Revenue in US music industry hits all-time high
nme.commidyear revenue report.Retail revenue, which includes revenue from consumer streaming services, jumped 9.3 per cent to an all-time first-half high of $8.4billion, while wholesale revenue is up 8.3 per cent to $5.3 billion.Streaming revenue increased by 10.3 per cent from last year, reaching $7billion, which makes up 84 per cent of music revenue in the United States.
The RIAA explicitly notes that although revenue from paid subscriptions grew 11 per cent to $5.5billion, the total number of paid subscriptions only grew 6 per cent.
This is likely down to Spotify increasing the price of its premium subscription for the first time in its history.Vinyl continues to enjoy growth in revenue, with physical formats hitting the highest revenue since 2013.
However, compared to streaming revenue, its numbers are comparatively smaller, coming in at $882million. In total, 72 per cent of physical media sales were for vinyl, bringing in $632million of that.
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