The United States continues to be one nation under a groove.
The country’s recorded music sector grew again in 2024, up by more than $500 million from the previous year, driven by paid subscriptions topping 100 million for the first time. The RIAA also reports that the nearly two-decade surge in sales of vinyl records continued as more buyers choose to spin the black circle.
The trade group noted that the U.S. retail music sector was valued at $17.7 billion for the year, compared with $17.1 billion in 2023. But combined digital and physical total-unit sales of albums and singles fell by nearly 13% to 220.4 million.
The “RIAA 2024 Year-End Revenue Report” (read it here) found that streaming remained the biggest driver, with $14.9B. Paid subscriptions, ad-supported services, digital and customized radio, social media platforms, digital fitness apps and others collectively accounted for 84% of total revenue for a third consecutive year. See the RIAA’s year-end charts below.
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“Twenty years into the streaming era, over 100 million paid subscriptions now deliver two-thirds of industry revenues, a historic milestone powering America’s music economy forward,” RIAA Chairman & CEO Mitch Glazier said in a statement. “It’s an extraordinary achievement by an industry that has successfully focused on its creative and commercial core by championing innovative new services, options and experiences that add real value for fans.”
Streaming also make a memory of the once-dominant digital permanent download sector, whose sales fell by nearly 15% over 2023 levels.
Not to be scratched by the digital revolution, vinyl posted its 18th straight year of growth, scored nearly three-quarters of physical format revenue at $1.4B – its highest since 1984. LP sales outpaced CDs for a third year in a row, with 2024 sales of 44 million records vs. 33 million compact discs.
“Fans continue to embrace artist discovery, explore new and unique sounds from familiar voices, and value a host of platforms and formats, including the special love affair superfans have always had with vinyl,” said RIAA VP Research Matt Bass.
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