Music streaming revenue growth worldwide 2013-2024

The global music streaming industry continues to grow, with revenue rising by 7.3 percent in 2024, compared to the previous year. This increase, while significant, marks a substantial slowdown from the peak of 65.1 percent that revenue had grown year-on-year in 2016. Despite the deceleration, streaming now accounts for over 69 percent of total global recorded music revenue, highlighting its dominant position in the industry.

Streaming's financial dominance

Streaming revenues reached an all-time high of 20.4 billion U.S. dollars worldwide in 2024, nearly eight times the 2.6 billion recorded in 2015. This surge in streaming revenue has reshaped the music landscape, with physical sales declining dramatically. In the United States, streaming now makes up 84 percent of music industry revenue, a stark contrast to the mere 11 percent generated by physical sales in 2024.

Market leader Spotify

Spotify remains the dominant force in the streaming market, commanding 31.7 percent of global music streaming subscribers. The company's revenue has grown substantially, with premium subscriber revenue reaching close to four billion euros in the third quarter of 2024. However, Spotify faces challenges in achieving profitability, reporting significant operating losses in recent years. Despite these hurdles, the streaming market continues to expand, with Spotify reaching 640 million active users worldwide in the third quarter of 2024, a 12 percent increase year-over-year.