Global music streaming reached 4.8 trillion plays in 2024, marking a 14% increase worldwide. While U.S. streams grew modestly at 6.4% (1.4 trillion streams), international markets showed stronger growth with a 17.3% increase in non-U.S. territories (3.4 trillion streams).

Key Findings from Luminate's 2024 Report:

• R&B and hip-hop remained the most streamed genres in the U.S., followed by rock, pop, and country
• Latin and country/folk showed the strongest growth, while hip-hop's share declined
• An average of 99,000 new ISRCs were added daily to streaming platforms (down from 103,500 in 2023)
• Only 13% of tracks on streaming platforms achieved more than 1,000 plays

Physical Format Sales in 2024:

• Overall 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: Luminate implemented a new methodology for calculating independent retail sales in 2024, making year-over-year comparisons challenging. Excluding independent retail data, vinyl sales increased 4.3% compared to 2023.

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