US Music Streaming Subscriptions Reach 100M Milestone in 2024, While Overall Revenue Growth Slows to 3.6%
Paid on-demand music streaming subscriptions reached 100 million subscribers in the U.S. by the end of 2024, marking a 3.3% year-over-year increase, according to the RIAA's 2024 year-end report. Despite this milestone, overall streaming revenue grew only modestly at 3.6%.
RIAA US music revenue graph
Key Revenue Findings:
- 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: $14.88 billion
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 sold (up 1.5% YoY), earning $541.1 million (up 0.7% YoY)
- Permanent downloads continued declining to $369.7 million (down 14.9% YoY)
- Sync revenue reached $412.6 million (up 2.5% YoY)
Businessman checking phone with charts
The data suggests a streaming plateau in the U.S. market, with industry leaders looking toward superfan tiers and new revenue opportunities to drive future growth. The vinyl market also shows signs of stabilization after years of resurgence.
Dua Lipa singing into mic
Paramount Theatre Austin lit at night
RIAA CEO Mitch Glazier and research VP Matt Bass remain optimistic about future growth opportunities, particularly through new features like Spotify Deluxe and enhanced fan engagement options. The IFPI is expected to release global 2024 figures in its upcoming annual report.