Streaming Soars: Music Revenues Hit Record Highs

Global recorded music revenues have risen for the tenth consecutive year, reaching $29.6 billion in 2024 thanks to subscription streaming. Industry leaders emphasize the importance of protecting artists from copyright infringement by AI developers to safeguard creativity and revenue. The IFPI highlights substantial growth across all regions.

Global recorded music revenues have managed to climb for the tenth consecutive year, reaching an impressive $29.6 billion in 2024, driven largely by subscription streaming services. Despite the growth, the industry faces challenges, urging policymakers to shield artists from artificial intelligence developers threatening copyright protections.

The IFPI's report detailed a 10.6% increase in subscriber numbers, totaling 752 million globally, with revenues peaking over $20 billion. Physical format sales saw a decline, but vinyl continued its upward trajectory for the 18th year in a row. The Middle East, North Africa, and Sub-Saharan Africa marked the highest revenue growth among regions.

While the U.S. and Canada posted modest growth, IFPI CEO Victoria Oakley emphasized AI's potential to bolster creativity while highlighting risks. She called for policies protecting music rights as developers utilize AI, pointing to innovation and investment as key drivers for future industry expansion.

(With inputs from agencies.)