RIAA Releases Mid-Year Music Revenue Report
• The Recording Industry Association of America® (RIAA) issued its mid-year analysis, which includes the broadest range of US revenue sources ever tabulated. The RIAA Mid-Year 2024 Recorded Music Revenue Report reflects growth of 4% to $8.7 billion in estimated retail value as fans discover and experience music in more ways than ever. At wholesale value, total revenues grew by 3% to a record high of $5.5 billion.
“This report marks a landmark moment in recorded music with revenues hitting a record $8.7 billion for the first half of 2024 as the music ecosystem continues to grow and evolve to deliver for even more fans,” said RIAA Chairman & CEO Mitch Glazier. “Spanning multiple licensing avenues, from fitness apps to short-form video, artists and labels are embracing innovation with responsible partners so more Americans can engage with their favorite music however, whenever and wherever they choose. This sustained growth fuels innovation and reflects music’s incredible value, laying the foundation for a healthy creative ecosystem where artists’ and songwriters’ visions can flourish over generations.”
Key Takeaways from the report: 1) Streaming boasted approximately 84% of total revenues for the fifth straight year; 2) At $5.7 billion, paid subscriptions accounted for nearly two-thirds of total mid-year revenue and averaged 99 million plans; 3) With a growth rate of 17%, vinyl tracked $740 million at mid-year and accounted for 3/4 of physical revenues; 4) For the fourth consecutive year, vinyl outsold CDs in units (24 million vs 17 million).
RIAA VP of Research Matt Bass commented, “Today’s snapshot of recorded music revenues reflects consistent growth and a hard-won sustainability in our industry as we continue hitting new record highs year after year. As we push to further strengthen and widen the foundation of rights these revenue streams are built on, we look forward to continued success and more opportunities for fans to engage with their favorite music.”
Read the entire RIAA Mid-Year 2024 Recorded Music Revenue Report here.
