RIAA Mid-Year 2024 Recorded Music Revenue Report Shows Record Highs

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The Recording Industry Association of America (RIAA) has released its Mid-Year 2024 Recorded Music Revenue Report, which features data from the largest number of sources ever tabulated in the association’s history.

The report indicates that recorded music revenues grew by 4% to $8.7 billion in estimated retail value and streaming subscriptions were up 3% to 99 million throughout the first half of 2024—both record highs. Streaming has now contributed approximately 84% of total revenues for the fifth straight year, with paid subscription services growing by 4% to $5.7 billion—accounting for nearly two-thirds of the total mid-year revenue. Showing a growth rate of 17%, vinyl tracked $740 million at mid-year, accounting for three-quarters of physical revenues, and outsold CDs in units for the fourth consecutive year. At wholesale value, total revenues increased by 3% to a record high of $5.5 billion. To read the full analysis, click here.

“This report marks a landmark moment in recorded music with revenues hitting a record $8.7 billion for the first half of 2024 as the music ecosystem continues to grow and evolve to deliver for even more fans. Spanning multiple licensing avenues from fitness apps to short-form video, artists and labels are embracing innovation with responsible partners so more Americans can engage with their favorite music however, whenever and wherever they choose,” says Mitch Glazier, RIAA Chairman & CEO. “This sustained growth fuels innovation and reflects music’s incredible value, laying the foundation for a healthy creative ecosystem where artists’ and songwriters’ visions can flourish over generations.”

“[This] snapshot of recorded music revenues reflects consistent growth and a hard-won sustainability in our industry as we continue hitting new record highs year after year,” states Matt Bass, RIAA VP of Research. “As we push to further strengthen and widen the foundation of rights these revenue streams are built on, we look forward to continued success and more opportunities for fans to engage with their favorite music.”

Chart Graphic: Courtesy of RIAA

Liza Anderson
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