February 26, 2021 |News Articles
RIAA Releases 2020 Year-End Music Industry Revenue Report
United States recorded music revenues grew 9.2% in 2020 to $12.2 billion at estimated retail value. This is the fifth consecutive year of growth for the industry, as paid subscription services continued to be the primary driver of revenue increases, and reached a record number of subscriptions. Streaming music’s share of total revenues grew to 83%. Covid-19 affected the industry significantly through tour cancellations, retail store closures, and other disruptions. Revenues from recorded music measured at wholesale value grew 8.9% to $8.0 billion.
Full report can be found here.