The U.S. crossed the 100 million paid subscriber mark for music streaming providers for the primary time ever final 12 months, as per a brand new report by the Record Industry Association of America (RIAA).
The subscriber quantity was up from 96.8 million in 2023, with year-on-year development of roughly 3%. RIAA’s report stated that these numbers low cost restricted tier providers — which have system entry restrictions and catalog availability limits — and rely multi-user subscriptions (comparable to household plans) as one.
In accordance with knowledge from Digital Music News, Spotify dominates the U.S. market with a 36% market share, adopted by Apple Music with 30.7%. Spotify has 55 million paid subscribers within the nation, in keeping with a report from Bloomberg printed in January — not like the RIAA metrics, Spotify doubtless breaks down multi-user subscriptions.
Income from streaming represented an enormous chunk of whole music income — 84% in 2024. The $14.9 billion income from streaming got here from paid subscriptions, ad-supported providers, digital and customised radio, social media platforms, and digital health apps. The following huge driver in music income was bodily copies of gross sales, representing 11% of whole income.
The report famous that revenues from paid subscriptions jumped 5% year-on-year at $11.7 billion, which counts for 79% of total streaming revenues.
In the previous few years, all providers, together with Spotify, Apple Music, and YouTube, have hiked the costs of their subscriptions. That additionally may very well be an element contributing to rising income by means of paid subscriptions.