Business continues to be booming for music streaming companies, which crossed the 100 million US subscriber mark in 2024, based on the Record Industry Association of America’s (RIAA) newest income report. Overall gross sales had been additionally bolstered by bodily media, which is rising at a barely sooner price than digital, thanks largely to repeatedly growing vinyl gross sales.
“Paid subscriptions, ad-supported companies, digital and customised radio, social media platforms, digital health apps and others grew 4% to a document excessive $14.9 billion in income,” writes the RIAA. That’s about half a billion {dollars} greater than the earlier 12 months’s take.
Meanwhile, vinyl, which skilled a 7 p.c development and has now outsold CDs for the third consecutive 12 months, pulled in $1.4 billion of an general $2 billion spent on bodily media. CD income was up by a p.c, incomes $541 million for the 12 months. Digital downloads had been down by 14.9 p.c versus final 12 months and make up simply two p.c of the general take.
