Paid streaming subscriptions hit 100 million in the US for the first time ever in 2024, according to the Recording Industry Association of America’s (RIAA) annual recorded music revenue report.
The subscriptions figure increased from 96.8m in the prior year. The digital milestone represents the largest source of revenue, along with vinyl's nearly two-decade resurgence.
The full RIAA 2024 Year-End Revenue Report reflects sustained growth in recorded music, now valued at $17.7 billion (retail) – an increase of 3.3% year-on-year – and $11.3 billion (trade revenue). That's down on the 7.5% growth for recorded music revenues (retail) in 2023.
Revenues from paid subscription streaming increased by 5% to $11.7 billion in 2024, accounting for nearly two thirds of total recorded music revenues.
Total physical revenues of $2 billion were up 5% versus the prior year. Revenues from vinyl records grew 7% to $1.4 billion – the eighteenth consecutive year of growth. For the third year in a row, vinyl albums outsold CDs in units (44 million vs 33 million).
“Twenty years into the streaming era, over 100 million paid subscriptions now deliver two-thirds of industry revenues, a historic milestone powering America's music economy forward,” said RIAA chairman & CEO Mitch Glazier. “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.”
Twenty years into the streaming era, over 100 million paid subscriptions now deliver two-thirds of industry revenues, a historic milestone powering America's music economy forward
Mitch Glazier
“Music has never been more dynamic, compelling, and relevant – reaching out beyond our earbuds with conversation-driving cultural touchstones like unforgettable halftime performances, historic television moments or must-see films and biopics. And American fans and superfans' dedication to the artists they support promises an even brighter future as record labels work to create new opportunities that boost incomes for artists and diverse revenue streams to grow the pie for everyone with a stake in the music economy.”
Matt Bass, RIAA VP of research, said: “Historic paid streaming revenues and subscriptions fueled sustained growth for a ninth consecutive year with total revenues of $17.7 billion 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.
“As innovative platforms emerge and additional sources responsibly license music, there will be even more creative opportunities for fans to support and connect with their favorite artists' music.”
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