Global recorded music revenue continues to climb, reaching $31.7 billion in 2025 and extending the industry’s growth streak to 11 consecutive years, according to the latest IFPI Global Music Report.
The growth is being driven by the same force that has defined the modern music economy: paid streaming. Subscription streaming revenue surpassed $22 billion and now accounts for nearly 70% of all recorded music income worldwide, with the number of paid subscribers rising to 837 million globally. This signals not just expansion, but continued consolidation around streaming as the dominant access point for music.
At the same time, other segments of the business are moving in different directions. Physical formats posted an 8% increase, led by a 13.7% rise in vinyl sales, showing that ownership-based formats still have a role in a streaming-first market. Performance rights revenue saw modest growth, while sync and download-related income declined, reinforcing the broader shift away from transactional consumption toward ongoing access models.
Regionally, growth is now global rather than concentrated. Every major market expanded in 2025, with the U.S. maintaining its position as the largest music market, accounting for 38.7% of global revenue. However, the more notable movement is happening internationally. China has climbed to become the fourth-largest market, continuing a multi-year run of double-digit growth, while Latin America emerged as the fastest-growing region overall, with revenue increasing by 17.1%.
This shift matters because it reflects where future scale is likely to come from. As streaming lowers barriers to entry, more regions are not only consuming music but exporting it, increasing competition across markets that were once more localized.
That expansion, however, is coming with new challenges.
The report highlights a growing issue around streaming fraud, particularly tied to AI-generated content. Platforms are now receiving tens of thousands of fully AI-generated tracks daily, and in some cases, the majority of streams tied to that content are being flagged as artificial or manipulated. As detection becomes more difficult, revenue is at risk of being redirected away from legitimate artists and rights holders, creating pressure across the entire system.
In response, industry groups and rights organizations are increasing enforcement efforts, targeting manipulation networks and pushing for stronger protections around how content is distributed and monetized. The conversation around AI is no longer theoretical. It is directly tied to how money flows through the ecosystem.
From a macro level, the takeaway is clear. The industry is growing, but it is also becoming more competitive, more global, and more complex. Streaming continues to expand the market, but it is also compressing attention, increasing supply, and introducing new forms of risk that did not exist in previous cycles.
Growth is happening.
Where that growth ends up is still being decided.
