The U.S. music market has now surpassed 100 million paid subscribers on streaming companies, the RIAA confirmed in its 2024 year-end report launched on Tuesday.
The milestone determine comes because the RIAA reported that U.S. recorded income grew to $17.7 billion, an all-time excessive, whereas vinyl gross sales stayed robust, rising to $1.4 billion in 2024. These figures paint a considerably rosier image than the pre-streaming days when rampant music piracy ate into labels’ and artists’ income, however this yr’s report confirms that streaming development is slowing, down to simply 3 % in comparison with 8 % a yr in the past.
With streaming income slowing within the U.S. because the market turns into more and more saturated with much less room for brand spanking new subscribers, trade insiders are trying towards elevating costs on subscriptions and including new higher-priced tiers for superfans.
Streaming in fact remained the dominant income final yr, sticking at 84 % of the market’s total income. Bodily gross sales saved regular at 11 %. Vinyl as soon as once more outsold CDs in each income and variety of items in 2024, however CD gross sales barely rebounded, as much as 32.9 million items from 32.4 million in 2023. General, bodily income rose about 5.4 % final yr to simply over $2 billion.
On the opposite finish, sticking with tendencies from latest years, digital downloads saved on their downward trajectory, with income falling about 14.9 % to about $369.7 million.
“Twenty years into the streaming period, over 100 million paid subscriptions now ship two-thirds of trade revenues, a historic milestone powering America’s music financial system ahead,” RIAA CEO Mitch Glazier stated in an announcement. “It’s a unprecedented achievement by an trade that has efficiently centered on its artistic and industrial core by championing progressive new companies, choices, and experiences that add actual worth for followers.”
The year-end RIAA report exhibits streaming at 84 % of the market’s total income.
RIAA
