By Carlos Passage
Global recorded music revenues are projected to reach $36.2 billion in 2024, according to MIDiA Research’s “Recorded Music Market Share 2024” report.
While this reflects continued market expansion, the overall growth rate of recorded music slowed to 6.5% compared to 9.7% growth in 2023.
Streaming, meanwhile, continues to dominate revenues, but its impact is diminishing. In 2024, streaming grew only a modest 6.2% compared to 2023, when streaming platforms grew 10.3%.
(Streaming revenues in 2024 were projected to reach $22.2 billion, representing 61.3% of all revenues.)
Music consumer behavior is stabilizing and showing signs of change. A change that could pose a challenge for all players in the music industry, especially when it comes to monetization.
