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.
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