New data from the Recording Industry Association of America (RIAA) reveals that paid streaming subscriptions in the United States grew by 2.7% year-over-year in the first half of 2024. Despite the modest growth in subscriptions, the overall streaming market revenue has reached a robust $8.6 billion in the same period.
The growth in subscriptions comes amid a backdrop where major players in the industry are grappling with broader changes, including lawsuits surrounding copyright issues and the rising influence of artificial intelligence in music production. Notably, Taylor Swift’s latest album, The Tortured Poets Department, released in April 2024, has had a notable impact on streaming trends, as it became the first album in Spotify history to surpass 1 billion streams in a single week.
Other artists also made headlines recently, with Lana Del Rey being named the top artist-songwriter for Q4 2023 according to the National Music Publishers Association's Gold & Platinum Program. Meanwhile, the Latin music sector saw a substantial revenue increase, generating $1.4 billion in the previous calendar year, marking a 16% year-over-year growth.
The continued success of streaming platforms suggests a resilient yet evolving landscape as they navigate challenges and strive to maintain growth in a competitive market. You can read more about the trends and revenue details from the RIAA’s latest findings here.