The RIAA’s 2020 Year-End Music Industry Revenue Report shows the fifth consecutive year of growth for the industry.
According to the report, United States recorded music revenues grew 9.2 percent in 2020 to $12.2 billion at estimated retail value.
Streaming revenues grew 13 percent to $10.1 billion, making up 83 percent of total revenue. For the first time, the streaming category includes music license revenues from Facebook and streaming fitness services like Peloton.
Paid subscription services continued to be the primary driver of revenue increases. Revenues from paid subscriptions grew 15 percent to $7.7 billion, making up almost two-thirds of total recorded music revenue. The industry added 15 million new subscriptions in 2020, the most ever in a single year, reaching a total of more than 75 million.
For the first time since 1986, revenues from vinyl records were larger than from CDs. Total revenues from physical products were virtually flat at $1.1 billion.
Read more on the 2020 numbers from RIAA Chairman & CEO Mitch Glazier, here.
Click here for the full report.
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