Music Means Business: What’s Inside the IFPI Global Music Report 2025

May 12, 2025 EDT

The International Federation of the Phonographic Industry (IFPI) has released its Global Music Report 2025, offering a comprehensive analysis of the recorded music industry's performance in 2024.

The report highlights the 10th consecutive year of growth, with global recorded music revenues reaching $29.6 billion, a 4.8% increase from the previous year. From super fans to vinyl lovers, everyone’s hitting play.

 

Streaming = 69% of the Pie

Streaming is still the main event, pulling in $20.4 billion—the first time it's cracked the $20B mark. That’s more than double what the industry earned just seven years ago.

Key highlights:

  • 752 million people paid for a music streaming service in 2024—up 10.6%. [2]
  • Paid subscription revenue alone rose 9.5%, reaching over $20 billion. [1][2]
  • Ad-supported streaming brought in $5.1 billion, with 1.2% growth—slower, but still rising.

Fun stat: If all 752M subscribers formed a country, it’d be the 3rd largest in the world after India and China.

Source: All data sourced from, unless otherwise noted: IFPI Global Music Report 2025
Source: Ingham, Tim, 11 Quick (And Important Takeaways) From IFPI’s Global Music Report 2025, Music Business Worldwide, 3/19/25

Vinyl’s Still Spinning

Physical music sales dropped 3.1%, but vinyl refuses to go out of style:

  • Vinyl sales rose 4.6%, marking 18 straight years of growth.
  • CDs and DVDs slid 6.1%, confirming what we already knew—vinyl’s got the cool factor and consumers are turning more to streaming their playlists.
  • Overall physical sales still brought in $4.8 billion, showing they’re far from dead.

Emerging Markets = Fastest Risers

Where’s the most growth happening? Look beyond the usual suspects:

  • Middle East & North Africa: +22.8% (streaming = 99.5% of revenue)
  • Sub-Saharan Africa: +22.6%, topping $110M for the first time ever (Source 2)
  • Latin America: +22.5%, its 15th straight year of growth
  • Asia: Home to 3 of the top 10 global markets (Japan, China, South Korea)
  • Europe: +8.3% overall, led by France (+7.5%), the UK (+4.9%), and Germany (+4.1%). (Source 2)
  • North America: Slower growth at +2.1%, but still solid with the U.S. holding strong as the world’s #1 music market with 40.3% of global revenues.

Source: All data sourced from, unless otherwise noted: IFPI Global Music Report 2025

 Top 10 markets by revenue (2024):

  1. USA
  2. Japan
  3. UK
  4. Germany
  5. China (up 9.6%)
  6. France
  7. South Korea
  8. Canada
  9. Brazil (up 21.7%)
  10. Mexico (just entered the top 10!)

Beyond Streaming: More Revenue Streams in Play

  • Performance rights: +5.9%, totaling $2.9B
  • Sync licensing (TV, games, ads, film): +6.4%, now at $650 Million

Super Fan alert: Some regions like China report millions paying for Super VIP subscriptions, 5x the price of standard plans, in exchange for perks like high-res audio, exclusive content, and early access to tracks. [3]

Final Chorus

From growth in emerging markets to 752 million streaming subscribers, the global music economy isn’t just surviving—it’s scaling. Whether you're a fan, artist, or investor, 2025 may prove one thing: music is a business that's potentially finding new ways to turn it up.

 

*For a complete list of MUSQ holdings, please click here. Holdings are subject to change.
**Diversification does not ensure a profit or guarantee against a loss.

 


So, are you ready for the encore? Why invest in MUSQ >>
 

[1] All data sourced from, unless otherwise noted: IFPI Global Music Report 2025

[2] Ingham, Tim, 11 Quick (And Important Takeaways) From IFPI’s Global Music Report 2025, Music Business Worldwide, 3/19/25

[3] Stassen, Murray, MBW Stat Of The Week, Music Business Worldwide, 11/12/24

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