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US recorded music revenue grew 9.2% in 2020, eclipses $12 billion

phase888 | March 1, 2021

US recorded music revenue grew 9.2% in 2020, eclipses $12 billionBig Wild Holy Ship Janeoconnor Insomniac 2

According to the Recording Industry Association of America’s (RIAA) year-end report, United States recorded music revenues grew 9.2% in 2020 to $12.2 billion. The largest driver of the growth was streaming services, which accounted for 83% of reported revenues. Physical music sales were the next largest income source providing 9% of overall revenue, followed closely by digital downloads.

2020 marks the fifth consecutive year of growth for the recorded music industry. The consistent growth is mirrored closely by the rising US paid music subscriptions count, which has risen from 22.7 million in 2016 to 75.5 million in 2020. Revenues from digital radios and ad-supported streaming have remained relatively stagnant.

In the physical music sales realm, vinyl sales surpassed CD sales for the first time since 1986. However, the overall revenue reported from physical music sales has remained nearly constant for the past three years, hovering just above $1 billion annually. View the RIAA’s full report here.

Via: Recording Industry Association of America

Featured image: Jane O’Connor for Insomniac

The post US recorded music revenue grew 9.2% in 2020, eclipses $12 billion appeared first on Dancing Astronaut.

Written by phase888

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