(True Public Relations) The Recording Industry Association of America (RIAA) reports the industry has hit new revenue milestones after a decade of transformation, today releasing data for mid-year 2023 reflecting the ninth consecutive year of growth. Total revenues grew 9.3% at estimated retail value and marked an all-time first half high of $8.4 billion as paid subscriptions remained the strongest driver, accounting for 78% of streaming revenues.
RIAA Chairman & CEO Mitch Glazier observed, "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."
Streaming remains the dominant form of music consumption in the United States, responsible for 84% of total recorded music revenues in the U.S. and growing 10.3% to $7 billion. Paid subscriptions grew even faster, topping 11% growth over the first half of this year. Over the past five years, the number of people paying for music subscriptions has more than doubled.
Physical formats have now reached their highest level since the first half of 2013 with total revenues up 5% over 2022 at $882 million. Vinyl maintains its popularity, reaching $632 million for the first half of 2023 and accounting for 72% of all physical music sales. Read the full report here.
Lupe Fiasco Headlines RIAA Benefit For Musicians On Call
Eli Young Band To Debut New Song On TODAY With Jenna & Friends
DJ Khaled Celebrates 17 RIAA Certifications
Chris Janson's 'Buy Me A Boat' Certified 5x Platinum
Live: Lollapalooza 2025 - Day Four Report
Live: Lollapalooza 2025 - Day Three Report
Live: Lollapalooza 2025 - Day Two Report
Hot In The City: Drunk Shakespeare Staggers Into Phoenix
Live: Lollapalooza 2025 - Day One Report
Metallica's Lars Ulrich Addresses Sphere Las Vegas Rumor
Ozzy Osbourne: Coming Home Documentary To Premiere August 18th
Hear Winona Fighter Unplug For Violent Femme's 'Blister In The Sun' Cover
Of Monsters and Men Return With 'Ordinary Creature' Video
Peter Gabriel Taking Fans Back To 1982 With 'Live At Womad'
Saving Abel 'Keep Swinging' With New Video
Trivium Announce 'Struck Dead' EP With 'Bury Me With My Screams' Video
Singled Out: saturdays at your place's what am I supposed to do?