While COVID-19 Has Hurt Everyone, There Is A Bright Spot As Labels Still Racking Up Over $1M Per Hour From Streaming

Streaming Revs Boom

According to MUSICBUSINESSWORLDWIDE.COM, COVID-19's effects on the music industry and artists have take away traditional profit centers like live music, the end of public events, the halting of TV and movie production, the reduced release schedules, the reduction in streaming ad revenues and so much more.

But referencing MBW’s latest Stat Of The Week: "According to our analysis, the three major record companies saw their streaming revenues collectively hit $2.21bn in the three months to end of JUNE.

The majors collectively generated $24.3m per day, or – oh yes – $1.01m per hour in recorded music revenues from streaming.

"We first reported in FEBRUARY that the major labels had surpassed the milestone of generating more than $1m per hour from streaming. That memorable number stayed consistent in Q2 – despite the negative impact of COVID-19 (and those lighter-than-usual release schedules).

"In calendar Q2 2020, according to MBW’s calculations, the majors collectively generated $24.3m per day, or – oh yes – $1.01m per hour in recorded music revenues from streaming. This, in the midst of an unprecedented global pandemic.

"The big question now is whether the major record companies can match or even better the $14.93bn they jointly generated from all formats in 2019 across the course of this year."

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