According to the RIAA report, US recorded music revenue will reach an all-time high of $15.9 billion in 2022

The music industry in the US hit an all-time high of $15.9 billion in 2022, marking the peak of the industry seventh consecutive year of growth. While overall streaming growth has flattened out in recent years at 92 million US paid subscriptions, it’s clearly continuing to grow and fuel the market while vinyl’s steady resurgence continues.

Accounting for 84% of total revenue, streaming continued to be the biggest driver, with paid subscriptions, ad-supported services, digital and personalized radio, social media platforms, digital fitness apps, and others, according to the report. Paid subscriptions grew 7% to record revenue of $13.3 billion. Revenue rose 8% to $10.2 billion, breaking the $10 billion mark for the first time.

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The number of paid subscriptions to on-demand music services continued to grow at double-digit rates in 2022. Average subscriptions for the year increased 10% to 92 million, according to the report, compared to an average of 84 million in 2021. (These numbers exclude limited services and count multi-user plans as a single subscription.)

Music revenue from ad-supported on-demand services (like YouTube, the ad-supported version of Spotify, Facebook, and others) grew at a slower pace than in previous years, rising 6% to $1.8 billion. Revenue from digital and custom radio music (like SiriusXM) slowed even further, down just 2% to $1.2 billion in 2022. SoundExchange distributions fell 3% to $959 million. Digital download revenue fell a whopping 20% ​​to $495 million.

Revenue from physical music formats also remained on the rise, albeit at a slower pace, rising 4% to $1.7 billion. However, the pandemic played a major role in the 17% growth in 2021 as record stores reopened after many months of lockdown.

Vinyl revenue, however, rose 17% to $1.2 billion — its 16th consecutive year of growth — and accounted for 71% of physical format revenue. For the first time since 1987, vinyl albums outsold CDs (41 million versus 33 million). After rebounding in 2021 compared to the impact of Covid in 2020, CD revenue fell 18% to $483 million in 2022.

“More than a decade after the explosion of streaming in the music scene, 2022 was an impressive year of sustained ‘growth upon growth’. Over the long term, subscription streaming revenue now accounts for two-thirds of the market at a robust record high of $13.3 billion. This long and enduring arc of success has only been possible thanks to the determined and creative work of record labels fighting to build a healthy streaming economy where artists and rights holders are paid wherever and whenever their work is used,” said RIAA Chairman and CEO Mitch Glazier.

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