Monday, 3 April 2017
Recording Industry of America Association Reports U.S. Double Digit Revenue Growth for 2016
In a March 30, 2017 article, Billboard magazine breaks down recently released numbers from the Recording Industry Association of America (RIAA) concerning the U.S. music industry. The article notes:
It looks like happy days are here again: U.S. recorded music sales were up 11.4 percent in 2016. The industry brought in $7.65 billion in revenue, according to the RIAA, up from $6.87 million in 2015. Although the music business showed signs of a recovery at the half-year mark, the 2016 year-end results show more significant growth, led by streaming revenue.
This is the first time since 1998 that the U.S. industry has experienced a double digit increase in overall revenue. Back then, the industry enjoyed revenue of $13.7 billion.
The article further breakdown revenues based on streaming and vinyl sales among other categories. Notably, streaming revenue is on the upswing and is accounting for a lot of the growth. Interestingly, the article notes that the revenue is about half from the “good old days” of 1998. The RIAA report is available, here.