America continues to be one nation underneath a groove.
The nation’s recorded music sector grew once more in 2024, up by greater than $500 million from the earlier yr, pushed by paid subscriptions topping 100 million for the primary time. The RIAA additionally stories that the almost 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 yr, in contrast with $17.1 billion in 2023. However mixed digital and bodily total-unit gross sales of albums and singles fell by almost 13% to 220.4 million.
The “RIAA 2024 Yr-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 whole income for a 3rd consecutive yr. See the RIAA’s year-end charts beneath.
“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 economic system ahead,” RIAA Chairman & CEO Mitch Glazier stated in a press release. “It’s a rare achievement by an trade that has efficiently targeted on its inventive and business core by championing revolutionary new providers, choices and experiences that add actual worth for followers.”
Streaming additionally make a reminiscence of the once-dominant digital everlasting obtain sector, whose gross sales fell by almost 15% over 2023 ranges.
To not be scratched by the digital revolution, vinyl posted its 18th straight yr of progress, scored almost three-quarters of bodily format income at $1.4B – its highest since 1984. LP gross sales outpaced CDs for a 3rd yr 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 number of platforms and codecs, together with the particular love affair superfans have all the time had with vinyl,” stated RIAA VP Analysis Matt Bass.
