Music Streaming Hit New High In 2024 According To RIAA Year-End Revenue Report

03-18-2025

The Recording Industry Association of America (RIAA) have shared their annual recorded music revenue report that found that for the first time ever, paid streaming subscriptions hit 100 million in the US. We were sent the following details:

The digital milestone represents the largest source of revenue - coupled with vinyl's nearly two-decade resurgence and emerging partnerships - and shows the variety of ways fans are interacting with music. The full RIAA 2024 Year-End Revenue Report reflects sustained and continued growth in recorded music, now valued at $17.7 billion retail and $11.3 billion wholesale.

"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. 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.

"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."

Key Findings:

Notched a record high at $17.7B at estimated retail value

US recorded music industry experienced continued growth in 2024, adding half a billion dollars since last year

Streaming remained the biggest driver at $14.9B with paid subscriptions, ad-supported services, digital and customized radio, social media platforms, digital fitness apps, and others collectively accounting for 84% of total revenues for the third year in a row

Historic 100M paid subscriptions accounted for nearly two-thirds of total revenue at $11.7B

Vinyl's eighteenth straight ascent scored nearly three-quarters of physical format revenue at $1.4B - the highest since 1984

For a third consecutive year, vinyl also outperformed with 44M records shipped compared to 33M CDs

2024 includes direct reporting from independent labels for the first time
Sync now includes direct indie revenue & estimates

Read the full report here