Mexico Joins Top 10 Global Music Markets for the First Time
In a groundbreaking development, Mexico has officially entered the top 10 of the world’s largest music markets, as reported by the International Federation of the Phonographic Industry (IFPI). This notable achievement is detailed in the 2025 Global Music Report released on March 19, indicating a remarkable 15.6% increase in recorded music revenue for the country.
Latin America’s Rise in the Global Music Scene
Mexico’s ascent to the 10th position represents a significant accomplishment for both the nation and the Latin American music industry. Notably, Brazil remains steady at the 9th position, marking 2024 as the first year two Latin American countries have been simultaneously featured in the top 10 rankings. Brazil has experienced a substantial growth rate of 21.7% in recorded music revenue, reinforcing its status as the fastest-growing market in the top tier.
Impact of Streaming on Growth
The flourishing music industry in Latin America is primarily driven by streaming services, which account for nearly 88% of the region’s recorded music revenue. This shift has allowed the region to witness a robust 22.5% growth in 2024, indicating a consistent upward trend with 15 consecutive years of revenue increases.
Global Market Rankings Overview
According to the IFPI report, the global music market is led by the United States, which continues to hold its first-place position, albeit with a modest year-on-year revenue increase of 2.2%. Japan, in the second position, has seen stagnant growth, attributed to declining physical sales. Following Japan, the United Kingdom and Germany report revenue growths of 4.9% and 4.1%, respectively, while China rounds out the top five with a notable increase of 9.6%.
Challenges for Other Markets
The report highlights a significant shift, with Australia falling out of the top 10 for the first time in nearly 30 years, despite a reported growth in recorded music revenue by 6.1%.
Further Rankings
As for other global markets, France occupies the 6th position with a 7.5% revenue increase. South Korea, ranking 7th, has experienced a decline of 5.7%, while Canada holds the 8th spot with modest growth of 1.5%.
For an in-depth look at the industry’s performance, readers can access the full 2025 IFPI Global Music Report.