Recorded Music Revenue Still Going Up
• The Recording Industry Association of America® (RIAA) just released 2023 recorded music revenue figures, reflecting 8% growth to $17.1 billion, the highest topline number the annual report has reported and marking eight consecutive years of growth. Streaming continues to power music, making up 84% of total revenues and now totaling $14.4 billion — hitting an all-time high of 96.8 million paid subscriptions to on-demand services.
Revenues from paid subscriptions grew to $11.2 billion in 2023, accounting for 78% of streaming revenues and nearly two-thirds of total revenues. And physical formats continued their remarkable resurgence, up 11% to $1.9 billion. In its 17th consecutive year of growth, up 10%, vinyl again led the way and for the second time since 1987 outsold CDs (43 million unites vs 37 million).
“Recorded music keeps reaching new heights as labels’ ‘all of the above’ commitment to meet fans everywhere they want to be continued to pay off for the entire music community,” said RIAA Chairman & CEO Mitch Glazier. “Licensing of social networks, fitness apps, and short form video are adding new value […] and physical sales once again boomed, with vinyl records delivering yet another double-digit increase. For artists, songwriters, and fans, this strong and sustained growth signals a time of incredible opportunity — with new formats, styles, and sounds rising up across innovative platforms and emerging ways to listen. As new services continue to get fully licensed at rates reflecting music’s incredible value, revenue for artists and songwriters will only continue to grow.”
Weighing in on the controversial subject of AI, Glazier commented, “As music continues to soar and bring Americans together in new ways, new challenges continue to emerge — led by the mushrooming threat of generative artificial intelligence that, absent thoughtful and effective guardrails, put this dynamic growth and cultural reach at risk. No one has moved more quickly than the music industry to embrace responsible uses of this technology to create new possibilities and push human artistry forward.” Glazier added, “Used responsibly, generative AI tools can take human creativity to new places. But irresponsibly, it could stifle a generation of artists across all mediums. RIAA and our members are committed to staying on the field every day, fighting with the music community for a pro-human, pro-creator future. Artists, songwriters, and their fans deserve nothing less.”
Read Glazier’s full commentary HERE. Explore the full 2023 Recorded Music Revenue Report HERE.
