Streaming Makes Up 80 Percent of the Music Industry’s Revenue

0 Posted by - 7th September 2019 - Technology

Revenue made from streaming services in the United States grew by 26 percent in the first six months of the year, according to trade group Recording Industry Association of America, as reported by The Wall Street Journal. That makes for a revenue of $4.3 billion, according to research conducted by the group, which represents approximately 80 percent of the music industry’s overall revenue. The Verge reports: Although this included both paid subscriptions and ad-supported streams, the report also found that paid subscriptions grew by 31 percent, accounting for 62 percent of the industry’s total revenue. Spotify has more than 100 million subscribers, and Apple Music boasts 56 million paid subscribers. The record industry in the U.S. saw an 18 percent increase in revenue — hitting $5.4 billion — in the first six months of 2019. It’s not just streaming that’s helping the industry see a boost, though: physical media sales also jumped. Both vinyl and CDs saw increases in sales, growing 5 and 13 percent, respectively. CD sales made up roughly $485 million of the industry’s revenue over the first six months of the year, and vinyl sales brought in an additional $224 million.

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