MUSIC REVENUE HIT $7.7B IN H1 2022

Recorded-music revenue in the U.S. grew to $7.7b in retail value in the first half of 2022, a 9% spike over 2021, RIAA Chairman/CEO Mitch Glazier reported today.

Paid subscriptions—which topped 90m for the first time—continue to lead the way; they comprise nearly two-thirds of total revenue, up 10% to $5b. In wholesale value, revenue grew 8% to $4.9b.

Streaming revenue from paid subscriptions, ad-supported services and other formats, including short-form video, social-media platforms and fitness apps, account for 84%—$6.5b—of revenue. The segment is up 10%.

Advertising-supported on-demand streaming-music revenue, including services like YouTube and the ad-supported versions of Spotify, Facebook and TikTok, grew 16% by revenue to $871m. Digital and customized-radio-service revenue decreased by 3% to $566m.

Vinyl continues to blossom as a category as sales increased by 22% to $570m, building on the format’s growth in 2021. Vinyl’s share of the physical market increased from 68% to 73%. Revenue from CDs fell 2% to $200m, accounting for 26% of physical revenue.

“Today’s report is good news for artists, songwriters, streaming services and fans—everyone with a stake in music’s future. We truly are seeing the power of recorded music’s rising tide to lift all boats across the music family,” Glazier said on Medium.

Read the full report here.