Music Industry Making A Nice Living
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.