The Recording Industry Association of America (RIAA) has launched its annual year-end music business revenue report. Revenues from recorded music within the retail sector reached $9.Eight billion in 2018, which marks a 12% enhance from 2017. Last yr marked the third consecutive yr of double-digit progress pushed primarily by elevated revenues from paid streaming subscription companies.
The RIAA experiences that 75% of the music business’s complete income was indebted to subscriptions to streaming companies final yr. In 2018, streaming companies reminiscent of Spotify, Apple Music, Tidal, Amazon Music, and others reached greater than 50 million subscriptions within the United States for the primary time. Additionally, vinyl gross sales noticed a rise of 8% from 2017, reaching the format’s highest income stage since 1988. CD gross sales dropped 34%. View the full report.
Read “How to Be a Responsible Music Fan in the Age of Streaming.”
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