Streaming has now overtaken physical music sales globally, with streaming revenues accounting for approximately 67% of total recorded music industry income in 2024, while physical formats contributed around 16%.
In 2024, recorded music revenues rose 4.8% to reach $29.6 billion, driven predominantly by streaming subscriptions and ad-supported services. That same year, global physical format revenues declined by about 3.1%, totaling $4.8 billion. Meanwhile, paid streaming hit 100 million subscriptions in the U.S. for the first time, representing 84% of total U.S. recorded music revenue.
For independent artists in particular, 2024 marked a turning point: streaming revenues exceeded income from both physical media and digital downloads. Platforms like Spotify and Bandcamp enabled creators to bypass traditional distribution and reach global audiences directly, signaling a fundamental shift in music consumption and artist compensation .Although physical formats—especially vinyl—continue to experience modest growth, they now represent only a small fraction of industry income. Vinyl sales in markets like the U.K. rose for the 17th consecutive year, but still made up just a tiny share of overall revenue compared to streaming The broader data shows that the dominance of streaming over physical sales is a persistent and accelerating trend across global markets.