News

RIAA 2024 Year-End Revenue Report Illustrates New Growth at $17.7 Billion,
Fueled by Healthy Streaming & Nearly 20-Year Vinyl Surge

WASHINGTON, DC (March 18, 2025) – Last year, for the first time ever, paid streaming subscriptions hit 100 million in the US, according to Recording Industry Association of America^® (RIAA)’s annual recorded music revenue report. The digital milestone represents the largest source of revenue – coupled with vinyl’s nearly two-decade resurgence and emerging partnerships – and shows the variety of ways fans are interacting with music. The full RIAA 2024 Year-End Revenue Report reflects sustained and continued growth in recorded music, now valued at $17.7billion retail and $11.3 billion wholesale.

“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,” said RIAA Chairman & CEO Mitch Glazier.

“Music has never been more dynamic, compelling, and relevant – reaching out beyond our earbuds with conversation-driving cultural touchstones like unforgettable halftime performances, historic television moments or must-see films and biopics. And American fans and superfans’ dedication to the artists they support promises an even brighter future as record labels work to create new opportunities that boost incomes for artists and diverse revenue streams to grow the pie for everyone with a stake in the music economy.”

Key Findings:

• Notched a record high at $17.7B at estimated retail value
• US recorded music industry experienced continued growth in 2024, adding half a billion dollars since last year
• Streaming remained the biggest driver at $14.9B with paid subscriptions, ad-supported services, digital and customized radio, social media platforms, digital fitness apps, and others collectively accounting for 84% of total revenues for the third year in a row
• Historic 100M paid subscriptions accounted for nearly two-thirds of total revenue at $11.7B
• Vinyl’s eighteenth straight ascent scored nearly three-quarters of physical format revenue at $1.4B – the highest since 1984
• For a third consecutive year, vinyl also outperformed with 44M records shipped compared to 33M CDs
• 2024 includes direct reporting from independent labels for the first time
• Sync now includes direct indie revenue & estimates

Read the full 2024 RIAA Year-End Revenue Report.

RIAA VP of Research Matt Bass said, “Historic paid streaming revenues and subscriptions fueled sustained growth for a ninth consecutive year with total revenues of $17.7 billion in 2024. Fans continue to embrace artist discovery, explore new and unique sounds from familiar voices, and value a host of platforms and formats, including the special love affair superfans have always had with vinyl, taking our industry to new and remarkable heights. As innovative platforms emerge and additional sources responsibly license music, there will be even more creative opportunities for fans to support and connect with their favorite artists’ music.”