The trio of reports revealed continued subscription growth but smaller improvements than in previous years as the major labels increasingly look to small and developing markets.
The Colombian star's record-breaking Las Mujeres Ya No Lloran tour in Mexico not only shattered attendance records but also generated millions in tourism and economic revenue.
With Brazil at No. 9, 2024 marks the first year two Latin American countries appear in the top 10 of IFPI's rankings, which are based on recorded music revenue.
Most of the honorees have hailed from Britain, though the roster also includes two Americans and a Frenchman.
The company, which already has big presences in West Africa and North Africa, is expanding into the Southern part of the continent.
"We want to amplify what you do, celebrate you, and be part of your story," says Leila Cobo, Billboard's chief content officer for Latin.
Streaming revenues surpass $20 billion for the first time, representing just under 70% of global recorded music sales.
The Paris-based streaming platform reported 7 million euros of free cash flow after breaking even in the second half of its fiscal year 2024.
The awards ceremony will take place in Stockholm on May 27.
The blaze in the town of Kocani also left over 155 people injured.
