Streaming music revenue in the U.S. by source 2015-2024

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.