MIDiA Research 2025-2032 global music forecasts Recalibration

This report presents the key figures, trends, and drivers of MIDiA’s music forecast model. The figures presented in this report are both retail and label trade values, and they are in billions of US dollars – unless otherwise stated. An Excel file posted alongside this report provides complete country-level data, including DSP market shares and a detailed methodology statement.

Key definitions:

Retail values: Total revenues generated, including retailer margin and music publishing-related collections. For ad-supported, revenues are gross values and refer to total revenue generated by ad sales, including platform and network margins etc.

Trade values: Refers to revenue earned for master recordings, which predominately means record labels, but also includes other non-label entities, such as artists direct (i.e., self-released artists)

Expanded rights: Refers to non-recorded music revenues labels participate in (e.g., branding, sponsorship, merch, live)

MIDiA’s label trade figures differ from figures from trade associations, such as the IFPI, due to MIDiA capturing some additional independent artist and independent label revenue that the IFPI does not, as well as the master recording side of music production libraries. Like last year’s forecast, this year’s report and dataset includes expanded rights. Charts are always labelled as ‘includes expanded rights’ when these figures are included. Otherwise – and for the majority of the report – charts do not include expanded rights.

Key data in this report:

• Diversified growth: Recorded music revenue, 2024 to 2032, global (billions USD) – including and excluding expanded rights
• Music subscribers as percentage of total population, 2016 to 2032, by region: North America, Europe, Asia Pacific, Latin America, Rest of World, and Global total
• Ad-supported audio users, comparison of 2024 and 2032, ranked by top five markets (millions)
• Non-DSP streaming revenue, 2020 to 2032, global (billions USD), and YoY growth
• Physical revenue, trade values, and YoY growth, 2020 to 2032, global (billions USD)
• Label ‘fan economy’ revenue, by three key revenue streams: Non-DSP, Physical, and Expanded Rights, 2023 to 2032, global (billions USD)
• Performance and Sync revenues by region, 2015 to 2032, trade values, global (millions USD)
• Alternative model scenarios: bear, bull, and bifurcation, each capturing different possible future market trajectories
• Audio streams forecasted to 2032
• Historical subscribers by streaming service, and DSP market shares, by country

This report sources data from:

• MIDiA Research 2025-2032 Global Music Forecasts