Australia exits top 10 global music markets ranking

Australia has dropped out of the top 10 largest music markets in the world for the first time in nearly 30 years. This change is noted in the International Federation of the Phonographic Industry’s (IFPI) latest Global Music Report. The report shows that the United States, Japan, and the United Kingdom still hold the top three spots. However, Australia has been overtaken by Mexico, which now ranks 10th. Despite this decline, Australia’s recorded music revenues are still growing. In 2024, revenues in Australasia reached $629 million, which is a 6.4% increase. Australia itself saw a 6.1% growth, while New Zealand performed even better with a 7.8% increase. In the past, Australia was a strong player in the global music scene. It ranked as high as 6th in 2004 and remained in the top 10 between 2007 and 2015. Recently, however, the country had been close to falling out before finally doing so in 2024. The shift in rankings raises questions about why Australia is losing its position. Emerging markets like Mexico and Brazil are growing rapidly. Mexico’s music market grew by 15.6%, and Brazil's grew by an impressive 21.7%. These countries are investing more in local talent, marketing, and artist development, which enhances their presence in the global music industry. The IFPI report also highlights a positive trend in the worldwide music market. Global music revenues increased for the tenth straight year, reaching $29.6 billion with a 4.8% growth. This growth indicates that the music industry continues to evolve. For Australia, the challenge is to strengthen its place in the global music market. While the country has seen six years of revenue growth in recorded music, local industry leaders may need new strategies. Increased investment in local artists, better international outreach, and innovations in digital platforms could help Australia regain its competitive edge in the future. The full IFPI Global Music Report provides more details on these changes.