Africa sees highest growth in music revenues thanks to streaming – IFPI Report
Sub-Saharan Africa witnessed a record music revenue growth of 22.6% as of the end of 2024, revenues which surpassed US$100 million for the first time according to IFPI (International Federation of Phonographic Industry), the organization that represents the recording industry worldwide.
Unveiling its global report on Wednesday from London, IFPI CEO, Victoria Oakley, CEO stated that in the African continent, South Africa remained the largest market in the region as was the case in last year’s report, accounting for 75% of the region’s revenues.
Globally the total trade revenues reached US$29.6 billion in 2024, up by 4.8%.
Subscription streaming was the key driver of growth, with an increase of 9.5% whilst users of subscription accounts grew 10.6% to 752 million globally.
Streaming revenues exceeded US$20bn for the first time (US$20.4 billion) and represented 69.0% of total recorded music revenues.
For context, US$20bn was bigger than the entire recorded music industry revenues for each year between 2003 and 2020. Paid subscription streaming revenue increased 9.5% in 2024, whilst ad-supported streaming formats grew by a more modest 1.2%.
Physical formats had a more challenging year, with revenues declining by -3.1%, however, this was against a strong performance in 2023 when revenues soared by 14.5%. Vinyl revenues continued to grow in 2024, up 4.6%, which was the 18th consecutive year of growth.
Performance rights revenues meanwhile reached US$2.9 billion in 2024 and grew by 5.9% – the fourth successive year of revenue growth. There was a positive story of growth across the globe as the work and investment from record companies contributed to every region experiencing revenue growth in 2024.
Three of the world’s seven regions posted double-digit gains – Middle East & North Africa, Sub-Saharan Africa and Latin America. Middle East & North Africa (MENA) was the fastest-growing region at 22.8%.
USA, the world’s single largest recorded music market posted growth of 2.2%. Canada, the world’s eighth largest market, saw revenue growth of 1.5%, however, this was set against a 2023 figure which included a one-off payment in performance rights revenues.
Europe remained the second-largest region in the world for recorded music revenues in 2024. The region’s three largest markets UK, France,e and Germany all generated revenue growth in 2024
Asia the third largest region globally, revenues rose by 1.3% in 2024. This was set against a strong performance in 2023 across both physical and digital formats, where revenues jumped 14.4%. However, Asia maintained its status as the largest physical market and accounted for 45.1% of global physical revenues in 2024. A decline in physical (-4.9%) has therefore impacted the region’s overall growth rate. The world’s second-largest market, Japan, was flat year-on-year [due to a decline in physical], whilst China, ranked fifth globally, increased revenues by 9.6%.
Latin America rose steeply in 2024 by 22.5% with streaming remaining the key driver accounting for 87.8% of recorded music revenues in the region. Brazil grew by 21.7% which made it the fastest growing top ten market, and Mexico increased revenues by 15.6%.
Middle East & North Africa (MENA) was the fastest-growing region and saw recorded music revenues increase by 22.8% in 2024. The region remained dominated by streaming and those revenues accounted for 99.5% of the total.