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A decade ago, the music industry was at a low point; today, it’s a different story. According to a new report from MusicWatch, the population of people paying for music is breaking records, with consumer spending significantly higher than it was in 2014 (even when adjusting for inflation).
The new data reveals that 132 million Americans are currently paying for music subscriptions, a number that includes on-demand subscriptions in addition to satellite radio and fee-based internet radio services. That’s 50 million more than the numbers gathered in 2014. Additionally, in 2024, more than half of Americans between the ages of 13 and 70 purchased a CD, download, vinyl, or an on-demand or non-interactive subscription (excluding satellite radio).
This data echoes an increase in vinyl sales, which tracking and analytics company Luminate confirmed increased by 6% in 2024.
The average American reportedly spent $112 on recorded music in 2024, an increase from $102 in 2023. Similarly, live music numbers are up: in 2024, $281.08 was spent on experiencing live music per capita, up 17% from 2023. The ticket-buying population swelled from 51% to 56% in 2024.
Goldman Sachs’ projections, which are generally regarded as a benchmark in the music industry, predict that global recorded music and publishing revenue will continue to grow by roughly 8% per year through 2030. Additionally, equity analysts are backing Universal Music Group’s expectation of 8 – 10% subscription growth through 2028. By Billboard’s analysis, many things about this trend are positive, including the fact that renewed licensing agreements with streamers like Spotify include changes designed to hopefully yield more value to rights-holders for music on the platform.
By contrast, the report notes that 2014 was the worst year in numbers for recorded music in the post-Napster era. While pirating is not the prevalent problem it was a few decades ago, MusicWatch has confirmed that it doest still exist; 14 million Americans are said to have ripped music files in 2024. Ten years ago, though, numbers started to turn around for music purchasing in any form, and this new report indicates that the upward arc has not yet peaked.
In the meantime, over 100,000 new tracks continue to be uploaded to streaming platforms every day.
English (US) · 