Music Industry Making A Nice Living
• The Recording Industry Association of America® (RIAA) reports that the industry has hit new revenue milestones after a decade of transformation, today releasing data for mid-year 2023 reflecting the ninth consecutive year of growth. Total revenues grew 9.3% at estimated retail value and marked an all-time first half high of $8.4 billion as paid subscriptions remained the strongest driver, accounting for 78% of streaming revenues.
RIAA Chairman & CEO Mitch Glazier observed, “This report describes a thriving, growing music ecosystem that continues to reach new heights and shape our culture. And it reflects the creative human genius and hard work of all the artists, songwriters, labels, publishers, and services who make the music happen and meet fans and audiences where they are in today’s forward looking and innovative music community.”
Streaming remains the dominant form of music consumption in the United States, responsible for 84% of total recorded music revenues in the U.S. and growing 10.3% to $7 billion. Paid subscriptions grew even faster, topping 11% growth over the first half of this year. Over the past five years, the number of people paying for music subscriptions has more than doubled.
Physical formats have now reached their highest level since the first half of 2013 with total revenues up 5% over 2022 at $882 million. Vinyl maintains its popularity, reaching $632 million for the first half of 2023 and accounting for 72% of all physical music sales.
Read the full report, prepared by Joshua P. Friedlander, SVP, Research and Economics and Matthew Bass, Director, Research and Gold & Platinum Operations.
