Music industry revenues increased 27 percent in the first half of 2021, RIAA report finds

[Shawn Knight]

In brief: The Recording Industry Association of America (RIAA) in its mid-year 2021 report found that recorded music revenues in the US grew 27 percent in the first half of this year compared to the same period a year ago, from $5.6 billion to $7.1 billion (at retail value).

Streaming music continues to be the biggest cash cow for the music industry, accounting for 84 percent of all US music industry revenues in the first half of 2021.

In the streaming subset, paid subscriptions led the way by a huge margin. In the first half, paid subscriptions generated $4.6 billion. That’s nearly two-thirds of total music revenues, and represents an increase of 26 percent year over year.

The number of subscriptions increased, too, reaching a record of 82 million in the half. That represents growth of 13 percent compared to the 73 million subscriptions in the first half of 2020.

Digital downloads, once a leading revenue channel, accounted for just five percent of total revenues – or $319 million – in the half.

Physical music sales continued to impress, especially vinyl. In the first half of 2021, revenues from vinyl albums increased 94 percent to $467 million. Of course, comparisons in this category are a bit unfair considering Covid-19 lockdowns had a major impact on physical music sales last year.

Sales of CDs are up 44 percent so far this year, but are still 19 percent lower than they were in 2019 before the pandemic.

Image credit Bryan Catota, Elviss Railijs Bitans

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https://www.techspot.com/news/91228-music-industry-revenues-increased-27-percent-first-half.html

 

[zulu53]

All those people at home not working had to do something. Listening to music and watching TV was it. Escapism is what it is called. But is it a sustainable? Either the lifestyle or the music/media subscription growth?

 

[envirovore]

And yet the majority of artists are still getting jack sh*t from all those streams and sales as the majority of profit goes to the labels.

Buy from the artist or via Bandcamp (especially on the fridays they don't take a cut, but even aside from then, at least the band gets the rest of the sale after their cut otherwise) when ever possible.
Buy merch, again either direct from artist or their Bandcamp.

The RIAA can go get bent.

 

[umbala]

Aren't they always complaining that music piracy is destroying their industry? Yet here we are with record profits year after year.

 

[NumberSix]

I have not bought any music whatsoever since Google shut Google Play Music down. I had bought my music exclusivity from GPM since it started and found it very convenient, the thing is so did my family and this must have been replicated worldwide, we cannot be that unique.

YouTube Music can kiss my fat arse.

 

[ypsylon]

RIAA the same lunatics which were chasing people across the World for downloading mp3 from P2P.

Caught anyone recently losers?

 

[trgz]

As an aside, please Techspot, don't use pictures of those useless pieces of plastic ie the PSA record decks (FYI I'm not a fan of vinyl - I have a Rega that I rarely use these days)

 

[VaRmeNsI]

You can use most streaming apps for free using modified versions.

Support independent artists, drain the beast.