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AppleInsider - Streaming now accounts for 79% of US music industry revenue, RIAA says - xSicKxBot - 02-26-2020
Streaming now accounts for 79% of US music industry revenue, RIAA says
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<p class="gray small byline"> By <a href="https://appleinsider.com/cdn-cgi/l/email-protection#8ae4effdf9caebfafae6efe3e4f9e3eeeff8a4e9e5e7">AppleInsider Staff </a> <br /><span class="gray">Tuesday, February 25, 2020, 07:53 pm PT (10:53 pm ET)</span> </p>
<p> <span><span class="article-leader">Streaming services like Apple Music, Spotify and Pandora generated $8.8 billion to account for 79% of all U.S. music industry revenue in 2019, according to new data from the Recording Industry Association of America.<br /></span></p>
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<div class="article-img"><img src="https://www.sickgaming.net/blog/wp-content/uploads/2020/02/streaming-now-accounts-for-79-of-us-music-industry-revenue-riaa-says.jpg" alt="RIAA" height="368" class="lazy" data-original="https://www.sickgaming.net/blog/wp-content/uploads/2020/02/streaming-now-accounts-for-79-of-us-music-industry-revenue-riaa-says-1.jpg"><img src="https://www.sickgaming.net/blog/wp-content/uploads/2020/02/streaming-now-accounts-for-79-of-us-music-industry-revenue-riaa-says-1.jpg"></div>
<p><span class="minor2 small gray">Source: RIAA</span></div>
<p>In its full-year 2019 <a href="https://medium.com/@RIAA/charting-a-path-to-musics-sustainable-success-12a5625bbc7d">revenue report</a> for U.S. recorded music, the RIAA says streaming revenues were up 20% from 2018, a marked rise largely attributed to growth in paid streaming services. The overall industry grew 13% to hit $11.1 billion in retail value. </p>
<p>According to the report, revenues derived from subscriptions hit $6.8 billion last year, up 25% year-over-year. That sum equates to 61% of total recorded music revenues in the U.S., the group notes. Impressively, subscriptions accounted for 93% of streaming sector growth, with for-pay services adding an average of one million new accounts per month to top 60 million subscriptions in 2019. </p>
<p>RIAA Chairman and CEO Mitch Glazier in a blog post on Tuesday said, “Music isn’t transitioning to digital’ – it is leading a digital-first business.”</p>
<p>“Today’s report reflects the prospect of a future in which creators have a path forward,” Glazier said. “But it also reveals how much farther we must go to assure a healthy music community in which all music is valued and creators are fairly compensated. We still have not realized the full value of music on all digital services.”</p>
<p>Over the past ten years, streaming revenue has grown from a minuscule 5% slice of the overall pie to overtake both traditional physical media and digital downloads initially popularized by iTunes. In 2009, physical media accounted for 59% of all industry revenue followed by digital’s 34% share, figures that slid to a respective 10% and 8% of the whole in 2019. </p>
<p>Downloads have dropped precipitously as streaming usurps per-track and per-album purchases. According to the RIAA, digital fell 18% between 2018 and 2019, with last year <a href="https://variety.com/2020/music/news/rica-study-music-revenue-increases-streaming-subscriptions-1203515810/">being the first</a> since 2006 in which downloads brought in less than a billion dollars, reports <em>Variety</em>. For reference, streaming revenues first surpassed sales of digital downloads <a href="https://appleinsider.com/articles/16/03/22/streaming-music-usurps-digital-downloads-for-first-time-in-2015-riaa-says">in 2015</a>.</p>
<p>After revolutionizing the music distribution industry with iTunes and iPod, Apple debuted its own streaming service, <a href="https://appleinsider.com/inside/apple-music">Apple Music</a>, <a href="https://appleinsider.com/articles/15/06/10/everything-you-need-to-know-about-apple-music">in 2015</a>. The product challenges market incumbent Spotify, which boasted 124 million paid subscribers as of February. Apple last released public Apple Music statistics in June 2019, when the service accumulated <a href="https://appleinsider.com/articles/19/06/27/eddy-cue-says-apple-music-has-60-million-subscribers">60 million</a> subscribers. </p>
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https://www.sickgaming.net/blog/2020/02/26/streaming-now-accounts-for-79-of-us-music-industry-revenue-riaa-says/