Recorded music revenues grew by 4% to $8.7 billion in estimated retail value and streaming subscriptions were up 3% to 99 million over the first half of 2024 – both record highs as streaming continues to post strong growth entering its third decade in the US.
This growth is a positive sign for the music industry, reflecting evolving consumption habits and the increasing popularity of streaming services.
Fans today discover and listen to music in more ways than ever, and this report captures revenue from the highest number of sources in our history.
Physical formats like vinyl are also experiencing a resurgence, appealing to collectors and audiophiles alike.
While paid subscriptions contributed nearly two-thirds of the added value in this period, vinyl shipments accelerated faster than any other major music format at 17%.
This trend highlights the enduring appeal of vinyl records and the preference of some music enthusiasts for physical media.
At wholesale value, total revenues grew by 3% to a record high of $5.5 billion.
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These figures indicate a robust and diverse music market that is adapting to the digital age while still maintaining appreciation for traditional formats.
Full Report: https://www.riaa.com/wp-content/uploads/2024/08/RIAA-Mid-Year-2024-Revenue-Report.pdf
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