The us crossed the 100 million paid subscriber mark for music streaming services for the first time ever last year, as per a new report by The record industry association of America (Riaa),
The subscriber number was up from 96.8 Million in 2023, with year-on-yar growth of roughly 3%. Riaa’s report said that these numbers discount limited tier services-which have device access restrictions and catalog availability limits-And Count Multi-reserpions (success Plans) as one.
According to data from Digital music newsSpotify dominates the US market with a 36% market share, followed by apple music with 30.7%. Spotify has 55 million paid subscribers in the country, according to a report from bloomberg Published in January-Unlike The Riaa Metrics, Spotify Likely Breaks Down Multi-Ruser Subscriptions.
Revenue from streaming represented a massive chunk of total music revenue-84% in 2024. The $ 14.9 billion revionue from streaming came from from Paid subscriptions, ad-support services, digital and customized services, digital and customized radio, social media platforms, and digital fitness apps. The Next Big Driver in Music Revenue was Physical Copies of Sales, REPRESTING 11% of Total Revenue.
The report noted that revenues from paid subscriptions Jumped 5% Year-On-Oyar at $ 11.7 Billion, which counts for 79% of overall streaming revelations.
In the last few years, all services, including Spotify, Apple Music, And YouTube, Have hiked the prices of their subscriptions. That also even could be a factor contributing to rain reverse through paid subscriptions.