The Recording Industry Association of America's 2024 Year-end Revenue Report reveals that for the first time, paid streaming subscriptions exceeded 100 million, resulting in a 3% revenue growth, totaling $17.7 billion. Streaming now dominates recorded music revenues at 84%, overshadowing physical sales and downloads. The report shows consistent growth in U.S. subscriptions and a striking revenue chart reflecting music industry's transitions. However, an inflation-adjusted view reveals stagnant revenue for the last four years, suggesting challenges amidst growth, following the initial decline after the CD era.
In 2024, paid streaming subscriptions surpassed 100 million for the first time, contributing to a 3% revenue increase to $17.7 billion, showing streaming's dominance.
Streaming now comprises 84% of recorded music revenues, a testament to the industry's rapid shift from physical to digital formats over the past two decades.
The RIAA's report illustrates a significant growth in paid music subscriptions over the last five years, marking an approximately 33% increase, emphasizing the industry's resilience.
While the pure growth chart showcases a significant upsurge in streaming revenue, the inflation-adjusted view indicates a stagnation in overall industry revenue from 2021 to 2024.
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