U.S. Recorded Music Revenue Surpasses $12B In 2020

Revenue Surpasses $12B In 2020

The RECORDING INDUSTRY ASSOCIATION OF AMERICA (RIAA) is reporting UNITED STATES recorded music revenues grew 9.2% in 2020 to $12.2 billion at estimated retail value.

This is the fifth consecutive year of growth for the industry, as paid subscription services continued to be the primary driver of revenue increases, and reached a record number of subscriptions. COVID-19 affected the industry significantly through tour cancellations, retail store closures, and other disruptions. Revenues from recorded music measured at wholesale value grew 8.9% to $8.0 billion.  

Encompassing a wide range of services, streaming music revenues grew 13.4% to $10.1 billion in 2020. This category includes paid subscription services like SPOTIFY, APPLE MUSIC and AMAZON MUSIC UNLIMITED, ad-supported on-demand services such as VEVO, YOUTUBE and the free version of SPOTIFY, and digital and customized digital radio like PANDORA, SIRIUSXM, and other Internet radio services. The streaming category for the first time includes music license revenues from FACEBOOK and streaming fitness services (included for 2019 data as well). Streaming’s share of revenues has continued to grow, reaching 83% in 2020. 

To see the full report, click here.

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