RIAA Reports Paid Music Subscriptions Hits 100 Million

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The Recording Industry Association of America (RIAA) has released its annual recorded music revenue report, including a milestone 100 million paid streaming subscriptions last year. Paid music subscriptions are the largest source of revenue, alongside the revival of vinyl record sales.

“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,” shares RIAA Chairman & CEO Mitch Glazier. “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.

“Music has never been more dynamic, compelling, and relevant – reaching out beyond our earbuds with conversation-driving cultural touchstones like unforgettable halftime performances, historic television moments or must-see films and biopics,” he continues. “And American fans and superfans’ dedication to the artists they support promises an even brighter future as record labels work to create new opportunities that boost incomes for artists and diverse revenue streams to grow the pie for everyone with a stake in the music economy.”

According to the RIAA’s full 2024 year-end report, the U.S. recorded music industry reached a record high of $17.7 billion in estimated retail value in 2024, up half a billion dollars since the previous year. Streaming generated $14.9 billion and accounted for 84% of total revenues, which includes paid subscriptions, ad-supported services, digital and customized radio, social media platforms and digital fitness apps. Vinyl sales experienced its eighteenth consecutive increase, reaching $1.4 billion, the highest since 1984. Vinyl also outperformed CDs for the third straight year, with 44 million records shipped compared to 33 million CDs. Additionally, 2024 marked the first year that independent labels were directly reported, and sync now includes both direct indie revenue and estimates.

Click here to read the full 2024 RIAA Year-End Revenue Report.

Madison Hahnen
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