The music streaming industry continues to thrive, surpassing 100 million subscribers in the US in 2024, according to the RIAA's revenue report. Total revenue grew 4%, reaching a record $14.9 billion, driven by an increase in paid subscriptions and supported by a resurgence in vinyl sales. Spotify was a key player in this growth, posting a profit for the year and expanding its Premium subscriber base. Interestingly, while physical media saw growth, particularly in vinyl, digital downloads declined significantly, highlighting a clear shift in consumer behavior towards streaming services over traditional formats.
Business is booming for music streaming services, with US subscribers surpassing 100 million in 2024, aided by a resurgence in vinyl sales.
Paid subscriptions and digital services saw a 4% revenue increase to a record high $14.9 billion, driven by Spotify's growth and success.
Vinyl sales grew 7% and outsold CDs for the third consecutive year, contributing significantly to the overall success of physical media.
Digital downloads declined by 14.9%, reflecting changing consumer preferences as streaming dominates the market, comprising only 2% of overall sales.
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