The global music industry achieved a record-breaking $29.6 billion in revenues in 2024, driven by the continued dominance of streaming platforms. According to the latest figures from the International Federation of the Phonographic Industry (IFPI), streaming now accounts for 69% of global music revenues, totaling $20.4 billion.
This marks the tenth consecutive year of growth for the industry, with overall revenues increasing by 4.8%. Despite a slight dip in physical format sales by 3.1%, vinyl continued its upward trend, with a 4.6% revenue increase, marking its 18th consecutive year of growth.
Among the most streamed artists of 2024, Taylor Swift topped the list, while popular singles included “Beautiful Things” by Benson Boone, which garnered 2.11 billion streams. Other hits included Sabrina Carpenter’s “Espresso” and Teddy Swims’ “Lose Control.”
The IFPI’s report also highlighted that music markets in the United States, Japan, and the United Kingdom continued to dominate, while regions like the Middle East, Sub-Saharan Africa, and Latin America saw notable growth.
However, the rise of generative AI has sparked concerns within the industry. IFPI chief Victoria Oakley warned that AI is being used to train models on copyrighted music without permission, posing a threat to human artistry. While AI presents opportunities, Oakley described it as a “huge challenge ahead” for the music world.
As the music industry navigates these shifts, the future of both streaming and AI will play a crucial role in shaping its next chapter.
Source: IFPI Annual Report
Music Concert Image by Rahul Pandit from Pixabay
