Revenues for recorded music jumped to a new record of $8.4 billion during the first half of 2023, according to a new report released by the Recording Industry Association of America.
Total revenues grew 9.3 percent over the same period in 2022. Streaming remains the overwhelming choice of music consumption, with 84 percent of all revenue stemming from the platforms.
By comparison, sales of physical media like vinyl are responsible for 11 percent of total revenue and digital downloads make up 3 percent.
About two-thirds of the revenue from 2023’s first half came from paid subscription accounts on streaming platforms. The data also indicates that the resurgence in the popularity of physical media has not yet plateaued.Read more on thefader.com
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