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U.S. Recorded-Music Revenue Grows Almost 10% But Vinyl Sales, Streaming Subscriptions Level Off
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variety.com
variety.comJem Aswad Executive Editor, Music The U.S. music industry continued its robust growth in the first half of 2023, according to the RIAA’s latest mid-year report.
Total revenues grew 9.3% at estimated retail value, reaching an all-time first-half high of $8.4 billion; at wholesale value, revenues grew 8.3% to $5.3 billion.
Paid streaming subscriptions continued to be the strongest driver of revenue growth, according to the report, increasing by more than $550 million and growing to around 96 million subscriptions during the period.
Vinyl revenue leveled off, growing just 1% — it posted 22% growth in the same period last year — but physical formats reached their highest level since the first half of 2013, a full decade ago.
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