U.S. Reaches 100 Million Paid Music-Streaming Subscribers for the First Time, Vinyl Sales Hit $1.4 Billion: RIAA 2024 Year-End Report

variety.com:

Jem Aswad Executive Editor, Music For the first time, paid streaming subscriptions hit the 100 million mark in the U.S. last year, while vinyl sales continued their nearly two-decade resurgence with $1.4 billion in sales, according to Recording Industry Association of America’s annual recorded-music revenue report.

Despite that milestone, streaming growth continues to slow — it was up just 4 million for the year, continuing a slowing trend over the past five years.

Streaming numbers grew by nearly 9 million between 2020 and 2021. This trend has led music companies to seek other sources of growth, including such tactics as Universal’s “Streaming 2.0” and a focus on “superfans.” The U.S.

recorded music business is now valued at $17.7 billion retail and $11.3 billion wholesale, according to the report, adding adding half a billion dollars in revenue since last year.