Image credit: Greg Rosenke

A new report from MIDiA Research reveals how the global music industry is set to nearly double as listeners evolve.

The music industry is transforming. Our world has already been reshaped by digital music and particularly music streaming services. Now, MIDiA Research have released their predictions for the global music industry 2024-2031 and the huge growth it will bring.

Looking at last year, the global recorded music market grew an impressive 8% to $58.1 billion. MIDiA note that, whilst music streaming continues to lead the way, the market is diversifying with physical music, performances, and expanded rights boosting revenue growth. In the physical market, not just vinyl is growing but now CDs as well.

Whilst music streaming services are firmly established, more and more people are still signing up to them. With faster growth than 2022, global music subscribers reached 737.9 million in 2023. MIDiA predict that music subscribers will surpass 1 billion in 2027.

This powerful growth is being boosted by emerging global markets in streaming. Whilst Europe and the US may be well established in their use of music streaming, MIDiA point to “the rise of Global South markets”. China is expected to be one of the largest growing markets, with MIDiA predicting that they will become the 2nd largest recorded music market by 2031. They add that the US will remain the largest market.

MIDiA Research founder and industry analyst, Mark Mulligan says: “The music industry is at an inflection point. Strong growth lies ahead but the business of 2031 will be very different from that of 2024, with Global South markets rising to prominence and the wider industry increasingly monetising the fan economy rather than just today’s consumption-based streaming business.”

MIDiA offer a huge figure of $100 billion as their prediction for the value of the global recorded music revenue in 2031. This is nearly double the current figure of $58.1 billion. The growth will come from growing markets, streaming price increases, as well an industry that is expanding what it means to be a music consumer.

Earlier in the year, Mark Mulligan of MIDiA Research predicted that there will be nearly 200 million music creators by 2030. This comes with the rise of platforms like BandLab which make music creation more accessible than ever before, turning consumers into creators like TikTok has for video. Additionally, music platforms and labels will look for extra ways to monetise superfans with exclusive content and new opportunities.

Senior music industry analyst at MIDiA Research, Tatiana Cirisano writes: “While streaming remains the heart of the music business, a more diversified revenue portfolio is beginning to take shape. Over the next seven years, we will see a focus on monetising fandom, the de-Westernisation of music culture, and an increasingly bifurcated industry that separates passive, lean-back experiences from social, lean-forward exchanges.”

You can download MIDiA Research’s summary and full ‘2024-2031 global music forecasts: Rise of the Global South’ report here.