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.”
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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
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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.
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