RIAA: BIZ GENERATED $8.7B IN FIRST HALF OF ’24

The music industry generated $8.7b in estimated retail value in the first half of 2024, a 4% increase over the same period last year, according to the RIAA’s Mid-Year Recorded Music Revenue Report.

Wholesale revenue grew by 3% to a record high of $5.5b, while streaming, at 84% of total revenue, was the driving force behind profits for a fifth consecutive year.

At $5.7b, paid subscriptions accounted for nearly two-thirds of that total, averaging 99m plans.

Consumers bought 24m vinyl units, compared to 17m compact discs, in the first half of 2024—the fourth consecutive year the LP has outsold its digital counterpart. Indeed, with a growth rate of 17%, vinyl tracked $740m at mid-year and accounted for three-quarters of physical revenue.

Meanwhile, digital downloads declined for a 14th straight year and accounted for only 2% of U.S. recorded-music revenue.

“This report marks a landmark moment in recorded music, with revenue hitting a record $8.7 billion for the first half of 2024 as the music ecosystem continues to grow and evolve to deliver for even more fans," said RIAA Chairman/CEO Mitch Glazier. "This sustained growth fuels innovation and reflects music’s incredible value, laying the foundation for a healthy creative ecosystem where artists and songwriters’ visions can flourish over generations.”

VP of Research Matt Bass added, “Today’s snapshot of recorded music revenue reflects consistent growth and a hard-won sustainability in our industry as we continue hitting new record highs year after year.”