by: Rachel Narozniak
Mar 25, 2018
The Recording Industry Association of America — RIAA — surveyed the state of the US music market in its summary of the sales of recorded music in the United States.
The RIAA’s report indicated that physical sales have surpassed those of the digital download market for the first time since 2011. Revenues for the physical and digital sectors increased 16.5% to $8.7 billion, despite the industry’s regression to its 2008 revenue level, which is 40% off “peak numbers.”
Streaming unsurprisingly comprises a large portion of the US music market, accounting for up to 65% of total recorded music revenues. Paid subscriptions to music streaming services like Spotify and Apple Music exceeded 35 million subscribers, as compared with a total of 22.7 million in 2016.
More than 300 billion songs were streamed on streaming services that show ads, including YouTube, VEVO, and ad-supported Spotify.
Downloads alternatively fell 25%, in the midst of the physical market’s loss of just 4%, a decrease that the summary underscores as “a lower rate of decline than recent years.”
When it comes to physical formats, vinyl reigns supreme in market ascendance, rising the fastest out of all physical products. Revenues from LP and EP sales rose 10% in 2017 alone, thus marking the 12th consecutive year of sales climbs for vinyl, vinyl now making up 8.5% of all US album sales.
H/T: Resident Advisor