The Recording Industry In The US Set A Record-Breaking Mid-Year Revenue Of $8.4 Billion

The Recording Industry Association of America® (RIAA) has stated that the music industry in the United States has reached key financial milestones, revealing data for 2023, the ninth consecutive year of increase.

Total sales increased by 9.3% at estimated retail value, hitting an all-time high of $8.4 billion in the first half.

Paid subscriptions continue to be the driving force behind this incredible rise, accounting for a huge 78% of streaming income. Streaming continues to dominate music consumption, accounting for 84% of total recorded music revenues in the United States and increasing by 10.3% to a stunning $7 billion.

RELATED: Spotify Is Closer To $40 Billion In Total Payments To The Music Industry

“This report describes a thriving, growing music ecosystem that continues to reach new heights and shape our culture,” says RIAA Chairman & CEO Mitch Glazier. And it reflects all of the artists, composers, labels, publishers, and services who make music happen and meet fans and audiences where they are in today’s forward-thinking and innovative music community.”

Notably, paid subscriptions have grown rapidly, exceeding 11% in the first half of this year alone, with the number of music subscription customers more than doubling in the last five years.

Physical formats have also had a significant recovery, reaching their greatest income levels since the first half of 2013, with a 5% rise over 2022, totaling $882 million. Vinyl records, in particular, continue to be popular, accounting for 72% of all physical music sales and generating $632 million in the first half of 2023.

RELATED: The U.S. Music Industry Generated $7.7 Billion During H1 2022 As Streaming’s Growth Slowed, RIAA Report Shows

These landmarks demonstrate the music industry’s durability and adaptability as it evolves and thrives in the digital age. The whole report is available here.

The Recording Industry In The US Set A Record-Breaking Mid-Year Revenue Of $8.4 Billion

The Recording Industry Association of America® (RIAA) has stated that the music industry in the United States has reached key financial milestones, revealing data for 2023, the ninth consecutive year of increase.

RELATED: Spotify Is Closer To $40 Billion In Total Payments To The Music Industry

RELATED: The U.S. Music Industry Generated $7.7 Billion During H1 2022 As Streaming’s Growth Slowed, RIAA Report Shows

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