The Russian music market has experienced significant growth following the withdrawal of major Western music companies, with local platforms taking control and driving expansion. In 2024, the Russian music streaming market grew by 47.8%, reaching a total market value of 37.61 billion rubles, according to data from NFMI, which represents the interests of Warner, Universal, and Sony in Russia. This growth was fueled by a substantial increase in paid subscriptions, which generated 36.99 billion rubles, marking a 49% rise from the previous year, while advertising revenue increased by 16.8%, totaling 451.9 million rubles.
The exit of Western music giants was initially expected to contract the market. However, the opposite occurred, with local platforms such as ‘Yandex Music’, ‘VK Music’, and ‘Zvuk’ now controlling 96.9% of the Russian market by 2024. This shift has resulted in a more complex market structure dominated by domestic companies and those with local managerial or ownership ties. The largest market block formed during this transformation is associated with the domestic ZVONKO group.
ZVONKO group has emerged as a leading force in the Russian music industry. In 2024, ‘Prvo muzičko izdavaštvo’ reported a revenue of 2.626 billion rubles and a net profit of 747.5 million rubles. ‘Sojuz Music’ and ‘Studio Sojuz’ also posted significant revenues and profits, contributing to the group’s substantial market presence. ZVONKO digital, the central distribution company of the holding, increased its revenue by 41.3% in 2025 to 9.6 billion rubles, with net profit rising by 66.9% to 947 million rubles. The group’s total revenue in 2025 is estimated at around 16.8 billion rubles, making it the most significant single power center in the sector.
Another major business perimeter has developed around the former Russian management of Warner Music. Despite Warner Music Group’s announcement in March 2022 to suspend operations in Russia, the company continued to operate, generating a revenue of 4.03 billion rubles and a net profit of 529.6 million rubles in 2025. The Dutch Warner Chappell Music Group still holds 99.9% of the capital of the Russian legal entity. This group, along with other connected entities like Koala Music, S&P Digital, and Lotus Music, forms the second-largest market block, with a combined revenue nearing 11.5 billion rubles in 2025.
While Sony Music Entertainment formally exited the Russian market, its Russian catalog has changed ownership, marking a significant shift in the landscape. The removal of international catalogs from platforms like ‘Zvuk’ and ‘VK Music’ included content from prominent artists such as AC/DC, Beyoncé, and Britney Spears.
The transformation of the Russian music market post-2022 highlights the resilience and adaptability of local platforms in the face of geopolitical challenges. The market’s continued growth, despite the departure of Western companies, underscores the potential for domestic entities to thrive independently. However, the long-term sustainability of this growth and the impact of ongoing geopolitical tensions remain uncertain. The Russian music market’s evolution may also influence the broader music industry in regions like the Balkans and Serbia, as local platforms continue to assert their dominance.
