In 2024, the global music industry experienced a significant surge in revenue, marking a 4.8% increase from the previous year and reaching an unprecedented total of $29.6 billion. This growth underscores the industry’s resilience and adaptability in an ever-evolving digital world.​

A primary driver of this revenue boost was the substantial rise in streaming subscriptions. The number of paid streaming subscribers grew by 9.5%, culminating in a global total of 752 million users. This expansion reflects the increasing consumer preference for on-demand music access, facilitated by platforms that offer vast libraries of content at users’ fingertips.​

Advertising-supported streaming formats also contributed to the industry’s growth, albeit at a more modest rate. These formats saw a 1.2% increase, indicating a steady demand for free, ad-supported music consumption options. The combined revenue from both paid and ad-supported streaming accounted for 69% of the total industry revenue, amounting to approximately $20.4 billion.​

Despite the dominance of digital formats, physical music formats continued to play a role in the industry’s revenue stream. However, physical format revenues experienced a 3.1% decline, primarily due to decreasing CD sales. Contrasting this trend, vinyl records enjoyed their 18th consecutive year of growth, with a 4.6% increase in sales. This resurgence of vinyl highlights a segment of consumers’ enduring appreciation for tangible music formats and the unique listening experience they offer.​

Regionally, the industry witnessed varying degrees of growth. The Middle East and North Africa (MENA) region led with a remarkable 22.8% increase in revenue, followed closely by Sub-Saharan Africa at 22.6%, and Latin America at 22.5%. These figures indicate a burgeoning interest in music consumption across these regions, driven by increased internet penetration and the proliferation of mobile devices. Europe saw an 8.3% rise, while the United States and Canada reported a more modest 2.1% increase, suggesting a maturing market with slower growth rates.​

The sustained growth in the global music industry can be attributed to several factors. Record companies’ long-term investments in artist development, marketing, and the creation of engaging music experiences have been pivotal. Additionally, the industry’s embrace of technological advancements has facilitated new avenues for music distribution and consumption, catering to diverse listener preferences.​

However, the industry also faces challenges. The rise of generative AI and its potential to use copyrighted music without authorization has raised concerns among industry stakeholders. There is a growing call for policy protections to ensure that AI serves as a tool to enhance human creativity rather than replace it. Balancing innovation with the protection of artists’ rights remains a critical issue for the industry’s future.​

The global music industry’s revenue growth in 2024 reflects its dynamic nature and ability to adapt to changing consumer behaviors and technological advancements. While digital formats, particularly streaming, continue to dominate, the enduring appeal of physical formats like vinyl and the emergence of new markets contribute to a diverse and robust industry landscape. Addressing emerging challenges, such as the implications of AI, will be essential to sustain this growth trajectory and ensure the continued vitality of the global music scene.