On-demand audio streaming saw significant global growth in 2024, with worldwide streaming volume increasing 14% to reach 4.8 trillion streams. While U.S. growth was modest at 6.4% (1.4 trillion streams), markets outside the United States experienced a robust 17.3% year-over-year increase, totaling 3.4 trillion streams.

Key Findings from Luminate's 2024 Year-End Report:

Genre Performance:

• R&B and hip-hop remained the most streamed genres in the U.S.
• Latin and country/folk showed the strongest growth
• Hip-hop's market share continued to decline

New Music Releases:

• Average of 99,000 new ISRCs added daily (down from 103,500 in 2023)
• Only 13% of tracks reached over 1,000 annual streams

Physical Sales Data:

• Overall U.S. album sales decreased 1% to 55.6 million units
• Independent retailers sold:
  • 17.3 million vinyl units
  • 5.4 million CDs
  • 165,000 cassettes
• Vinyl sales grew 4.3% (excluding independent retail)

International Markets:

• India approached U.S. streaming volumes, recording 1.04 trillion streams in 2023
• Global markets continued strong growth trajectory in 2024

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