2025 MUSIC INDUSTRY REPORT
Global recorded music revenues reached $31.7 billion in 2025, continuing a now well-established growth cycle. The market expanded by 6.4% year-on-year, marking the 11th consecutive year of growth and pushing the industry past the $30 billion threshold for the first time ever!
Streaming remains the dominant format by a wide margin. It generated over $22 billion, accounting for 69.6% of total revenues. Subscription streaming alone represents more than half of the entire market (52.4%) and continues to grow steadily, supported by a global user base of 837 million paid accounts. Ad-supported streaming is also growing, but at a slower rate.
What stands out in 2025 is that growth is not limited to streaming. Physical formats recorded 8.0% growth, reaching $5.3 billion. Vinyl continues its long-term expansion, growing by 13.7% and extending its growth streak to 19 consecutive years. CDs and music video formats also contributed to this increase.
Other parts of the market continue to decline or stagnate. Downloads fell by 5.0%, continuing a long-term downward trend. Synchronisation revenues decreased by 2.0%, while performance rights revenues saw only marginal growth at 0.3%.
Geographically, growth is now widely distributed. All global regions recorded revenue increases, with Latin America (+17.1%), Middle East and North Africa (+15.2%), and Sub-Saharan Africa (+15.2%) among the fastest-growing. Asia also showed strong growth at 10.9%, while Europe (5.6%) and North America (3.5%) continued to expand at a slower pace.
At the country level, the expansion is similarly broad. 57 of 58 measured markets grew in 2025, and all Top 10 global markets increased their revenues.
Alongside revenue growth, the industry is also defined by its scale and level of competition. Access to distribution and audiences has expanded significantly, while the number of releases continues to increase. At the same time, local music scenes are strengthening, with domestic artists building audiences both in their home markets and internationally.
Two structural issues are becoming increasingly important. The first is artificial intelligence, where the use of music in AI systems is framed as requiring authorisation and licensing, alongside greater transparency in how these systems are trained and operate. Public opinion reflects this concern, with 69% of respondents in a 2025 survey opposing the use of creative works without permission or payment.
The second is streaming fraud. Artificial streaming activity is identified as a growing issue, with implications for how revenue is distributed across the market, and with calls for stronger verification systems and better coordination across the industry.
For independent artists and companies, the data does not provide a separate market share or revenue breakdown. What can be observed is a market where access has expanded, but where visibility, audience development, and sustainability are increasingly tied to scale, investment, and long-term strategy.
Taken together, the current market is defined by continued growth across most regions and formats, combined with a higher level of competition and a stronger dependence on infrastructure, rights management, and global reach.
