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RIAA Publishes Mid-year 2023 Revenue Report - Music Streaming Remains at the Top
- Michele
- 25 September 2023, Monday
The Recording Industry Association of America (RIAA) published its mid-year 2023 revenue report. According to the summary, streaming services remain the most relevant drivers of revenue growth for the fourth time in a row.
Streaming services remain the most important
The Recording Industry Association of America (RIAA), which represents the music recording industry in the United States, published its mid-year 2023 revenue report. According to the summary, streaming services remain the most relevant drivers of revenue growth for the fourth time in a row. So far, they made up 84% of all recorded music revenues in the U.S.
The number includes different formats, including paid subscription services, digital and customized radio, social media music licenses, and ad-supported services. According to the report, paid streaming services outperformed those based on advertisements. This emphasizes the relevance of platforms such as Spotify, Apple Music, or Deezer. SoundExchange payouts increased 7% to $498 million - ad-supported streaming revenue lies at 57%.
While digital subscriptions and streaming services stay at the top, physical music formats have not lost their relevance. Vinyl albums remain popular and are more in demand than CDs for the third time in a row.
What do the numbers tell independent musicians about the music industry?
The numbers published by RIAA showcase a trend within the music industry that will not change anytime soon: the relevance of music streaming services. What makes them popular from a consumer perspective is the ease with which music can be listened to for a manageable monthly fee.
Meanwhile, artists can benefit from streaming platforms on many different levels. They can make their music more accessible to their fans, get discovered through song radios and playlists, have their songs played directly on social media platforms, and monetize their projects. For these and many other reasons, it makes sense for musicians to upload their music to Spotify and similar platforms with the help of a music distributor.
However, this does not mean they shouldn’t look into other ways to monetize their music, such as vinyl versions of their songs and albums. Those are especially relevant in EDM-related genres, as many DJs prefer to work with vinyls.
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