PAID STREAMING SUBS HIT 100M IN 2024: RIAA

Paid streaming subscriptions reached 100m in the United States for the first time in 2024, per the Recording Industry Association of America’s annual recorded-music revenue report.

Streaming drove $14.9b in revenue last year in paid subscriptions, ad-supported services, digital and customized radio and other platforms, accounting for 84% of total recorded-music revenue for a third consecutive year.

Of that, paid subscriptions represented nearly two-thirds, with $11.7b in revenue. The RIAA says recorded music is now valued at $17.7b retail, a record high, and $11.3b wholesale.

Vinyl made up nearly three-quarters of physical-format revenue in its 18th straight year of growth, generating $1.4b—the highest total since 1984. Vinyl also topped CD shipments for a third straight year, with 44m compared to 33m.

“Twenty years into the streaming era, over 100m paid subscriptions now deliver two-thirds of industry revenues, a historic milestone powering America’s music economy forward. It's an extraordinary achievement by an industry that has successfully focused on its creative and commercial core by championing innovative new services, options and experiences that add real value for fans,” said RIAA Chairman/CEO Mitch Glazier.

RIAA VP of Research Matt Bass added, “Historic paid streaming revenues and subscriptions fueled sustained growth for a ninth consecutive year, with total revenues of $17.7b in 2024. Fans continue to embrace artist discovery, explore new and unique sounds from familiar voices and value a host of platforms and formats, including the special love affair superfans have always had with vinyl, taking our industry to new and remarkable heights.”

Click here to read the full report.