By Gwurld4026 
2024 Sees Global Music Industry Generate $29.6bn
In 2024, the global recorded music industry experienced a 4.8% increase in revenues, totaling $29.6 billion, according to the International Federation of the Phonographic Industry (IFPI). This growth was primarily driven by a 9.5% rise in paid subscription streaming revenues, with the number of users of paid subscription accounts growing 10.6% year-on-year to 752 million globally.
Regionally, revenues rose most rapidly in the Middle East and North Africa (22.8%), Sub-Saharan Africa (22.6%), and Latin America (22.5%). In the United States, the Recording Industry Association of America (RIAA) reported that paid streaming subscriptions surpassed 100 million for the first time, contributing to the U.S. recorded music market’s valuation of $17.7 billion.
Despite a 3.1% decline in physical format revenues, largely due to falling CD sales, vinyl experienced its 18th consecutive year of growth, up 4.6%.
These figures underscore the industry’s adaptability and resilience, with streaming services and vinyl records playing significant roles in its sustained growth.