Streaming Revenue Tops $20B, Powers Global Recorded Music Growth

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2024 saw a 4.8% rise in global music earnings, fueled by a significant 9.5% surge in subscription streaming income. This increase occurred amidst a challenging and competitive market, as indicated by the International Federation of the Phonographic Industry (IFPI) in their annual Global Music Report published this week. The total earnings from trade amounted to $29.6 billion last year, marking the tenth consecutive year of growth in this sector.

Worldwide subscriber numbers for subscription-based streaming services increased by 10.6% to reach a total of 752 million at the end of last year, as per the latest report from the IFPI. On the other hand, revenue generated from advertising-supported streaming grew by a comparatively smaller amount, expanding by only 1.2%.

For the first time ever, annual streaming earnings surpassed $20 billion, hitting an impressive $20.4 billion. This puts the streaming sector above the entire annual music industry revenue from 2003 to 2020. In fact, in the year 2024, streaming accounted for a staggering 69% of total recorded music revenues.

In 2024, global earnings from performance rights increased by 5.9%, making it the fourth year in a row with growth, and totaled approximately $2.9 billion.

2023 saw a significant increase of 14.5% in physical format revenues, but unfortunately, the following year (2024) presented more difficulties, resulting in a 3.1% decline. According to IFPI, this downward trend contrasts with the robust growth experienced in 2023. On a positive note, vinyl sales continued their steady upward trajectory in 2024, expanding by 4.6%. This expansion marks the 18th consecutive year that vinyl revenue has increased.

During a London event, IFPI CEO Victoria Oakley shared that while the projected growth for 2024 was less than the previous year at 10.2%, she emphasized that many other sectors would find such growth very appealing. She mentioned artists like Charli XCX, Taylor Swift, Benson Boone, and Chappell Roan as examples of success, and pointed out the thriving popularity of genres such as country music.

On Wednesday, the IFPI report underscored growth in revenue across all global regions, with the Middle East & North Africa leading at an impressive 22.8% increase, followed closely by sub-Saharan Africa and Latin America, both experiencing a 22.6% surge. Europe saw a 8.3% rise, while the U.S. and Canada reported a modest 2.1% gain, and Asia showed a slight but positive 1.3% improvement.

In the regions of the Middle East and North Africa, streaming continued to hold significant control, making up an astonishing 99.5% of the overall revenue, as emphasized by IFPI.

Oakley pointed out how deeply ingrained music is in various aspects of our lives, as demonstrated by the ongoing expansion of the worldwide music industry. What makes this particularly intriguing is the vast opportunities for future advancements, which could stem from innovation, new technologies, and investments in both artists and the rapidly evolving sectors within the expanding music scene,” said Oakley.

Furthermore, she acknowledged the exceptional creativity, foresight, and dedication of artists and composers worldwide, which is partly fueled by the efforts, capital, and enthusiasm of recording companies and their staff.

Oakley summarized: “For record labels, receiving returns allows them to invest steadily, over the long term, in artists, new ideas, and cultural development.

Taylor Swift was once again crowned IFPI’s top-selling global recording artist of the year for 2024, marking her fifth win since 2014, with previous victories in 2019, 2022, and 2023.

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2025-03-19 17:25