$ 4.3 billion
US music industry earns streaming services
US music industry revenue for six months from streaming services amounted to $ 4.3 billion. This amount is 80% of total revenue and 26% more compared to a year earlier. This was reported by The Wall Street Journal with reference to the American Record Industry Association of America.
According to the RIAA report, compared with the first half of 2019, total revenue grew by 18% to $ 5.4 billion. The association took into account income from paid subscriptions and from advertising. According to the association, the number of paid subscribers increased by 31% and amounted to 62% in the share of the total revenue of the music industry. At the same time, Spotify has more than 100 million subscribers, and Apple Music has about 56 million.
According to RIAA, not only streaming services showed growth. Vinyl records and CDs showed an increase of 5 and 13%, respectively. CD sales brought companies $ 485 million in half a year, and vinyl $ 224 million. Physical media have been showing growth for more than a year in a row and have overtaken digital music sales.
In March 2017, the RIAA reported that streaming platforms for the first time brought the music industry more than half of the revenue. Then in the total revenue they occupied 51%.