U.S. Recorded Music Hit Record $8.7 Billion in Mid-Year Revenue, But Growth Is Just 4%: RIAA Report
variety.comJem Aswad Executive Editor, Music The U.S recorded-music industry posted record revenue of $8.7 billion based on solid streaming and vinyl numbers, according to the RIAA’s mid-year report, but growth was just 4% — half of the 8% growth of 2023 — amid thousands of layoffs at labels, a leveling-off of the streaming boom and talk of a “transformational moment” in the months and years to come.
Notable points include streaming comprising approximately 84% of total revenues for the fifth straight year, with $5.7 billion in paid subscriptions accounting for nearly two-thirds of total mid-year revenue and averaging 99 million plans, compared to 96.5 million in 2023.; however, subscription growth was down significantly from previous years, up just 2.5 million when compared year over year with 2023 (6.5 million), 2022 and 2021 (around 8 million each).
Vinyl grew 17% year over year, racking up $740 million at mid-year and accounting for three-quarters of total physical revenues; total physical revenues were up 13% year over year to $994 million.
For the fourth consecutive year, vinyl outsold CDs in units (24 million vs. 17 million); revenues from CDs were relatively flat at $237 million, according to the report.
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