New IFPI Report Puts 2025 Global Music Revenue at Nearly $32 Billion

Global recorded music revenues reached USD $31.7 billion in 2025, growing 6.4% YoY, as per the latest annual report by the International Federation of the Phonographic Industry (IFPI). The 11th consecutive year of growth was driven primarily by streaming.

Streaming dominance:

• Total streaming revenues (paid and ad-supported) exceeded $22 billion, accounting for 69.6% of total recorded music revenues.

• Paid subscription streaming revenues grew 8.8% YoY, with global paid subscribers reaching 837 million users.

Physical & other revenue streams:

• Physical formats returned to growth, up 8% YoY to $5.3 billion.

• For only the second time on record, physical revenue growth outpaced digital.

• Vinyl revenue rose 13.7% YoY, the format’s 19th year of growth.

• Performance rights revenues reached $2.9 billion, growing 0.3% YoY.

Regional highlights:

• The top growth regions were Latin America (+17.1%), MENA (+15.2%), Sub-Saharan Africa (+15.2%) and Asia (+10.9%).

• North America experienced 3.5% revenues growth, and accounted for 38.7% of global revenues.

• Revenues in Europe were up 5.6%, while Australasia (Australia and New Zealand) demonstrated modest growth (+1.5%) to reach revenues of $623 million.

• The Top 5 markets (in order) were USA, Japan, UK, China (which experienced revenue growth of 20.1%) and Germany.

• Besides China, the fastest growing entrants in the Top 10 were Brazil, which achieved 14.1% YoY revenue growth to come in at Number 8, and Mexico, which secured the final spot with 13.3% growth.