Enterprise remains to be booming for music streaming companies, which crossed the 100 million US subscriber mark in 2024, in response to the Document Trade Affiliation of America’s (RIAA) latest revenue report. General gross sales have been additionally bolstered by bodily media, which is rising at a barely quicker charge than digital, thanks largely to repeatedly rising vinyl gross sales.
“Paid subscriptions, ad-supported companies, digital and customised radio, social media platforms, digital health apps and others grew 4% to a report excessive $14.9 billion in income,” writes the RIAA. That’s about half a billion {dollars} greater than the earlier 12 months’s take.
In the meantime, vinyl, which skilled a 7 % development and has now outsold CDs for the third consecutive 12 months, pulled in $1.4 billion of an total $2 billion spent on bodily media. CD income was up by a %, incomes $541 million for the 12 months. Digital downloads have been down by 14.9 % versus final 12 months and make up simply two % of the general take.