2024 MUSIC INDUSTRY REPORT
The latest MIDiA report on the global recorded music market is out – and while the headline says growth, the real story is more layered. 2024 saw the market rise 6.5% to $36.2 billion, but under the surface, we’re seeing clear signs of change. For independent artists and labels, it’s a moment to observe, adapt, and get intentional.
Streaming Slows, Diversification Grows
Yes, streaming is still the largest revenue driver – $22.2B, or 61.3% of total revenue. But for the first time ever, its share of the market actually declined. Growth is slowing, even in markets where subscription prices increased.
That’s no reason to panic, but it is a reason to rethink. Relying on streaming alone – especially for emerging or self-releasing artists – is no longer a sustainable strategy.
Where the Growth Came From: Superfans & 'Other' Revenue
So where did the growth come from? One word: fandom.
Performance, sync, merch, and other “expanded rights” brought in serious gains – a 17.3% increase overall, with Sony Music’s 'other' revenue up 38.6%. The most successful labels are putting effort into monetising fandom – not just collecting streams.
Physical Media Isn’t Dead — Especially in Jazz and World Music
Another surprise: physical sales hit their highest point since 2016.
According to Luminate, 23.3% of jazz and 23.1% of world music consumption still happens on physical formats. Even rock sits at around 18%.
Streaming may be dominant, but physical objects still hold meaning – especially for genres that value storytelling, musicianship, and collectible formats. For artists who tour, perform, or build community offline, having something tangible to sell or gift is still powerful.
Who’s Winning: Sony Music and the Rise of Independents
UMG remains the largest major, but Sony Music Group was the fastest growing, increasing revenue 10.2% and market share to 21.7%.
Also gaining ground: non-major labels, now up to 29.7% market share.
Meanwhile, self-releasing artists earned $2.0 billion, despite changes in royalty structures that made it harder to grow streaming income. That revenue came from a growing base – 17.2% more self-releasing artists than in 2023 – and often outside traditional DSPs. Chinese platforms like Tencent and NetEase played a major role in this growth.
The Bifurcation Has Begun
One of the most important long-term trends is bifurcation – the growing divide between two music economies:
On one side: major-label artists with algorithmic reach and global marketing budgets
On the other: independent artists and small labels building human networks, niche audiences, and sustainable income models
DSPs are innovating faster than rightsholders, growing revenue 3x faster than labels. They’re improving margins through non-music content, licensing discounts, and monetising access to artists’ audiences (e.g. Spotify Discovery Mode).
In the short term, this favors large companies. But long-term? It’s the artists building real relationships – and platforms outside streaming – who will shape future culture.
What This Means for You
If you're an independent artist or label:
Diversify your income – look beyond streaming.
Engage your superfans – offer merch, physical releases, exclusive content.
Own your relationships – on and off the platforms.
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