The Recording Industry Association of America (RIAA) has released a new report revealing the industry has hit new revenue milestones after a decade of transformation, including data for mid-year 2023 reflecting the ninth consecutive year of growth.
Total revenues grew 9.3% at estimated retail value and marked an all-time, first-half high of $8.4 billion, as paid subscriptions remained the strongest driver, accounting for 78% of streaming revenues.
“This report describes a thriving, growing music ecosystem that continues to reach new heights and shape our culture,” says RIAA Chairman & CEO Mitch Glazier. “And it reflects the creative human genius and hard work of all the artists, songwriters, labels, publishers, and services who make the music happen and meet fans and audiences where they are in today’s forward looking and innovative music community.”
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