Global recorded music market projected to reach $121.1 billion by 2033

Global recorded music revenues are projected to reach $121.1 billion by 2033, representing a 62.9% increase from the estimated $74.3 billion in 2025, according to new forecasts from MIDiA Research.

The report highlights a shift toward a more diversified ecosystem as traditional streaming growth matures. A key driver of this evolution is the ‘fan economy’—which includes physical music, merchandise, live events, and brand partnerships—expected to grow to $18.5 billion by 2033.

While retail revenues (consumer spending) are expected to outpace trade revenues (payments to labels), digital service providers are increasingly capturing value through non-music content like podcasting. Geographically, India is predicted to become the third-largest market for music subscribers by 2033, trailing only China and the United States. However, the US, China, the UK, Germany, and Japan are expected to remain the top five markets for subscription revenue.