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. It is important to note that the information presented in this page 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, etc. The United States has remained the biggest market for recorded music in IFPI history, except in 2010 when Japan topped the list. The largest Asian music market, Japan has always stayed within the top two. The other largest music markets by region include the United Kingdom in Europe, Australia in Oceania, and Brazil in South America. Meanwhile, Germany, France, and Canada have consistently appeared among the top ten music markets in IFPI history. Other countries historically having made into the top ten include Italy, Netherlands, South Korea, Spain, China, Russia, and Mexico. IFPI annual data 2021 Source: Figures within the table are based on IFPI Global Music Report 2022. 2020 Source: Figures within the table are based on IFPI Global Music Report 2021. 2019 Source: Figures within the table are based on IFPI Global music report 2020. 2018 Source: Figures within the table are based on IFPI Global music report 2019. 2017 Source: Figures within the table are based on IFPI Global music report 2018. 2016 Source: Figures within the table are based on IFPI Grobal music report 2017. 2015 Source: Figures within the table are based on IFPI Grobal music report 2016. 2014 Source: Figures within the table are based on IFPI 2014 annual report. 2013 Source: Figures within the table are based on IFPI 2013 annual report. 2012 Source: Figures within the table are based on IFPI 2012 annual report. 2011 Source: Figures within the table are based on IFPI 2011 annual report. 2010 Source: Figures within the table are based on IFPI 2010 annual report. Total units figures are derived by addition