February 26, 2020
When streaming is your friend, the fiscal outlook never looked better. The Recording Industry Association of America (RIAA) disclosed that sales of recorded music in the United States grew 13% to $11.1 billion.
About 80% of that revenue came from subscription streaming services such as Spotify, Amazon Music, YouTube Music and Apple Music, among others. Indeed, the RIAA said streaming revenue alone ($8.8 billion) topped the entire U.S. recorded-music market from just two years ago. Music consumers streamed more than 1.5 trillion songs in 2019.
Meanwhile, vinyl records continue their comeback, generating a 19% increase in sales — the largest revenue for the format since 1988 Overall, packaged music sales dipped 1% to $1.15 billion — largely due to a 12% decline in music CD sales.
“Music is by far the biggest draw to tech platforms, gaining views and listens that generate enormous revenues for distributors,” Mitch Glazier, CEO of RIAA, said in a statement. Music companies have driven a fourth consecutive year of double digit growth and continued to build a digital-driven industry with a focus on the future.”