RIAA: U.S. Music Revenue Climbs 6% In Halfyear Survey, Paid Subscriptions Up 24%

Shares Positive News

First-half music industry revenues increased 5.6% to $5.7 billion with paid streaming subscriptions fueling the growith, more than offsetting revenue declines in other areas of the U.S. recorded music market, according to the RIAA’s annual mid-year report.

The number of paid subscriptions increased 24% to more than 72 million on average.

Streaming services brought in a total of $4.8b, a 12% boost over the first six months of last year. Subscription streaming revenues for first-half 2020 were up 14% to $3.8b vs.a comparable period in 2019.

Streaming represented a whopping 85% of all recorded music revenue in the first half of the year with physical at 7%, downloads at 6% and synchs at 2%.

The pandemic did negatively affect ad-supported streaming revenues, as well as physical sales, dipping 23% to $376m. Vinyl sales represented 62% of the physical total, marking the first time LPs have topped CDs since the '80s.

RIAA Chairman/CEO MITCH GLAZER stated, “While we’re pleased that the years of hard work and resources we’ve invested in streaming are driving growth in paid subscriptions, today’s report demonstrates just how much work remains to achieve a sustainably healthy music ecosystem for both music creators and fans.

“We must continue working to help sustain live music and venues, support gig workers and session musicians, and ensure fair pay for music on all digital platforms. Despite all the challenges from the pandemic, one thing clearly hasn’t changed -- fans still love music.”

« see more Net News