Australia has dropped out of the top 10 global music markets for the first time in nearly 30 years, according to the latest Global Music Report from the International Federation of the Phonographic Industry (IFPI).
The annual report, released this week, ranks the world’s largest music markets based on recorded music revenues. The United States, Japan, and the United Kingdom hold the top three positions. Australia on the other hand, which has been in the top 10 since at least 1996, has now fallen out. Mexico has overtaken it to claim the final spot.
Despite this shift, Australia’s recorded music revenues continue to grow. The IFPI report shows that revenues in Australasia reached $629 million in 2024, a 6.4% increase, with Australia itself seeing a 6.1% rise. New Zealand also experienced a 7.8% revenue boost. However, these gains were outpaced by faster-growing markets like Mexico, which saw a 15.6% increase. Brazil is now ranked ninth, with an impressive 21.7% growth.
Historically, Australia has been a strong contender in the global music industry, reaching as high as No. 6 in the IFPI rankings in 2004 and maintaining that position from 2007 to 2015. In recent years, however, the country has hovered near the edge of the top 10 before ultimately dropping out this past year.
This decline raises questions about the factors influencing Australia’s global position. While growth remains steady, the rapid rise of emerging markets suggests shifting industry investments and evolving audience engagement. Countries like Mexico and Brazil have benefited from increased A&R investment, marketing efforts, and local talent development, boosting their international influence.
Overall, the IFPI’s Global Market Overview remains optimistic, noting that global music revenues grew for the tenth consecutive year, rising 4.8% to $29.6 billion.
“The growth tells a story of an industry that continues to evolve and adapt around the world – with every region experiencing growth”
For Australia, the challenge now is to strengthen its foothold in the evolving global market. Recent figures from ARIA indicate six consecutive years of growth in Australia’s recorded music sector, but industry leaders may need to adopt new strategies to regain their competitive edge. Increased investment in local artists, a stronger push for international market penetration, and innovations in streaming and digital distribution could be key to reclaiming a top 10 position.
Top 10 Global Music Markets 2025
- USA
- Japan
- UK
- Germany
- China
- France
- South Korea
- Canada
- Brazil
- Mexico
The full IFPI Global Music Report provides further insights into the trends shaping the industry in 2025.