Mexico Becomes a Top 10 Global Music Market for the First Time, Bumping Australia

For the first time ever, Mexico has entered the top 10 global music markets, the International Federation of the Phonographic Industry (IFPI) has confirmed to Billboard Español. The milestone was driven by a 15.6% increase in recorded music revenue, as revealed in the IFPI’s 2025 Global Music Report published Wednesday (March 19). Mexico’s climb to No. 10 marks a huge achievement for the country and for Latin America as a whole.

Also on the list, Brazil retains its position at No. 9, making 2024 the first year two Latin American markets appear simultaneously in the top 10, the IFPI also confirmed. According to the report, Brazil is also the fastest-growing top 10 market by far with revenues surging by 21.7% last year.

With Mexico’s ascension, Australia has fallen out of the top 10 for the first time in nearly three decades, despite a 6.1% increase in recorded music revenue.

Latin America continues to thrive overall: With nearly 88% of the region’s recorded music revenue driven by streaming, it saw 22.5% growth in 2024, marking its 15th straight year of revenue gains.

The IFPI’s annual report ranks the world’s largest music markets based on recorded music revenue. The United States retains its long-held No. 1 position, with revenue increasing by 2.2% year-on-year. Japan, ranked No. 2, remained flat due to a decline in physical sales, while the United Kingdom (No. 3) and Germany (No. 4) saw growth of 4.9% and 4.1%, respectively. China rounds out the top five with 9.6% growth.

Further down the list, France (No. 6) reported a 7.5% increase, followed by South Korea (No. 7), which experienced a 5.7% decline, and Canada (No. 8), which saw modest growth of 1.5%.

The full 2025 IFPI Global Music Report is available here.