RIAA: 2022 Recorded Music Revenue Hit Record High

Record Revenues For Recorded Music

The RECORDING INDUSTRY ASSOCIATION OF AMERICA (RIAA) is reporting that U.S. recorded music revenue hit an all-time high of $15.9 billion in 2022, led by streaming, which has reached 92 million paid subscriptions and now represents 84% of total revenues. Revenue from physical formats increased 4% year-over-year to $1.7 billion, with vinyl outselling CDs in number of units (41 million vs. 33 billion) and growing 17% year-over-year to earn $1.2 billion (71% of physical format revenue).

RIAA Chairman/CEO MITCH GLAZIER said, “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 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."

Read the complete RIAA yearly report here.

Graphic: RIAA

 

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