According to the 100 million paid subscribers tags for music streaming for the first time ever last year Recording Industry Association of America (RIAA).
Subscriber numbers are higher than 96.8 million in 2023, up about 3% year-on-year. RIAA’s report says these digital discounts are limited in tier services (with device access restrictions and directory availability restrictions) and count multi-user subscriptions, such as family plans, into one.
According to Digital Music NewsSpotify dominated the U.S. market with a 36% market share, followed by Apple Music, which accounted for 30.7%. According to Spotify, it has 55 million paid subscribers in the country. Bloomberg’s report Spotify published in January – Unlike RIAA metrics, Spotify may break down multi-user subscriptions.
The revenue from streaming represents a large part of the total music revenue – 84% in 2024. Streaming’s $14.9 billion revenue comes from paid subscriptions, advertising-supported services, digital and customized broadcasts, social media platforms and digital fitness apps. The next big driving force for music revenue is the actual copy of sales, accounting for 11% of total revenue.
The report noted that paid subscription revenue rose 5% year-on-year to $11.7 billion, accounting for 79% of overall streaming revenue.
In the past few years, all services, including Spotify,,,,, Apple Music,,,,, and YouTube, Hikes their subscription price. This may also be a factor in the rise in revenue through paid subscriptions.
