RIAA Releases Annual Revenue Report
• The Recording Industry Association of America® (RIAA) today releases their annual recorded music revenue report, which reflects a seventh consecutive year of growth and marking all-time high $15.9 billion at estimated retail value in 2022. With 92 million paid subscriptions, streaming is fueling the market while the steady resurgence of vinyl amplifies how actively fans are engaging with recorded music.
RIAA Chairman & CEO Mitch Glazier remarked, “2022 was an impressive year of sustained ‘growth-over-growth’ more than a decade after streaming’s explosion onto the music scene. Continuing that long run, subscription streaming revenues now make up two thirds of the market with a robust record high $13.3 billion. This long and ongoing arc of success has only been possible thanks to the determined and creative work of record companies fighting to build a healthy streaming economy where artists and rightsholders get paid wherever and whenever their work is used. Collectively accounting for 84% of total revenues, streaming continued to be the largest driver with paid subscriptions, ad-supported services, digital and customized radio, social media platforms, digital fitness apps and others.”
Revenues from physical music formats also maintained an upward trajectory, up 4% at $1.7 billion. And for the first time since 1987, vinyl albums outsold CDs in units (41 million vs. 33 million) and accounted for 71% of physical format revenues, growing 17% to $1.2 billion in the 16th consecutive year of growth.
