UK-based MIDiA Research has released the 2024 edition of its recorded music market shares report. The full version is a subscription release for clients, but the company also puts out a highlight version with key metrics for wider distribution.
The top line here has two parts:
- Overall global recorded music revenue ($36.2 billion)
- Annual growth (6.5%)
That annual growth number represents a slowdown; the 2022-2023 growth number was 9.4%. MIDiA has this to say concerning the annual drop:
“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.” — MIDiA Research
And global disruption is still tossing the industry, MIDiA emphasizes: “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.”
MIDiA has compressed nine key metrics into a compact graphic:
“Streaming still dominates revenues,” MIDiA asserts, “but its impact is lessening […]streaming is no longer the market maker.””