Music recorded retail revenues in the United States grew 18%, to $5.4 billion, in the first half of 2019, according to MusicRow citing the Recording Industry Association of America’s (RIAA) Mid-Year Report for 2019. In 2018, the U.S. music industry’s retail revenues had reached $4.6 billion.
That double-digit growth rate is driven by the number of paid streaming subscriptions totaling more than 60 million for the first time (up 30% from 2018)—this represents an average of more than 1 million new subscriptions per month over the past 12 months.
Streaming revenues alone grew 26% to $4.3 billion in the first half of this year (up from $3.4 billion in 2018), and includes revenues from subscription services, digital and customized radio services including those revenues distributed by SoundExchange, and ad-supported, on-demand streaming services. Paid subscriptions made up 62% of overall industry revenues and account for 77% of U.S. streaming music revenues for the first half of 2019.
Streaming now generates 80% of music business revenues.
“This continued growth lets record companies do more than ever to discover, promote, and protect great artists,” RIAA’s Chairman and CEO Mitch Glazier said in a statement.
“Worldwide, labels now spend nearly $6 billion a year to find talent, enable artists to record, cut through the noise, and be heard. Finding and developing new talent is the lifeblood of the business, with 20% of a major label’s roster of artists signed fresh each year. 7 in 10 unsigned artists want a label deal to help them make it in an increasingly complicated and high-tech business.
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