The news: US music streaming services surpassed 100 million paid subscribers in 2024, marking a major industry milestone, per the Recording Industry Association of America's (RIAA) year-end revenue report.
Paid subscriptions generated $11.7 billion, making up nearly two-thirds of the music industry’s $17.7 billion total revenues for the year. Despite those high numbers, subscriber growth is declining, with just 4 million new subscribers added last year compared with 9 million in 2021, indicating possible market saturation.
- Ad-supported music revenues fell 2% YoY to $1.8 billion, making up 10% of 2024’s total recorded music revenues.