A recent report from MusicWatch highlights a dramatic recovery in the music industry, with 132 million Americans now paying for music subscriptions, a notable increase from 2014. The average American spent $112 on recorded music in 2024, along with a 17% rise in per capita spending on live music. Vinyl sales also surged by 6%. Industry leaders, including Goldman Sachs, predict continued growth in music revenues, estimating an average annual increase of 8% through 2030, indicating a positive outlook amidst lingering challenges such as music piracy.
According to MusicWatch, the population of people paying for music has increased to 132 million Americans in 2024, representing a significant growth since 2014.
Goldman Sachs predicts that global recorded music and publishing revenue will grow by approximately 8% annually through 2030, signaling a robust industry recovery.
The average American's spending on recorded music rose to $112 in 2024, with significant increases observed in live music attendance and spending.
The report notes a notable revival in vinyl sales, which saw a 6% increase in 2024, indicative of shifting consumer preferences for physical music formats.
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