The Recording Industry Association of America says in the first half of 2020, thanks to growth in paid streaming subscriptions (up 24%), revenue hit $5.7 billion in the first half of 2020, an increase of 5.6%
Streaming music revenues grew 12% to $4.8 billion in the first half of 2020. This category includes revenues from subscription services (such as paid versions of Spotify, Apple Music, Amazon, and others), digital and customized radio services, including those revenues distributed by SoundExchange (like Pandora, SiriusXM, and other Internet radio), and ad-supported on-demand streaming services (such as YouTube, Vevo, and ad-supported Spotify).
Digital download’s share of the market continued to decline in 1H 2020. The category’s share of total revenues fell from 8% to 6%. Revenues of $351 million were a 22% decline versus the first half of 2019. Individual track sales revenues were down 27% year-over-year, and digital album revenues declined 18%.
Growth in ad-supported streaming revenues dropped due to COVID-19. Physical sales, including vinyl albums and compact discs, were also affected by the pandemic and fell 23%.
You can read the RIAA’s full mid-year report HERE.