India, which produces the most movies and songs, is not among the top-10 music markets in the world. Piracy is a major reason for this.
The world’s largest recorded music markets are listed annually by the International Federation of the Phonographic Industry (IFPI).
The ranking is based on retail value (rather than units) each market generates respectively per year; retail value generated by each market varies from year to year.
As all financial data is given in US dollars annual rates of change for all countries other than the United States are heavily influenced by exchange rate fluctuations as well as by actual changes in revenue in local currency terms.
A look at the world’s top-10 music markets.
$ 29.2 million
$ 29.58 million
$ 41.2 million
$ 43.7 million
$ 49.44 million
$ 92.5 million
1.31 billion dollars
1.32 billion dollars
2.7 billion dollars
5.9 billion dollars.
It is important to note that the information presented here is only accounts for revenue generated from the recorded music industry.
Recorded music and auxiliary revenues generated by these recordings and is not reflective of the entirety of the music industry including sectors such as publishing, live music.