The Recording Industry Association of America (RIAA) has unveiled its latest findings, revealing that music streams played a significant role in total revenue sales last year.
According to the RIAA’s released revenue figures for recorded music in 2023, there was an impressive 8 percent growth, reaching a staggering $17.1 billion.
This marks the highest top-line number recorded, as stated in a recent press release. Notably, this marks the eighth consecutive year of revenue growth in the industry.
A standout highlight from the report indicates that streaming accounted for a whopping 84 percent of total revenue, amounting to $14.4 billion.
Additionally, a record-breaking 96.8 million individuals subscribed to on-demand services.
In terms of revenue from paid subscriptions, there was a notable increase, reaching $11.2 billion. This accounted for 78 percent of streaming revenues and nearly two-thirds of total revenues.
Further, physical formats experienced growth, with an 11 percent uptick to $1.9 billion. Vinyl revenue notably saw its 17th consecutive year of growth, rising by 10 percent last year.
“Recorded music keeps reaching new heights as labels’ ‘all of the above’ commitment to meet fans everywhere they want to be continued to pay off for the entire music community,” Mitch Glazier, RIAA Chairman and CEO said.
Glazier highlighted the added value brought by licensing social networks, fitness apps, and short-form videos, while also acknowledging the resurgence in physical sales, particularly in vinyl records.
