Why Streaming Is Not The Whole Story

Introduction

When IFPI reports that recorded music revenues grew, it is not reporting a streaming figure alone. The headline number combines several revenue formats, including streaming, physical music sales, performance rights, synchronisation licensing and remaining digital formats. As a result, changes in the mix of formats can alter the industry’s growth rate even when streaming remains dominant. Understanding those shifts is essential because the same headline growth figure can be produced by very different underlying market movements. In some years streaming carries almost all expansion; in others, a vinyl boom, a recovery in physical sales, or changes in licensing income can meaningfully affect the final result.[IFPI]ifpi.orgGLOBAL MUSIC REPORT 2026: GLOBAL RECORDED…18 Mar 2026 — Global recorded music revenues grew 6.4% and reached US$31.7 billion in 20…

Streaming’s Share of Recorded Revenue

Streaming is the largest component of IFPI’s recorded music market measurement, which is why it usually drives the overall direction of the headline. In 2025, total streaming revenues reached roughly US$22 billion and accounted for 69.6% of global recorded music revenues. Paid subscription streaming alone generated more than half of all recorded music revenue worldwide, reaching a 52.4% share.[LinkedIn]linkedin.comGlobal Music Revenues Reach $31.7B, Streaming Drives…More significant data for the recorded music industry was revealed this w…

That dominance can create a common misunderstanding: if streaming is nearly 70% of the market, some assume the headline growth rate is essentially a streaming growth rate. In practice, IFPI’s total combines all revenue categories. A strong year for streaming can be partly offset by weakness elsewhere, while unexpectedly strong non-streaming categories can lift the overall market above what streaming alone would suggest.[IFPI]gmr.ifpi.orgabout reportmusic report 2026: premium editionGLOBAL MUSIC REPORT 2026: PREMIUM EDITION. The definitive source of recorded music market data, launche…

This matters because streaming growth itself is changing. As subscription markets mature in North America and parts of Europe, percentage growth rates tend to moderate. When that happens, the contribution of smaller categories becomes more visible in the final headline. A one- or two-point change in physical revenue growth, licensing income or performance-rights collections can influence the overall market result more than readers might expect from their smaller shares.[IFPI]ifpi.orgGLOBAL MUSIC REPORTRevenues from performance rights recorded modest growth of 0.3%, whereas synchronisation and downloads & other dig…

Why Physical Formats Still Matter

Physical music represents a much smaller share of the market than streaming, but it remains large enough to move industry totals. IFPI reported that global physical revenues grew 8.0% in 2025, reaching approximately US$5.3 billion. That growth rate was actually faster than overall recorded music growth.[Instagram]instagram.comIFPI's Global Music Report 2026 landed this week. Record…Global physical revenues grew 8.0% in 2025, reaching $5.3 billion, a…

The key point is not that physical formats are replacing streaming. Rather, physical formats can amplify or dampen headline growth because they are measured alongside streaming in the same revenue total. If physical revenue rises strongly, it adds incremental growth to the market. If it falls sharply, it can pull down the aggregate figure even while streaming continues to expand.[IFPI]ifpi.org70. over 70 markets where our member companies operate. © IFPI. AllRepresenting the recording industry worldwideAlmost 70 IFPI National Groups, local associations or affiliated music licensing comp…

Japan illustrates why this category remains important. Physical sales still occupy a much larger role in the Japanese market than in many Western countries, meaning shifts in consumer purchasing behaviour there can affect regional and global totals. Physical revenue therefore remains more than a nostalgic legacy category; it is an active component of the industry’s revenue mix.[IFPI]ifpi.orgGlobal Music Report – State of the Industry… A free-to-download overview of the global recording industry in 2025 including topline da…

Vinyl, CDs and Physical Volatility

Within physical music, vinyl has become the most closely watched format because its growth has outlasted what many observers expected. IFPI reported global vinyl revenue growth of 13.7% in 2025, while industry reports in the United States showed vinyl revenues exceeding US$1 billion and continuing a long-running expansion.[Reuters]reuters.comstreaming boosts global music revenues once again 2025 report showsStreaming accounted for 70% of global music income, with paid subscription streaming growing 8.8% to reach over 52% of total revenues and…

Vinyl’s importance goes beyond nostalgia. Vinyl buyers often purchase higher-priced products, deluxe editions and collector releases. A successful album campaign with multiple physical editions can generate substantial revenue even when unit volumes are far below streaming consumption levels. Because IFPI measures revenue rather than popularity alone, high-value physical purchases can have an outsized effect on format performance. RIAA[The Guardian]theguardian.comvinyl record sales us taylor swiftThis marks the 19th consecutive year of growth for vinyl, which significantly outperformed CDs and cassettes in revenue. Much of this res…

Physical formats are also more volatile than subscription streaming. Streaming subscriptions tend to generate recurring monthly income. Physical sales can rise or fall based on release schedules, manufacturing capacity, artist cycles, retail conditions and collector demand. That volatility means physical categories can sometimes create noticeable swings in annual growth figures despite representing a minority of total revenue.[Reuters]reuters.comstreaming boosts global music revenues once again 2025 report showsStreaming accounted for 70% of global music income, with paid subscription streaming growing 8.8% to reach over 52% of total revenues and…

Performance Rights and Synchronisation in the Total

Another reason the headline is not simply a streaming number is that IFPI includes revenue streams linked to the commercial use of recordings beyond consumer listening.

Performance-rights revenue comes from the use of recordings in public settings such as radio broadcasts, television, businesses and public venues. In 2025, IFPI reported performance-rights revenues of approximately US$2.9 billion. Although growth was modest at 0.3%, the category still represented a significant revenue pool within the overall market.[IFPI]ifpi.orgGLOBAL MUSIC REPORT 2026: GLOBAL RECORDED…18 Mar 2026 — Global recorded music revenues grew 6.4% and reached US$31.7 billion in 20…

Synchronisation revenue is generated when recorded music is licensed for films, television programmes, advertising, games and other audiovisual uses. Unlike subscription streaming, synchronisation can be influenced by advertising spending, media production activity and licensing demand. IFPI reported that synchronisation revenue declined in 2025, demonstrating that not every category moves in the same direction each year.[IFPI]gmr.ifpi.orgabout reportmusic report 2026: premium editionGLOBAL MUSIC REPORT 2026: PREMIUM EDITION. The definitive source of recorded music market data, launche…

The practical consequence is that two years with identical streaming growth could produce different headline growth rates if performance-rights collections or synchronisation income move differently. The recorded music market is therefore affected not only by how people listen to music but also by how recordings are licensed and used across the wider media economy.[IFPI]ifpi.orgGLOBAL MUSIC REPORTRevenues from performance rights recorded modest growth of 0.3%, whereas synchronisation and downloads & other dig…

What the Headline Number Really Reflects

The most useful way to read an IFPI growth headline is to treat it as a blended measure of format performance rather than a proxy for streaming alone. Streaming remains the industry’s economic centre, but the final figure also reflects the contribution of vinyl, CDs, performance rights, synchronisation and other revenue categories.[IFPI]ifpi.org70. over 70 markets where our member companies operate. © IFPI. AllRepresenting the recording industry worldwideAlmost 70 IFPI National Groups, local associations or affiliated music licensing comp…

That is why format shifts matter. A surge in vinyl demand, a slowdown in licensing activity, stronger performance-rights collections or continued declines in older digital formats can all alter the shape of recorded music growth. The headline number is therefore best understood as the combined outcome of several revenue engines operating at the same time, not the result of a single format’s success. IFPI[Reuters]reuters.comstreaming boosts global music revenues once again 2025 report showsStreaming accounted for 70% of global music income, with paid subscription streaming growing 8.8% to reach over 52% of total revenues and…

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Endnotes

1. Source: ifpi.org
Link:https://www.ifpi.org/global-music-report-2026-global-recorded-music-revenues-grow-6-4-as-record-companies-drive-innovation/

2. Source: gmr.ifpi.org
Title: about report
Link:https://gmr.ifpi.org/about-report

3. Source: linkedin.com
Link:https://www.linkedin.com/posts/dimastreaming_global-music-report-2026-global-recorded-activity-7440770290479038464-4Dg3

4. Source: reuters.com
Title: streaming boosts global music revenues once again 2025 report shows 2026 03 18
Link:https://www.reuters.com/business/media-telecom/streaming-boosts-global-music-revenues-once-again-2025-report-shows-2026-03-18/

5. Source: ifpi.org
Link:https://www.ifpi.org/wp-content/uploads/2026/03/GMR2026_SOTI.pdf

6. Source: instagram.com
Link:https://www.instagram.com/p/DWHFNxIDM78/

7. Source: riaa.com
Link:https://www.riaa.com/riaa-reports-us-recorded-music-annual-revenue-achieves-new-high-of-11-5-billion-in-2025/

8. Source: ifpi.org
Title: 70. over 70 markets where our member companies operate. © IFPI. All
Link:https://www.ifpi.org/

9. Source: ifpi.org
Link:https://www.ifpi.org/resources/

10. Source: riaa.com
Link:https://www.riaa.com/u-s-sales-database/

11. Source: riaa.com
Link:https://www.riaa.com/reports/

12. Source: riaa.com
Link:https://www.riaa.com/riaa-reports-us-latin-recorded-music-revenue-hits-nearly-500-million-at-2025-mid-year/

13. Source: riaa.com
Link:https://www.riaa.com/wp-content/uploads/2026/03/RIAA-Year-End-Revenue-2025.pdf

14. Source: riaa.com
Title: 2025 mid year music industry revenue report riaa
Link:https://www.riaa.com/reports/2025-mid-year-music-industry-revenue-report-riaa/

15. Source: riaa.com
Title: RIAA 2024Year End Revenue Report
Link:https://www.riaa.com/wp-content/uploads/2025/03/RIAA-2024Year-End-Revenue-Report.pdf

16. Source: riaa.com
Title: 2025 year end music industry revenue report riaa
Link:https://www.riaa.com/reports/2025-year-end-music-industry-revenue-report-riaa/

17. Source: riaa.com
Link:https://www.riaa.com/

18. Source: uk.linkedin.com
Link:https://uk.linkedin.com/company/ifpi

19. Source: linkedin.com
Link:https://www.linkedin.com/posts/music-canada_according-to-ifpisglobal-music-report-2026-activity-7440035181765398528-x2Hv

20. Source: linkedin.com
Title: dhanesh jagwani musicinsights activity 7440272400476434432 BHLQ
Link:https://www.linkedin.com/posts/dhanesh-jagwani_musicinsights-activity-7440272400476434432-BHLQ

21. Source: linkedin.com
Link:https://www.linkedin.com/posts/afrikona_sub-saharan-africa-recorded-music-revenues-activity-7440355442469519361-UVAY

22. Source: linkedin.com
Link:https://www.linkedin.com/posts/musicbizassoc_the-recording-industry-association-of-activity-7440094697697497088-ot5a

23. Source: music.org
Link:https://www.music.org/index.php?Itemid=101&catid=109&id=884%3Aifpi-international-federation-of-the-phonographic-industry&option=com_content&view=article

24. Source: theguardian.com
Title: vinyl record sales us taylor swift
Link:https://www.theguardian.com/music/2026/mar/16/vinyl-record-sales-us-taylor-swift

Additional References

25. Source: billboard.com
Title: ifpi report 2026 global music revenues 30 billion
Link:https://www.billboard.com/pro/ifpi-report-2026-global-music-revenues-30-billion/

26. Source: musicradar.com
Link:https://www.musicradar.com/music-industry/fans-are-consuming-music-from-the-artists-they-love-in-more-ways-than-ever-us-vinyl-sales-hit-the-usd1-billion-mark-for-the-first-time-in-over-40-years

27. Source: diymusician.cdbaby.com
Title: ifpi global music report 2026
Link:https://diymusician.cdbaby.com/music-news/ifpi-global-music-report-2026/

28. Source: citizen.digital
Link:https://citizen.digital/article/ifpi-global-report-2026-recorded-music-revenues-surpass-ksh4-trillion-mark-for-first-time-n379371

29. Source: downtownmusic.africa
Link:https://downtownmusic.africa/what-changed-between-ifpis-2025-and-2026-global-music-reports-and-why-africas-story-still-matters/

Published: May 2026

30. Source: facebook.com
Title: global recorded music revenues grew by 64 to reach 317 billion in 2025 marking t
Link:https://www.facebook.com/Nairametrics/posts/global-recorded-music-revenues-grew-by-64-to-reach-317-billion-in-2025-marking-t/1386743023497654/

31. Source: musicbusinessworldwide.com
Link:https://www.musicbusinessworldwide.com/as-recorded-music-revenues-hit-31-7b-globally-ifpi-ceo-victoria-oakley-explains-the-opportunities-and-the-threats-ahead/

32. Source: musicbusinessworldwide.com
Link:https://www.musicbusinessworldwide.com/us-paid-music-streaming-subscriptions-hit-106-5m-in-2025-adding-6-5m-accounts-yoy-the-strongest-growth-since-2022/

33. Source: reddit.com
Link:https://www.reddit.com/r/dataisbeautiful/comments/1irk7a4/oc_from_vinyl_to_streaming_50_years_of_music/

34. Source: sonymusic.com
Title: ifpi global music report 2026
Link:https://www.sonymusic.com/inside-sony-music/ifpi-global-music-report-2026/