley stated that the commitment and investment from record companies enable long-term, patient support for artists and cultural innovation.
Taylor Swift Recognized Again
In an exciting development, the IFPI announced that Taylor Swift has been named the biggest-selling global recording artist of 2024—marking her fifth time achieving this honor, previously winning in 2014, 2019, 2022, and 2023.