The US continues to be one nation below a groove.
The nation’s recorded music sector grew once more in 2024, up by greater than $500 million from the earlier 12 months, pushed by paid subscriptions topping 100 million for the primary time. The RIAA additionally stories that the practically two-decade surge in gross sales of vinyl data continued as extra patrons select to spin the black circle.
The commerce group famous that the U.S. retail music sector was valued at $17.7 billion for the 12 months, in contrast with $17.1 billion in 2023. However mixed digital and bodily total-unit gross sales of albums and singles fell by practically 13% to 220.4 million.
The “RIAA 2024 12 months-Finish Income Report” (learn it right here) discovered that streaming remained the largest driver, with $14.9B. Paid subscriptions, ad-supported providers, digital and customised radio, social media platforms, digital health apps and others collectively accounted for 84% of complete income for a 3rd consecutive 12 months. See the RIAA’s year-end charts under.
“Twenty years into the streaming period, over 100 million paid subscriptions now ship two-thirds of trade revenues, a historic milestone powering America’s music financial system ahead,” RIAA Chairman & CEO Mitch Glazier mentioned in an announcement. “It’s a unprecedented achievement by an trade that has efficiently centered on its artistic and industrial core by championing progressive new providers, choices and experiences that add actual worth for followers.”
Streaming additionally makes a reminiscence of the once-dominant digital everlasting obtain sector, whose gross sales fell by practically 15% over 2023 ranges.
To not be scratched by the digital revolution, vinyl posted its 18th straight 12 months of progress, scored practically three-quarters of bodily format income at $1.4B – its highest since 1984. LP gross sales outpaced CDs for a 3rd 12 months in a row, with 2024 gross sales of 44 million data vs. 33 million compact discs.
“Followers proceed to embrace artist discovery, discover new and distinctive sounds from acquainted voices, and worth a bunch of platforms and codecs, together with the particular love affair superfans have all the time had with vinyl,” mentioned RIAA VP Analysis Matt Bass.
