2024 was another year of healthy growth for the music market, which saw consumer spend on recorded music rise by 10% to $43.4 billion.
Streaming subscriptions delivered an 11% growth to $37.18 billion, which corresponds to 86% of the global consumer spend on music. The number of subscribers in 2024 increased by 12% to 794m.
While subscription growth in established markets has been stabilising in recent years, the market remains healthy thanks to a steadily expanding subscription base as well as the multiple price increases initiated by streaming services, which have helped drive ARPU and revenue growth.
| Streaming also appears to be particularly resilient in these tumultuous times with high uncertainty and low consumer confidence. The socio-economic situation does not appear to have severely impacted streaming growth so far, which supports the idea that music streaming has become a commodity similar to a mobile subscription or internet broadband.