03/27/2024
The top ten music markets in the world, based on retail value of music sales, vary from year to year. However, some countries consistently feature among the leaders. Let’s take a look at the most recent data from the International Federation of the Phonographic Industry (IFPI) for 2022:
United States: The U.S. remains the largest recorded music market, accounting for a significant share of global music revenue. Streaming dominates the market, contributing 84% of the total value.
Japan: Known for its vibrant music scene, Japan holds the second spot. Streaming accounts for 66% of its music revenue.
United Kingdom: The UK ranks third, with streaming as the primary format. It generated $1,638 million in retail value.
Germany, China, and France also feature in the top ten, although specific revenue figures are not available in this data.
South Korea, Canada, Brazil, and Australia complete the list of the top ten music markets.
Keep in mind that these rankings are based on recorded music sales and do not encompass other aspects of the music industry, such as live performances and publishing. The global total music market value in 2022 was approximately $26.2 billion.
