The RIAA has released a new report revealing recorded music revenues reached a historic $15 billion in 2021, the highest figure ever reported by the music industry.
The numbers showed continued strong growth in every format including streaming, vinyl, and even CDs, and also included TikTok music revenue for the first time.
Streaming revenues included paid subscriptions, ad-supported music streaming services, digital and customized radio, and licenses for music on Facebook and digital fitness apps, as well as TikTok. Combined, these revenues grew 24% in 2021 to a total $12.4 billion, and accounted for 83% of total revenues.
For the first time since 1996, both CDs and vinyl records experienced revenue growth in the same year.
The resurgence in vinyl continued for the 15th consecutive year, as revenues grew 61% to $1 billion in 2021. The last time vinyl records exceeded $1 billion was 1986. In 2021, revenues from CDs also grew 21% to $584 million, the first year-over-year increase in CD revenues since 2004.
“The incredible run of strong, industry-wide growth documented in this and prior reports speaks to the dynamic and vibrant creative and commercial relationships today’s labels have built with their artist partners,” says RIAA Chairman and CEO Mitch Glazier. “Labels haven’t simply reinvented themselves, they have helped transform the entire process of music creation, discovery, and distribution to bolster creative freedom and artistic expression while seamlessly meeting fans everywhere and anywhere they want to be. The result has been an incredibly vibrant period delivering new opportunities, platforms, and experiences–from music-powered fitness apps to gaming platform livestream concerts to must-have vinyl exclusives to global surprise digital album drops. Creative genius unleashed in new ways driving shared commercial success and record payments to artists.
“No industry in history has embraced changing technologies and innovations faster than music over the last ten years–taking streaming from novelty to ubiquitous in the blink of an eye and now working to drive a new generation of social apps, shared immersive experiences, and blockchain/NFT opportunities going forward,” he adds.
RIAA’s full 2021 Recorded Music Revenue Report is available here.
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