The RIAA has released its annual mid-year report and its shows a U.S. recorded music market in strong growth mode. Total revenue grew 18% to $5.4 billion in the first half of 2019.
4 Big Takeaways
- Streaming now accounts for 80% of recorded music industry revenues
- The number of paid music subscriptions are growing at the rate of 1 million per month, exceeding 60 million for the first time.
- 20% of a major label’s roster of artists signed fresh each year.
- 7 in 10 unsigned artists still want a label deal “to help them make it in an increasingly complicated and high-tech business.”
Read the full RIAA Mid-Year 2019 report (pdf).