RIAA: Recorded Music Hits $15 Billion
In the wake of this positive news, RIAA Chairman & CEO Mitch Glazier released a statement that reads, “The incredible run of strong, industry-wide growth documented in this and prior reports speaks to the dynamic and vibrant creative and commercial relationships today’s labels have built with their artist partners. Labels haven’t simply reinvented themselves, they have helped transform the entire process of music creation, discovery, and distribution to bolster creative freedom and artistic expression while seamlessly meeting fans everywhere and anywhere they want to be. The result has been an incredibly vibrant period delivering new opportunities, platforms, and experiences — from music-powered fitness apps to gaming platform livestream concerts to must-have vinyl exclusives to global surprise digital album drops. Creative genius unleashed in new ways driving shared commercial success and record payments to artists.”
Glazier added, “No industry in history has embraced changing technologies and innovations faster than music over the last ten years — taking streaming from novelty to ubiquitous in the blink of an eye and now working to drive a new generation of social apps, shared immersive experiences, and blockchain/NFT opportunities going forward.” RIAA’s full 2021 Recorded Music Revenue Report is posted online for your perusal.