New stats confirmed by the RIAA are representing money spent on streaming subscriptions, as well as physical and digital music. The recording industry generated a massive $5.39 billion across all formats (plus sync) for the first half of the year. These numbers are pretty wild considering we are on track to be at $10 billion in revenue for the first time since 2007.
Furthermore, the U.S. recording industry is now generating more than $200 million every week, and approximately $30 million every day. While these numbers may surprise you, there is more. If the U.S. market continues growing by the same percentage as it did in H1 2019 as seen above, the U.S. will be generating over $1 billion every month from recorded music in the first half of 2020. You read that right: $1 billion every month.
While streaming services are growing at a rapid pace, our accessibility to music is growing too. Music streaming made up 80% of the revenue this past year. As you can see above, paid subscriptions are growing rapidly too. Amazon Music grew roughly 70 percent in the last year. However, at 32 million subscribers, it still is trailing Apple Music which is at 60 million. This leaving Spotify on top, which is still growing at 100 million subscribers.
Mitch Glazier, Chairman, and CEO of the RIAA joined the conversation as well. Regarding the recording industry revenue growth, he shared in a blog post:
Everywhere you look, our industry’s embrace of new technologies, approaches, and platforms is paying off for artists, fans, and everyone who loves great music… This continued growth lets record companies do more than ever to discover, promote, and protect great artists. Worldwide, labels now spend nearly $6 billion a year to find talent, enable artists to record, cut through the noise, and be heard.
In closing, the recording industry is continuing to grow. Furthermore, these staggering numbers of growth are evidence of it. People are listening to music more than ever, and we can only wait and see what the future holds for the industry, and how it will continue to adapt and change with technology and streaming.