Spotify (SPOT, Financial) rose nearly 2% Wednesday as new data from the Recording Industry Association of America (RIAA) showed that U.S. paid music streaming subscribers surpassed 100 million for the first time in 2024, up from 96.8 million in 2023 and 75 million in 2020.
Streaming accounted for 84% of total U.S. music revenue, bringing in $14.9 billion from paid subscriptions, ad-supported services, digital radio, social media platforms, and fitness apps. Within that, paid subscriptions grew 5% to $11.7 billion, while limited-tier subscriptions declined 2% to $1 billion.
Spotify remains the leading U.S. streaming platform, holding a 36% market share, followed by Apple (AAPL, Financial) at 30.7%, according to Digital Music News. The company now has 55 million U.S. subscribers and paid $10 billion in royalties to artists in 2024, up $1 billion from 2023.
While streaming continues to dominate, vinyl sales also grew 7% to $1.4 billion, marking 18 consecutive years of growth, as younger music fans join longtime collectors in reviving physical media.
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