Midia Research has published its latest recorded-music market estimates, covering the first half of 2025. The company claims that global revenues grew by 5.9% to $18.3bn, although that growth is less than in the two previous years. “Significantly, growth not only slowed in percentage terms, the absolute amount of revenue added was also smaller,” wrote MD Mark Mulligan in a blog post. While these figures cover recorded music, Midia also offered some insight into its estimates for different companies across the ecosystem. “Some areas of the music business are enjoying significantly stronger growth than others, namely music publishers and DSPs,” explained Mulligan.