Published
Fri, Feb 26, 2021, 22:45
- Streaming revenues rose 13.4 percent on-year, while revenues from vinyl sales jumped 28.7 percent.
The US music industry clocked its fifth straight year of growth in 2020, according to The Recording Industry Association of America (RIAA).
Revenues from recorded music grew 9.2 percent last year to $12.2 billion at estimated retail value, the RIAA said in a report. In comparison, revenues in the first half of 2020 were $5.7 billion and $11.1 billion in 2019.
More than 80 percent of that $12.2 billion figure came from streaming revenues, particularly paid subscriptions to on-demand streaming. The streaming category includes Spotify, Apple Music, Pandora, YouTube, fitness services and for the first time in 2020, Facebook's music license revenues, the report noted.
Overall, streaming revenues rose 13.4 percent to $10.1 billion in 2020, versus $8.9 billion in 2019.
Meanwhile, revenues from vinyl records in 2020 were bigger than CDs for the first time since 1986.
"Despite the challenges to retail sales from Covid-19 restrictions, vinyl grew 28.7% by value year-over-year to $626 million," the RIAA stated. Still, vinyl only accounts for 5.2 percent of total revenues by value, the report pointed out.
Read the full report here.