(CelebrityAccess) — The U.S. recorded music industry reached a record high of $17.7 billion in estimated retail value in 2024, reflecting continued growth with a $500 million increase from the previous year.
Streaming Remains the Key Revenue Driver
Streaming remained the dominant force, generating $14.9 billion and accounting for 84% of total industry revenue for the third consecutive year. This category includes paid subscriptions, ad-supported streaming services, digital and customized radio, social media platforms, and digital fitness apps.
Notably, the U.S. surpassed 100 million paid streaming subscriptions for the first time in history in 2024. Paid subscriptions alone contributed $11.7 billion, making up nearly two-thirds of total industry revenue.
Vinyl’s Historic Growth Continues
Physical formats also saw strong performance, primarily driven by vinyl’s 18th consecutive year of growth. Vinyl sales reached $1.4 billion, accounting for nearly 75% of all physical format revenue—the highest total since 1984. Additionally, 44 million vinyl records were shipped in 2024, outpacing CD shipments of 33 million for the third straight year.
Industry Expands Reporting Metrics
For the first time, 2024’s data includes direct reporting from independent labels, providing a more comprehensive view of the market. Additionally, synchronization revenue now reflects direct indie contributions and revised estimates.
“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. 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,” stated RIAA Chairman & CEO Mitch Glazier.
“Music has never been more dynamic, compelling, and relevant—reaching beyond our earbuds with conversation-driving cultural touchstones like unforgettable halftime performances, historic television moments, and must-see films and biopics. The dedication of American fans and superfans to the artists they support promises an even brighter future as record labels continue creating new opportunities to boost artist incomes and diversify revenue streams, growing the pie for everyone with a stake in the music economy,” Glazier added.
