MIDiA Research's 2024 recorded music market share report highlights that the global recorded music revenue increased to $36.2 billion, with a growth rate of 6.5%. This signifies a slowing down compared to the previous year's growth of 9.4%. MIDiA attributes this deceleration to the ongoing global upheaval from factors such as the pandemic and inflation. They forecast that the music industry must adapt to persistently challenging conditions, as 2025 hints at more transitions ahead. Streaming audio revenue alone grew 6.2%, making up 61.3% of total recorded music revenue.
Given that the first half of the 2020s was characterised by global upheaval and uncertainty, shaped by factors such as the pandemic and rising inflation and interest rates, 6.5% growth was no small achievement.
2025 has thus far picked up the baton and sprinted with it. The music business is going to have to get used to operating in challenging global circumstances.
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