Global on-demand audio streaming saw significant growth in 2024, with total streams reaching 4.8 trillion worldwide, marking a 14% increase from the previous year. While U.S. streaming grew modestly at 6.4% (1.4 trillion streams), the rest of the world experienced a more substantial 17.3% increase, accounting for 3.4 trillion streams.

Key Findings from Luminate's 2024 Report:

• U.S. streaming reached 1.4 trillion on-demand audio streams
• Global streaming volume hit 4.8 trillion streams
• Non-U.S. markets grew by 17.3%
• R&B and hip-hop remained the most streamed genres in the U.S.
• Latin and country/folk showed the strongest growth in market share
• Average of 99,000 new ISRCs added daily (down from 103,500 in 2023)
• Only 13% of tracks exceeded 1,000 annual streams

Physical Sales Data:

• Total U.S. album sales (vinyl, CDs, cassettes) declined 1% to 55.6 million units
• Independent retailers sold:
  • 17.3 million vinyl units
  • 5.4 million CDs
  • 165,000 cassettes

Note: The report implemented a new methodology for calculating independent retail sales, making year-over-year comparisons challenging. Excluding independent retail data, vinyl sales showed a 4.3% increase in 2024 compared to 2023.

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