U.S. recorded music saw record revenue of $11.54 billion in 2025, an increase of 3.1% year-over-year, according to the latest figures released by the Recording Industry Association of America (RIAA).
Streaming remained the dominant format in the U.S. recorded music market with total revenue of $9.75 billion, up 3% from $9.46 billion in 2024. Of that revenue total, $6.38 billion came from paid subscriptions, a 5.8% increase over 2024’s $6.03 billion. Paid subscription revenue made up 55.3% of total recorded music revenue in the U.S. last year, deriving from a total of 106.5 million paid accounts — up from 105 million paid accounts the year prior.
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The numbers reported Monday (March 16) are in wholesale figures, a metric the RIAA began using for its twice-annual reports at midyear last year. Prior to that, the organization reported overall revenue in terms of both retail and wholesale, but only reported retail revenue when breaking down numbers for the different revenue segments. The organization has now revived its U.S. Music Revenue Database — which it removed from its website last year amid the switch from retail to wholesale — with revenue breakdowns in wholesale terms going back to 1973, allowing for direct year-over-year comparisons.
In wholesale revenue, growth in the U.S. recorded music market picked up slightly over 2024, when year-over-year growth slowed to just 1.9%. That compared with growth of 6.7% in 2023 and 4.7% in 2022. (Check out the full breakdown here.)
While paid subscription revenue increased overall, other areas in the digital segment saw declines. This included free (ad-supported) streaming, which saw a year-over-year revenue dip of 0.6% to $1.79 billion. Digital downloads declined 5.9% year-over-year, with total revenue (albums and single downloads) of $221.8 million.
On the physical front, vinyl sales grew for the 19th consecutive year and surpassed the $1 billion wholesale revenue mark for the first time since 1983, when vinyl still made up nearly half of overall recorded music revenue in the U.S., according to the RIAA’s historical figures. Year-over-year, vinyl revenue grew 9.3% to $1.04 billion from sales of 46.8 million units, up from $954.4 million and 43.4 million units in 2024. Meanwhile, CD sales revenue continued to decline, dipping 11.6% year-over-year to $312.4 million from sales of 29.5 million units. Overall physical revenue increased 5% year-over-year to $1.38 billion — up from $1.32 billion in 2024 — thanks to vinyl’s continued growth.
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Lastly, synch revenue fell to $407.1 million from last year’s $412.6 million, a slight 1.3% dip year-over-year.
“Fans are consuming music from the artists they love in more ways than ever, and that passion is reflected in today’s report,” said Matt Bass, the RIAA’s vp of research and gold & platinum operations, in a statement. “2025 reveals a strong and stable music economy resulting from committed label investment and identification of new spaces to expand artists’ creativity. From the ease of streaming to new vinyl to licensing responsible AI tools and services, labels are diversifying fan engagement. U.S. recorded music has demonstrated sustained growth globally, reaching $6.4 billion alone in paid subscriptions and tallying 50% of global vinyl revenue, leading the way for fans to listen and connect with their favorite music whenever, wherever and however they want.”
Mitch Glazier, RIAA chairman & CEO, added, “The last 20 years have been marked by unprecedented transformation for recorded music — from the steady rise to dominance of anytime, anywhere streaming options as listeners enjoy tunes from their favorite artists to a resurgence of vinyl as both a listening experience and collectable art. And now, our industry is advancing free-market licensing, building responsible AI partnerships that enhance discovery, deepen fan engagement and unlock new creative possibilities for how music is made and experienced. Through it all, music remains a cornerstone of culture and a growing economic powerhouse for the U.S., contributing $212 billion to our GDP and supporting more than 2.5 million American jobs.”
RIAA 2025 Year-End Report Highlights:
U.S. recorded music wholesale revenue hit $11.54 billion, a record high.
Overall streaming revenue hit $9.47 billion, up 3.1% year-over-year.
Paid subscription revenue grew 5.8% to $6.38 billion, accounting for 55.3% of total recorded music revenue.
Vinyl revenue climbed for the 19th straight year with total revenue of $1.04 billion, up 9.3% year-over-year.
