The Recording Industry Association of America® (RIAA) has announced that the music industry in the United States has achieved significant revenue milestones, revealing data for mid-year 2023 that marks the ninth consecutive year of growth. Total revenues surged by 9.3% at estimated retail value, reaching an unprecedented first-half high of $8.4 billion.
The driving force behind this remarkable growth continues to be paid subscriptions, which accounted for a substantial 78% of streaming revenues. Streaming continues to reign supreme in music consumption, representing 84% of total recorded music revenues in the U.S. and increasing by 10.3% to reach a staggering $7 billion.
RIAA Chairman & CEO Mitch Glazier says, “this report describes a thriving, growing music ecosystem that continues to reach new heights and shape our culture. And it reflects the creative human genius and hard work of all the artists, songwriters, labels, publishers, and services who make the music happen and meet fans and audiences where they are in today’s forward looking and innovative music community.”
Notably, paid subscriptions have experienced explosive growth, surpassing 11% in the first half of this year alone, with the number of music subscription users more than doubling over the past five years.
Physical formats have also made a notable resurgence, achieving their highest revenue levels since the first half of 2013, with a 5% increase over 2022, amounting to $882 million. Vinyl records, in particular, maintain their enduring popularity, accounting for an impressive 72% of all physical music sales and generating $632 million in the first half of 2023.
These milestones underscore the music industry’s resilience and adaptability as it continues to evolve and thrive in the digital age. You can read the full report here.