Subscription services lead revenue increase, reaching US $ 29.6 billion by 2024
Globally recorded music revenues reached US $ 29.6 billion by 2024, marking an increase of 4.8% over the previous year. The number of streaming service subscribers grew 10.6%, totaling 752 million worldwide.
Growth was mainly driven by signature streaming, as released on Wednesday (19.Mar.2025) by the International Federation of the Phonographic Industry) in its global music report. The federation pointed out that paid signature revenues exceeded $ 20 billion, with an increase of 9.5%.
Physical formats dropped 3.1% in their revenues, totaling $ 4.8 billion. However, vinyl experienced its 18th consecutive year of growth, with an increase of 4.6%.
The report also showed that revenues have increased in all regions. The Middle East and North Africa led growth with 22.8%, and Latin America registered a high of 22.5%.
Europe, responsible for over 1/4 of global revenues, has a growth of 8.3%. The United States and Canada, representing about 40% of global revenues, became a 2.1% growth.
