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8 months ago
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Now hear this: Sales of recorded music in the U.S. grew for the eighth consecutive year in 2023, with streams accounting for a dominant 84% and vinyl up by double digits again, the RIAA said in its full-year report released Tuesday. The sector overall grew by 8% over 2022 to $17.1 billion.
Streaming continued to drive music sales last year, with paid subscriptions to on-demand services hitting an all-time high of 96.8 million. Revenues from paid subscriptions grew to $11.2 billion in 2023, accounting for 78% of streaming revenue and nearly two-thirds of total revenue, per the trade group’s report (read it here).
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But fret not, old-school physical-media fans: LPS and CDs continued their remarkable comeback last year, with total revenue of $1.9 billion jumping 11% versus 2022. Vinyl posted a 17th consecutive year of growth and outsold compact discs in units for just the second time since 1987 — 43 million vs. 37 million. Revenue from records grew by 10% to $1.4 billion and accounted for 71% of the physical-format take.
Even CD revenue grew by 11% to $537 million in 2023.
“Recorded music keeps reaching new heights as labels’ ‘all of the above’ commitment to meet fans everywhere they want to be continued to pay off for the entire music community,” RIAA Chairman and CEO Mitch Glazier said. “For artists, songwriters and fans, this strong and sustained growth signals a time of incredible opportunity – with new formats, styles and sounds rising up across innovative platforms and emerging ways to listen. As new services continue to get fully licensed at rates reflecting music’s incredible value, revenue for artists and songwriters will only continue to grow.”
