March 9, 2023 |News Articles
2022 Year-End Music Industry Revenue Report | RIAA
Recorded music revenues in the U.S. in 2022 continued to grow for the seventh consecutive year. Total revenues grew 6% to a record high $15.9 billion at estimated retail value. Streaming continued
to be the biggest driver of growth with record levels of engagement in paid subscriptions, continued growth in ad-supported format revenues, and growing contributions from new platforms and services. Streaming grew 7% to $13.3 billion, and comprised 84% of revenues in 2022. The number of paid subscriptions to on-demand music services grew 10% to reach a new high, averaging 92.0 million in 2022, versus 84.0 million the prior year. At wholesale value revenues grew 5% and exceeded $10 billion for the first time ever.
Download the full report here.