NEW YORK: The US music industry passed 100 million paid streaming subscriptions for the first time in 2024, according to the latest report from the Recording Industry Association of America released Tuesday.
The US industry’s total revenue last year increased three percent to $17.7 billion retail, the report said, up half a billion dollars from 2023.
Paid subscription services accounted for 79 percent of streaming revenues, and almost two-thirds of total revenues.
Yet streaming growth has slowed over the past five years — in 2024, it increased by less than four million subscriptions, compared to the jump from 2020 to 2021, when it spiked by almost nine million — a trend that has pushed music companies to seek growth elsewhere.
Universal, for example, has been touting a “Streaming 2.0” vision focusing on avenues like selling products to superfans.
Music revenues meanwhile fell two percent to $1.8 billion on ad-supported, on-demand services — examples include YouTube, Facebook and Spotify’s ad-supported version.
Indie darling vinyl posted its 18th straight year of growth, and accounts for nearly 75 percent of physical format revenues that total $2 billion, the RIAA said.
For the third year in a row, vinyl albums outsold compact discs, selling 44 million versus 33 million respectively.
Vinyl’s popularity has grown steadily in recent years, fueled by collectors and fans nostalgic for the warm crackle that emanates from Side A and Side B.
The annual report from the International Federation of the Phonographic Industry, which represents global record companies, is due on Wednesday.
US music industry posts 100 million paid streaming users
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US music industry posts 100 million paid streaming users
- The US music industry passed 100 million paid streaming subscriptions for the first time in 2024
- For the third year in a row, vinyl albums outsold compact discs, selling 44 million versus 33 million respectively
Messi to unveil 21-meter statue of himself on India ‘GOAT’ tour
- Iron sculpture in Kolkata is part of a so-called GOAT Tour that will take in four Indian cities
- Messi won his second consecutive Major League Soccer Most Valuable Player award this week
KOLKATA: Lionel Messi will unveil a 21-meter (70-foot) statue of himself in India on Saturday as he embarks on a three-day tour of the country that has sparked a fan frenzy.
The iron sculpture in Kolkata, which shows Messi holding aloft the World Cup, is part of a so-called GOAT Tour that will take in four Indian cities and a possible meeting with Prime Minister Narendra Modi.
The 38-year-old Argentina and Inter Miami superstar will unveil the monument virtually rather than in person for security reasons.
A “Hola Messi” fan zone has also been set up in Kolkata where on display is a life-sized replica of Messi sat on a throne.
The hall also recreates his Miami home, complete with mannequins of his family members.
Football fan Samir Nandy said it would be “a dream come true” to catch a glimpse of his idol.
“Legends are not made by success alone. It is his resilience that made me believe in him,” Nandy, 64, said in Kolkata.
“The statue is a fitting tribute to him.”
Monti Paul, the statue’s main sculptor, said the structure was built inside 40 days.
“It’s a matter of pride to build the sculpture of Messi. It’s the tallest statue I have made,” he said.
The eight-time Ballon d’Or winner will also meet Bollywood superstar Shah Rukh Khan and former India cricket captain Sourav Ganguly during his whirlwind trip to Kolkata.
Ahead of his arrival, Messi said it was an honor to visit India and interact with the fans.
“India is a very special country and I have good memories from my time there 14 years ago — the fans were fantastic,” Messi said in a statement.
“India is a passionate football nation and I look forward to meeting a new generation of fans while sharing the love I have for this beautiful game.”
After Kolkata, where Messi will play a short friendly match, he will head to Hyderabad, Mumbai and New Delhi.
In Hyderabad he will attend a concert in his honor and play another friendly.
He is reportedly scheduled to meet Modi in the capital.
Messi won his second consecutive Major League Soccer Most Valuable Player award this week after propelling Inter Miami to the MLS title and leading the league in goals.
The former Barcelona and Paris Saint-Germain attacker will spearhead Argentina’s defense of the World Cup in June-July in North America.
