The International Federation Of The Phonographic Industry (IFPI) has unveiled its latest Global Music Report, and it’s good news for streaming services and physical media.
In 2025, streaming remained the dominant format in music, growing by 7.7% and adding US$1.6 billion to global revenues. For the first time, streaming revenues ticked over US$22 billion, representing 69.6% of total recorded music revenues.
Paid subscription services offered by the likes of Spotify, YouTube Music and Apple Music primarily drove growth, with an increase of 8.8%. Ad-supported tiers (combined) amassed 4.3% growth.
While streaming services continue their growth, so do physical media such as vinyl and CDs.
Overall, physical media rebounded and became the fastest-growing format in music, generating US$390 million in revenue. Global physical revenues amounted to US$5.3 billion, marking an 8% increase in 2025.
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The popularity of vinyl was the key driver of physical media’s success last year. Vinyl alone increased revenues by 13.7%, marking its nineteenth year of growth in a row.
In 2025, vinyl amassed its highest revenue since 1983—when Michael Jackson dominated the charts with Thriller. The most popular release of the year? Taylor Swift’s The Life Of A Showgirl, which sold 1.6 million copies alone.
Meanwhile, CDs and music video revenues grew, with the former reversing its decline in some markets but continuing to decline in many Western markets. CDs are up by 3.7%, and music video revenues increased by 10.8%.
As vinyl and CD sales grew in 2025, the opposite was true for downloads and other digital media. Revenues from those formats remained in decline for a 13th consecutive year, reflecting a market of listeners prioritising streaming services and physical media.
Downloads and other digital mediums accounted for just 2.5% of global recorded music revenues and declined by 5% in 2025.
Elsewhere in the Global Music Report, IFPI once again posted a list of its top ten markets that does not include Australia.
Historically, Australia has consistently had a strong showing in global markets, peaking at number six on the list in 2004 and again from 2007 to 2015. In the two years leading up to the 2024 report, it had stayed steady on the cusp of the top ten before falling out entirely. In 2025, it ranked at #13.
According to the report, recorded music revenues in the Australasian region (which includes Australia and New Zealand) reached “US$623 million and grew by 1.5% in 2025.” While Australia’s revenues increased by 1.2%, this still trailed the global average of 6.4% and is, in fact, the worst among major global markets.
