Australia Drops Out Of The Top 10 Global Music Markets

The Australian music industry is no longer one of the biggest in the world, at least according to the latest Global Music Report from the International Federation Of The Phonographic Industry (IFPI).

The new report, released this week, outlines the current state of the industry and this year focuses on a number of pertinent topics, including case studies on global powerhouses such as Chappell Roan and Tyler, The Creator, while also discussing the likes of AI and its uses in the music industry.

As always, the report also lists its Global Market Overview where it ranks the ten biggest global music markets, and this year the news is bleak for Australia.

While the list is topped by the likes of the USA, Japan, and the UK – as it has since 2018 – the list also the first not to feature Australia since at least 1996. Instead, Mexico has overtaken Australia to enter the top ten for the first time since 2002.

Historically, Australia has always had a strong showing in the global markets, having peaked as high as number six on the list in 2004, and again from 2007 to 2015. In the past two years, it’s stayed steady on the cusp of the top ten, but fallen out in 2024.

Notably, this isn’t due to a depression of figures. In fact, according to the IFPi’s report, “recorded music revenues in [Australasia] reached US$629 million and grew by 6.4% in 2024,” while “Australia increased revenues by 6.1%.” Meanwhile, New Zealand’s recorded music revenues increased by 7.8%.

Mexico, however, saw a sensational growth with a 15.6% increase in revenues. For comparison, Brazil – the fastest growing market in 2024 – increased revenues by 21.7%. For the past two years, Brazil sat in the number nine position ahead of Australia, where it remains again for 2024.

The Global Market Overview as a whole actually tells a positive story, noting that worldwide music revenues increased for the tenth consecutive year, growing 4.8% to a total of US$29.6 billion.

“The growth tells a story of an industry that continues to evolve and adapt around the world – with every region experiencing growth,” the report noted.

Notably though, figures released by ARIA in March 2024 indicate that while we’ve now experienced our sixth consecutive year of recorded music revenue growth, it begs the question of not only what needs to be done for Australia to return to the top ten, but whether this means we’re witnessing a greater boost in A&R and marketing investment on local rosters to ensure a continued upward trend for Australian names.

The full IFPI Global Music Report can be viewed here.