RIAA REPORTS RECORD FIRST HALF

Total recorded-music revenue grew 9.3% at estimated retail value to $8.4b in the first half of 2023, an all-time high according to the RIAA. Paid subscriptions remained the strongest driver, accounting for 78% of streaming revenue.

Streaming remains the dominant form of music consumption in the United States, responsible for 84% of total recorded-music revenue, growing 10.3% to $7b. Paid subscriptions grew even faster, topping 11% growth over the first half of this year. Over the past five years, the number of people paying for music subscriptions has more than doubled.

Physical formats have now reached their highest level since the first half of 2013, with total revenue up 5% over 2022 at $882m. Vinyl maintains its popularity, reaching $632m for the first half of 2023 and accounting for 72% of all physical sales.

“This report describes a thriving, growing music ecosystem that continues to reach new heights and shape our culture,” said RIAA Chairman/CEO Mitch Glazier. “And it reflects the creative human genius and hard work of all the artists, songwriters, labels, publishers and services who make the music happen and meet fans and audiences where they are in today’s forward-looking and innovative music community.”

The full report can be found here.