RIAA reports strong U.S. recorded music revenue figures of $7.7 billion for the first half of 2022. The report also shows streaming revenues from paid subscriptions, ad-supported services, and other formats were up.
Streaming revenues from paid subscriptions, ad-supported services, and other formats grew 10% to $6.5 billion during the period. And the number of paid subscriptions topped 90 million for the first time.
RIAA reports “Streaming’s long run of success reflects the strength of the modern music economy and the value consumers have found in music subscriptions as well as labels’ tireless work developing additional sources and streams of revenue including ad-supported options on short form video and social media platforms as well as fitness apps and video and soundtrack placement.”
According to RIAA “Vinyl sales also remained strong increasing 22%, building on the format’s eye-popping growth last year. Music lovers clearly can’t get enough of vinyl’s warm sound and tangible connection to artists and labels have squarely met that demand with a steady stream of exclusives, special reissues, and beautifully crafted packages and discs.”
You can view the Report Here.
