U.S. Music Streaming Hits 100M Subscribers in 2024, But Revenue Growth Slows to 3.6%, 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
Key revenue highlights from the report:
- Paid subscriptions generated $10.69 billion (up 5.3% YoY)
- Ad-supported streaming earned $1.83 billion (down 1.8% YoY)
- Limited-tier streaming brought in $998.3 million (down 2.3% YoY)
- SoundExchange distributions reached $1.05 billion (up 4.9% YoY)
- Total streaming revenue grew 3.6% to $14.88 billion
Physical format performance:
- Vinyl: 43.6 million units shipped, generating $1.44 billion (up 6.9% YoY)
- CDs: 32.9 million units shipped, earning $541.1 million (up 0.7% YoY)
Other revenue streams:
- Permanent downloads: $369.7 million (down 14.9% YoY)
- Sync licensing: $412.6 million (up 2.5% YoY)
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The modest growth in streaming revenue suggests a plateau in the U.S. market. Industry leaders are looking to new opportunities, including superfan tiers and enhanced fan engagement features, to drive future revenue growth.
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