The RIAA, or Recording Industry Association of America, released a comprehensive report on the revenue sources in the music industry exclusively in the United States in 2023. The total revenue saw an increase of 8% from 2022, reaching a record high of $17,115.1 billion. The primary growth continues to come from streaming, both from subscription and advertising.
Specifically, streaming revenue amounted to $14,358.1 billion, accounting for 84% of the total music revenue. The majority comes from subscriptions, with the remainder coming from online radio and ad-supported music listening services.
Digital downloads revenue continued to decline this year, at $434 million, including both track and album downloads. This revenue represents only 3% of the total revenue, significantly lower compared to 2012 when downloads accounted for 43% of the revenue.
Lastly, revenue from physical media sales currently stands at 11% of the total revenue at $1,912.0 billion. Vinyl records continue to see growth in sales, making up 71% of all physical media revenue, surpassing CDs and other formats.
TLDR: The RIAA reported a significant increase in total music revenue in the US in 2023, with streaming revenue leading the way, while digital downloads continue to decline, and vinyl records show growth in physical media sales.
Leave a Comment