Now hear this: Gross sales of recorded music within the U.S. grew for the eighth consecutive 12 months in 2023, with streams accounting for a dominant 84% and vinyl up by double digits once more, the RIAA mentioned in its full-year report launched Tuesday. The sector total grew by 8% over 2022 to $17.1 billion.
Streaming continued to drive music gross sales final 12 months, with paid subscriptions to on-demand providers hitting an all-time excessive of 96.8 million. Revenues from paid subscriptions grew to $11.2 billion in 2023, accounting for 78% of streaming income and practically two-thirds of complete income, per the commerce group’s report (learn it right here).
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However fret not, old-school physical-media followers: LPS and CDs continued their outstanding comeback final 12 months, with complete income of $1.9 billion leaping 11% versus 2022. As extra people spin the black circle, vinyl posted a seventeenth consecutive 12 months of progress and outsold compact discs in items for simply the second time since 1987 — 43 million vs. 37 million. Income from data grew by 10% to $1.4 billion and accounted for 71% of the physical-format take.
Even CD income grew by 11% to $537 million in 2023.
“Recorded music retains reaching new heights as labels’ ‘the entire above’ dedication to satisfy followers all over the place they wish to be continued to repay for all the music neighborhood,” RIAA Chairman and CEO Mitch Glazier mentioned. “For artists, songwriters and followers, this sturdy and sustained progress alerts a time of unbelievable alternative – with new codecs, types and sounds rising up throughout revolutionary platforms and rising methods to pay attention. As new providers proceed to get totally licensed at charges reflecting music’s unbelievable worth, income for artists and songwriters will solely proceed to develop.”
