The first six months of 2025 marked the third successive year of slowing H1 growth rates for the music industry companies tracked by MIDiA. There are big shifts beneath the surface, including a widening gap between label and DSP revenue growth, and Asian labels continuing to diverge from Western major labels in their income mix. 

This report presents H1 2025 financials for the 15 leading, publicly-listed music industry companies across recorded music, publishing, streaming, and live, as well as key consumer data for Q2 2025. It also includes MIDiA's first-ever half-year recorded music market sizing. Together, these metrics offer a definitive overview of the direction of travel for the music industry, and the trends to watch for next.

Key data in this report:

• Total music market sizing and H1 growth. Splits by labels, publishers, DSPs (Streaming), and live music
• Half-year recorded music market revenue and growth, H1 2022 – H1 2025
• Analysis of reported label revenues, totals and revenue mix, including majors and key Asian labels
• Analysis of reported publisher revenues, totals and revenue mix, including majors
• Analysis of reported streaming DSP and live music company revenues
• Consumer penetration of common music consumption and streaming behaviours
• Weekly active usage of music streaming services

This report sources data from:

• MIDiA Research Consumer Survey Q2 2025, US, UK, Australia, Canada n=400

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