According to a detailed report out Tuesday by the Recording Industry Association of America (RIAA), 2019 brought a substantial uptick in US-based music industry revenue, reports Digital Music News.
Streaming catapulted the double-digit gains; the format is now larger than the entire US-based recorded music market in 2017.
The annual analysis of recorded music’s total earnings indicated that U.S. recorded music revenue grew by an impressive 13 percent, from $9.8 billion in 2018 to $11.1 billion in 2019. Significantly, 2019 was the fourth consecutive year to feature double-digit revenue growth.
Even more staggeringly, year-2019 streaming figures are eclipsing entire recorded industry totals from previous years, including as recently as 2017.
Physical sales accounted for 10 percent of 2019’s recorded music revenue, while digital downloads came in at eight percent, and the quickly growing sync sphere delivered two percent.
Also worth noting is that paid streaming services brought vastly larger profits than both ad-supported on-demand music and digital radio services. At $6.8 billion, paid streaming revenue was 25 percent greater than in 2018 and accounted for 77 percent of all 2019 streaming earnings; digital radio came in second, streaming-wise, and ad-supported on-demand audio and video media followed in a close third place.
Lastly, enhanced streaming earnings were naturally accompanied by a major boost in the total number of paid subscribers. 60.4 million Americans paid for music streaming in 2019, up approximately 29 percent from 49.6 million in 2018.
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