Streaming music revenue in the United States has been increasing dramatically on an annual basis for several years now, and in the first half of 2024 amounted to around 6.5 billion U.S. dollars. According to the source, paid subscription revenues were the industry's main revenue source, accounting for 5.2 billion dollars of the total.
Streaming has overtaken other forms of music consumption
Since the introduction of music streaming, the format has taken the music world by storm and is now dominating the industry. In the United States, streaming made up 82 percent of the music industry’s revenue, compared to 11 percent of physical sales and three percent of digital downloads. However, while streaming is still the revenue driver of the music market, growth has significantly slowed down, reaching a growth rate of 11.5 percent in 2022. While this is still significant growth, it is a drop from the streaming revenue growth rate of 24.3 percent in 2021.
Spotify is dominating the streaming market
With over 90 million paid music subscribers in the United States alone, it is no wonder that there are various streaming services competing for market dominance. So far, the most popular streaming service has been Spotify. In 2022, 35 percent of respondents stated that they used Spotify most frequently. The Swedish streaming giant generated a revenue of 11.7 million euros in 2022.
Streaming music revenue in the United States from 1st half 2015 to 1st half 2024, by source
(in million U.S. dollars)
Paid subscription: Streaming, tethered, and other paid subscription services not operating under statutory licenses, including limited tier subscribers.
Ad supported on-demand: Ad-supported audio and music video services not operating under statutory licenses.
Digital and customized radio: Estimated payments to performers and copyright holders for digital and customized radio services under statutory licenses.
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RIAA. (September 6, 2024). Streaming music revenue in the United States from 1st half 2015 to 1st half 2024, by source (in million U.S. dollars) [Graph]. In Statista. Retrieved October 31, 2024, from https://www.statista.com/statistics/492881/digital-music-revenue-in-the-us-by-source/
RIAA. "Streaming music revenue in the United States from 1st half 2015 to 1st half 2024, by source (in million U.S. dollars)." Chart. September 6, 2024. Statista. Accessed October 31, 2024. https://www.statista.com/statistics/492881/digital-music-revenue-in-the-us-by-source/
RIAA. (2024). Streaming music revenue in the United States from 1st half 2015 to 1st half 2024, by source (in million U.S. dollars). Statista. Statista Inc.. Accessed: October 31, 2024. https://www.statista.com/statistics/492881/digital-music-revenue-in-the-us-by-source/
RIAA. "Streaming Music Revenue in The United States from 1st Half 2015 to 1st Half 2024, by Source (in Million U.S. Dollars)." Statista, Statista Inc., 6 Sep 2024, https://www.statista.com/statistics/492881/digital-music-revenue-in-the-us-by-source/
RIAA, Streaming music revenue in the United States from 1st half 2015 to 1st half 2024, by source (in million U.S. dollars) Statista, https://www.statista.com/statistics/492881/digital-music-revenue-in-the-us-by-source/ (last visited October 31, 2024)
Streaming music revenue in the United States from 1st half 2015 to 1st half 2024, by source (in million U.S. dollars) [Graph], RIAA, September 6, 2024. [Online]. Available: https://www.statista.com/statistics/492881/digital-music-revenue-in-the-us-by-source/