U.S. recorded music revenue hit a record high in the first half of 2025, but growth was flat year over year, according to the RIAA’s midyear report released on Tuesday.
Per the RIAA, wholesale revenue grew to $5.589 billion in the first half of the year, up from $5.537 billion, which represents a less than 1 percent increase from 2024. These figures continue the trend of the U.S. market’s slowed revenue growth as streaming has become increasingly saturated since the boom began in the 2010s.
Notably, the RIAA updated its reporting system this year to be based purely on wholesale data rather than retail data, stating that it shifted to align with global reports such as the IFPI’s annual global music report. Wholesale figures are lower than retail. For example, in last year’s midyear report, wholesale revenue was listed at around $5.5 billion while retail was $8.7 billion.
While growth overall was flat, revenue from paid streaming subscriptions was stronger, growing about 5.7 percent to over $3.2 billion. The number of subscriptions grew about 6.4 percent, rising from 99 million to 105.3 million to surpass the 100 million mark.
“The number of paid subscriptions hit a historic milestone, surpassing 100 million accounts, while revenues from all formats reached $5.6 billion in the first half of 2025 — important markers that underscore music’s enduring value and demand for human artistry supported by record labels and collaborative partnerships,” RIAA CEO Mitch Glazier said in a statement Tuesday.
While paid subscriptions grew, free streaming revenue fell nearly 3 percent to $875 million. Streaming revenue overall rose about 2.3 percent to over $4.6 billion, itself representing about 84 percent of all U.S. recorded revenue.
Digital downloads remained in decline, as they have for the past several years, falling to about $138 million, down 1.4 percent. Physical revenue dipped as well, down nearly 6 percent to about $576.4 million. Notably, vinyl, which has enjoyed a major resurgence in an otherwise falling physical sales format, dipped 1 percent in both units sold and overall revenue. Vinyl revenue was at about $457 million from about 22.1 million units. CD units and revenue, meanwhile, dropped about 22 percent down to 11.7 million units and about $108 million. Vinyl units surpassed CDs for the fifth consecutive year, per the RIAA.
Despite the slowed growth, RIAA VP of Research Matt Bass said this year’s midyear report figures “show a stable and sustainable foundation as music continues to be one of America’s strongest exports with US artists accounting for one in three global streams — more than the next six countries combined.”
“Aligning our reporting to international standards allows us to tell that story more clearly than ever,” Bass said.
