{"id":103773,"date":"2025-03-19T10:35:19","date_gmt":"2025-03-19T10:35:19","guid":{"rendered":"https:\/\/routenote.com\/blog\/?p=103773"},"modified":"2025-03-19T10:35:22","modified_gmt":"2025-03-19T10:35:22","slug":"us-recorded-music-revenue-growth-slows-in-2024-as-subscriptions-hit-100-million","status":"publish","type":"post","link":"https:\/\/routenote.com\/blog\/us-recorded-music-revenue-growth-slows-in-2024-as-subscriptions-hit-100-million\/","title":{"rendered":"US recorded music revenue growth slows in 2024 as subscriptions hit 100 million"},"content":{"rendered":"\n

The US recorded music industry reaches a historic milestone in paid subscriptions, but revenue growth slows.<\/span><\/h2>\n\n\n\n

The US recorded music industry generated $17.67 billion in revenue in 2024<\/strong>, according to the RIAA\u2019s latest 2024 year-end revenue report<\/a><\/strong>. While this represents a 3.3% year-over-year (YoY) increase, it also marks a slowdown when compared to the 7.7% growth recorded in 2023. This trend raises questions about the future of the industry, particularly in one of the world\u2019s largest music markets.<\/p>\n\n\n\n

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Image credits: RIAA 2024 year-end revenue report<\/a><\/em><\/figcaption><\/figure><\/div>\n\n\n\n

For comparison, other major music markets experienced stronger growth: Spain\u2019s recorded music revenue grew by 9.4% in 2024<\/a>, France\u2019s by 7%<\/a>, and the UK\u2019s by 4.8% as it surpassed \u00a31 billion for the first time<\/a>.<\/p>\n\n\n\n

Streaming continues to dominate but growth slows<\/h3>\n\n\n\n

Streaming remains the largest source of revenues, with the number of paid music subscriptions surpassing 100 million for the first time<\/strong>. It\u2019s important to note that this figure represents individual subscriptions as opposed to total subscribers, meaning a family plan counts as a single subscription rather than multiple users.<\/p>\n\n\n\n

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Image credits: RIAA 2024 year-end revenue report<\/a><\/em><\/figcaption><\/figure><\/div>\n\n\n\n

Paid music subscriptions contributed $10.69 billion in revenue<\/strong>, but the 5.3% growth rate in 2024 was nearly half of 2023\u2019s increase (10.6%). Meanwhile, revenues from ad-supported \u2018on-demand\u2019 streaming services declined by 1.8%, and other ad-supported services dropped 3.5%.<\/p>\n\n\n\n

Overall, US streaming revenues totaled $14.88 billion in 2024<\/strong>, increasing by 3.6%. However, this marks a slowdown from 2023\u2019s growth of 8.1%.<\/p>\n\n\n\n

\u201c20 years into the streaming era, over 100 million paid subscriptions now deliver two-thirds of industry revenues, a historic milestone empowering America\u2019s music economy forward.\u201d<\/strong><\/p>Mitch Glazier, RIAA Chairman and CEO<\/cite><\/blockquote>\n\n\n\n

Physical music sales<\/h3>\n\n\n\n

Despite the industry\u2019s digital shift, physical music sales continued to grow. However, their rate of growth also slowed compared to 2023.<\/p>\n\n\n\n