After nearly a decade of robust growth, the global recorded music industry slowed in 2024 with revenues up 4.6% year-on-year compared to 8.5% growth in 2023. While sales of vinyl records continue to expand, growth in the segment softened, and the decline in CD sales accelerated, driving the physical music format down 3.1% year-on-year. Growth in streaming has also slowed, with industry revenues up 7.4% year-on-year compared to 8.6% growth in the prior year. In the US, while streaming subscribers topped 100 million in 2024, growth halved to 3.3%. Although they represent significantly smaller markets, music industry growth in Latin America, Africa, and the Middle East each exceeded 22% last year.
Source: IFPI, March 2025