Lets take a look at RIAA’s 2024 Year-End Music Industry Revenue Report which was just released.
Paid streaming hit 100 million subscriptions for the first time in history, increasing total revenue in 2024 by 3% to $17.7 billion at estimated retail value. The continued overall growth was amplified as vinyl continued a nearly 20-year surge.
The number of paid subscriptions to on-demand music services continued to grow and reach new highs in 2024. The average number of subscriptions for the year grew 3% to 100 million, compared with an average of 97 million for 2023. These fi gures exclude limited-tier services, and count multi-user plans as a single subscription.
Music revenues from advertising supported on-demand services (such as YouTube, the ad-supported version of Spotify, Facebook, and others) were down 2% to $1.8 billion. Ad supported services contributed 10% of total 2024 recorded music revenues.
Digital and customized radio music revenues grew 3% to $1.4 billion in 2024. The category includes SoundExchange distributions for revenues from services like SiriusXM and Internet radio stations, as well as payments directly paid by similar services, included in this report as “other ad supported streaming.” SoundExchange distributions grew 5% to $1.1 billion, while other ad-supported streaming revenues of $306 million were down 4%. S: RIAA
