Now hear this: Sales of recorded music in the U.S. grew for the eighth consecutive year in 2023, with streams accounting for a dominant 84% and vinyl up by double digits again, the RIAA said in its full-year report released Tuesday.
The sector overall grew by 8% over 2022 to $17.1 billion. Streaming continued to drive music sales last year, with paid subscriptions to on-demand services hitting an all-time high of 96.8 million.
Revenues from paid subscriptions grew to $11.2 billion in 2023, accounting for 78% of streaming revenue and nearly two-thirds of total revenue, per the trade group’s report (read it here). RELATED: Neil Young & Joni Mitchell End Spotify Boycott As Their Music Returns To Streaming Service But fret not, old-school physical-media fans: LPS and CDs continued their remarkable comeback last year, with total revenue of $1.9 billion jumping 11% versus 2022.
As more folks spin the black circle, vinyl posted a 17th consecutive year of growth and outsold compact discs in units for just the second time since 1987 — 43 million vs.
Read more on deadline.com
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