On-demand audio streaming saw significant global growth in 2024, with total streams reaching 4.8 trillion worldwide, marking a 14% increase from the previous year. While U.S. growth was modest at 6.4% (1.4 trillion streams), markets outside the United States experienced a robust 17.3% increase, accounting for 3.4 trillion streams.

Key Findings from Luminate's 2024 Report:

Genre Performance in U.S.:

• R&B and hip-hop remained the most streamed genres
• Hip-hop's share declined while Latin and country/folk showed strongest growth
• Rock and pop maintained strong positions behind R&B/hip-hop

New Music Releases:

• Average of 99,000 new ISRCs added daily (down from 103,500 in 2023)
• Only 13% of tracks exceeded 1,000 annual streams

Physical Album Sales:

• U.S. album sales declined 1% to 55.6 million units
• Independent retailers sold:
  • 17.3 million vinyl units
  • 5.4 million CDs
  • 165,000 cassettes
• Vinyl sales increased 4.3% (excluding independent retail)

International Market Trends:

• India approached U.S. streaming volumes, recording 1.04 trillion streams in 2023
• Global streaming growth continued strong momentum through 2024

Note: Physical sales data reflects Luminate's new modeling methodology for independent retailers, affecting year-over-year comparisons.

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