Sub-Saharan Africa’s music industry revenue surpassed $100 million for the first time in 2024, reaching $110 million with a growth rate of 22.6 percent, according to the IFPI Global Music Report 2025.
This milestone highlights the region’s increasing presence in the global music market, driven by the widespread adoption of streaming and growing demand for local talent.
Global recorded music revenues climbed to $29.6 billion in 2024, marking a 9.8 percent increase from the previous year. This figure represents the tenth consecutive year of industry growth, driven by shifts in consumption patterns and market expansion.
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Regional performance showed stark contrasts, with emerging markets outpacing established ones. The Middle East and North Africa (MENA) posted the highest growth rate at 22.8 percent, followed by Sub-Saharan Africa at 22.6 percent and Latin America, which marked a 15th consecutive year of growth at 22.5 percent.
These gains reflect the untapped potential in these regions, where digital platforms have broadened access to music. Europe recorded an 8.3 percent rise, while Australasia grew by 6.4 percent, recording $629 million in revenue. The USA and Canada, accounting for 40 percent of global revenues, saw a 2.1 percent increase, indicating market saturation. Asia’s growth stood at 1.3 percent, tempered by a 0.2 percent decline in Japan.
The top ten music markets in 2024 included the USA, Japan, the UK, Germany, China, France, South Korea, Canada, Brazil, and Mexico. Mexico displaced Australia to enter the list, while Brazil was the fastest growing country among the top ten markets, signalling Latin America’s expanding role in the global industry.
Streaming led revenue sources, generating $20.4 billion and comprising 69 percent of the global total. This segment grew by 7.3 percent, propelled by a 9.5 percent rise in subscription streaming revenue. Subscription accounts worldwide reached 752 million, highlighting the shift to paid digital services as the dominant consumption model.
Physical formats contributed $4.8 billion, or 16 percent of revenues, despite a 3.1 percent decline. Within this category, vinyl sales increased by 4.6 percent, continuing an 18-year growth streak, while CDs and music videos saw reductions. Performance rights brought in $2.9 billion, making up 10.2 percent of the market with a 5.9 percent growth rate, tied to public performance and broadcasting income.
Downloads and other digital formats fell by 7.7 percent, accounting for 2.8 percent of revenues. Synchronisation, covering music in TV, ads, films, and games, generated $930 million, or 3 percent of the total, with a 6.4 percent increase.
The industry’s growth trajectory relies heavily on streaming and penetration into emerging markets. Sub-Saharan Africa and Latin America exemplify this trend, with their rapid revenue gains reshaping the global landscape. Meanwhile, the decline in physical formats, outside of vinyl, poses ongoing challenges, as does ensuring equitable artist compensation in the streaming model. The industry’s future hinges on its capacity to navigate these shifts and capitalise on technological and cultural developments.
