WASHINGTON, DC (CelebrityAccess) – The Recording Business Affiliation of America (RIAA) has issued its mid-year evaluation, which incorporates the broadest vary of US income sources ever tabulated. The RIAA Mid-Yr 2024 Recorded Music Income Report displays progress of 4% to $8.7 billion in estimated retail worth as followers uncover and expertise music in additional methods than ever. Whole revenues grew by 3% at wholesale worth to a document excessive of $5.5 billion.
Learn your entire RIAA Mid-Yr 2024 Recorded Music Income Report right here.
“This report marks a landmark second in recorded music, with revenues hitting a document $8.7 billion for the primary half of 2024 because the music ecosystem continues to develop and evolve to ship for much more followers. Spanning a number of licensing avenues from health apps to short-form video, artists and labels are embracing innovation with accountable companions so extra People can have interaction with their favourite music nonetheless, each time and wherever they select,” mentioned RIAA Chairman & CEO Mitch Glazier. “This sustained progress fuels innovation and displays music’s unimaginable worth, laying the inspiration for a wholesome inventive ecosystem the place artists’ and songwriters’ visions can flourish over generations.”
Key Takeaways H1 2024:
- Streaming boasted roughly 84% of whole revenues for the fifth straight yr.
- At $5.7 billion, paid subscriptions accounted for practically two-thirds of whole mid-year income and averaged 99 million plans.
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- With a progress charge of 17%, vinyl tracked $740 million at mid-year and accounted for three-quarters of bodily revenues.
- For the fourth consecutive yr, vinyl outsold CDs in models (24 million vs 17 million).
RIAA VP of Analysis Matt Bass mentioned, “At the moment’s snapshot of recorded music revenues displays constant progress and hard-won sustainability in our trade as we proceed hitting new document highs yr after yr. As we push to additional strengthen and widen the inspiration of rights these income streams are constructed on, we stay up for continued success and extra alternatives for followers to interact with their favourite music.” Matt’s full commentary is accessible right here.