In 2024, the global music industry witnessed a significant shift towards digital revenue streams, particularly in audio streaming, while physical sales continued to decline. Early reports from major international markets such as Germany, Spain, and Japan highlight these trends. In Germany, total revenue grew by 7.8%, reaching 2.38 billion euros, with audio streaming accounting for 78% of this total. Spain also saw an increase in overall revenue by 9.4%, although growth rates slowed compared to previous years. Meanwhile, Japan's market remained unique, with physical formats still dominating despite a slight uptick in digital revenue. The U.S., another key player, is expected to release its full-year figures soon, but mid-year data already shows a positive trend in paid streaming services.

Germany, one of the world’s largest music markets, experienced robust growth in 2024. Total revenue surged by 7.8%, surpassing the gains recorded in 2023 and 2022. This expansion was largely driven by audio streaming, which saw a 12.6% increase, contributing significantly to the overall revenue. Despite this success, physical sales faced challenges, with CD sales plummeting by 17.1%. However, vinyl records showed resilience, growing by 9.4%. The year maintained the momentum established in the first half, where total revenue had already increased by 7.6%, and audio streaming by 12.7%. By the end of the year, physical sales managed to soften their decline, dropping only 7.4% compared to the steeper mid-year decrease of 11.9%.

Spain's music market also demonstrated growth, albeit at a slower pace than in previous years. Total revenue rose by 9.4%, but this was a reduction from the double-digit growth seen in 2022 and 2023. Audio streaming played a crucial role, increasing by 14.1% and making up 66% of total revenue. Physical sales, however, faced substantial declines, especially in CD sales, which fell by 25.4%. Vinyl sales, after a strong performance in 2023, saw a modest 4% drop. The market's momentum weakened in the second half of the year, leading to final gains that were notably lower than mid-year results. For instance, total revenue growth dropped from 16.6% in June to just 9.4% by year-end, while digital revenue fell from an 18.8% gain to 12.6%.

In Japan, the world’s second-largest music market, the dominance of physical formats persisted. Physical audio sales edged up by 2%, though this was less impressive compared to the 8% and 5% increases seen in 2023 and 2022, respectively. Physical music video sales, however, declined sharply by 21%, dragging down the total physical market by 8%. Although the RIAJ has yet to publish full-year digital numbers, streaming revenue through the third quarter grew by 7%, indicating a steady rise in digital consumption. Unlike many other markets, Japan's physical sales, primarily in audio formats, still accounted for 65% of total revenue as of September.

The U.S. market, another critical component of the global music industry, is set to provide more clarity on its performance once the RIAA releases its figures. Preliminary data suggests a 3.9% increase in the first half of the year, with paid streaming services improving by 5.1%. Physical revenue saw a surprising 12.7% boost, mainly due to a 17% jump in vinyl sales. The anticipated release of year-end numbers should reflect the impact of Spotify's price hike in July. As the IFPI prepares to unveil its comprehensive global report, the industry will gain deeper insights into how different regions performed and the overall trajectory of the music market in 2024.