US Music Streaming Subscriptions Reach 100M Milestone in 2024, Despite Slowing Revenue Growth, RIAA Reports
Paid on-demand music streaming subscriptions reached 100 million in the U.S. during 2024, marking a 3.3% year-over-year increase, according to the RIAA's 2024 year-end report.
RIAA US music revenue graph
These subscriptions generated $10.69 billion in recorded revenue, up 5.3% from the previous year. However, overall streaming revenue growth remained modest at 3.6% year-over-year, indicating a potential plateau in the streaming market.
Key revenue findings from the report:
- Ad-supported streaming: $1.83 billion (down 1.8% YoY)
- Limited-tier streaming subscriptions: $998.3 million (down 2.3% YoY)
- SoundExchange distributions: $1.05 billion (up 4.9% YoY)
- Additional ad-supported sources: $306.5 million
- Total streaming revenue: $14.88 billion (up 3.6% YoY)
Physical format performance:
- Vinyl: 43.6 million units shipped (up 1% YoY), generating $1.44 billion (up 6.9% YoY)
- CDs: 32.9 million units shipped (up 1.5% YoY), generating $541.1 million (up 0.7% YoY)
Other revenue sources:
- Permanent downloads: $369.7 million (down 14.9% YoY)
- Sync licensing: $412.6 million (up 2.5% YoY)
Businessman checking phone with charts
RIAA CEO Mitch Glazier highlighted upcoming opportunities through new features like Spotify Deluxe to increase artist income and diversify revenue streams. The organization's research VP Matt Bass emphasized future developments in fan engagement and artist support mechanisms.
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