Story perspectives

Global Music Revenue Hits $29.6B Amid Streaming Surge

3/20/2025

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Summary

Story summary

Global recorded music revenue hit $29.6 billion in 2024, a 4.8% increase, marking ten years of growth.
Subscription streaming surged 9.5% to $20.4 billion, with 752 million users worldwide.
While physical music sales fell 3.1%, vinyl sales rose for the 18th year, increasing by 4.6%.
The Middle East & North Africa, Sub-Saharan Africa, and Latin America saw the highest growth rates, exceeding 22%.
IFPI CEO Victoria Oakley raised concerns about generative AI's effects on artistry.

History

Historical Context

The rise of global recorded music revenue to $29.6 billion in 2024 mirrors the industry's evolution since the 1990s. Back then, digital piracy threatened sales. However, the adoption of streaming services revitalized the market, reflecting a broader trend of adaptation in creative industries facing technological disruption.

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Story summary

Global recorded music revenue hit $29.6 billion in 2024, a 4.8% increase, marking ten years of growth.
Subscription streaming surged 9.5% to $20.4 billion, with 752 million users worldwide.
While physical music sales fell 3.1%, vinyl sales rose for the 18th year, increasing by 4.6%.
The Middle East & North Africa, Sub-Saharan Africa, and Latin America saw the highest growth rates, exceeding 22%.
IFPI CEO Victoria Oakley raised concerns about generative AI's effects on artistry.

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