RIAA Music Revenue Statistics 2021: 27% musical growth recorded in the US market
New data from the RIAA’s 2021 mid-year music industry revenue statistics showed that the US recorded music industry’s revenue increased 27% from 2020 The report of the Recording Industry Association of America (RIAA) indicates that listeners are enjoying and interested in recorded music: revenues increased from $ 5.6 billion to $ 7.1 billion in retail value.
Streaming accounted for 84% of revenue generated in the first half of 2021. RIAA music industry revenue statistics showed that in total, streaming revenue increased from $ 4.7 billion to $ 5.9 billion. over the period. Although streaming is a multi-faceted category, 840 billion on-demand streams have led to paid subscriptions as the main driver of streaming revenue. They accounted for nearly 2/3 of total returns in the United States, up 26% year-on-year and totaling $ 4.6 billion in the first half of 2021.
While the growth of digital subscription and streaming in the digital age is not surprising, the data also shows a growing interest in vinyl. LP’s revenue grew from $ 240.9 million in 2020 to $ 467.4 million in 2021, marking a staggering 94% increase from last year’s report. The relentless demand for physical units demonstrates that listeners value the vinyl experience. While their buying motivations are hidden, it’s fair to assume that they include an awareness of the music industry’s ongoing digitization and the economic inequalities it produces.
Because overall, the report clearly indicates the continued evolution of the music industry towards the digital sphere: the total value of digital revenues is 10 times higher than the revenues of physical units. At the same time, the trend towards paid subscriptions which make up the bulk of the industry’s profits is expected to continue.
The sustainable digitization of the music industry is certain; But RIAA 2021 music industry revenue statistics reveal a much more urgent truth: Due to the COVID-19 pandemic, the industry has suffered a reduction in revenue from the live industry, which revealed relentlessly that profit is monopolized in the hands of one size. -Suitable for all streaming providers – as opposed to record labels or music producers. The report is an invitation for the entire music industry to reflect on how revenues can be redistributed within the industry to enable artists and producers to create the music we love and advocate so much.
Music revenues 🎼 on physical formats rebounded after a Covid-19 impacted 2020 thanks to the continued growth 📈 of vinyl. First half physical music revenue up 76% from 1H ’20, and up 40% from 1H ’19. https://t.co/zAHjtSX35G #RIAAMusicData pic.twitter.com/rMz1hzfv7P
– RIAA (@RIAA) September 13, 2021
Image Credit: Reviewed / Betsey Goldwasser