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Streaming Is Growing — Just Not Like It Used To: 5 Takeaways From the RIAA Mid-Year Report
The music subscription market, the driving force behind the U.S. recorded music industry’s six-year growth streak, posted another gain in the first half of 2022, according to RIAA midyear figures released Wednesday (Sept. 21). But revenue from paid services such as Spotify, Apple Music and YouTube Music have slowed from earlier break-neck paces. After rising at double-digit growth rates in recent years, subscription revenue grew by only 9.4% in the first half of 2022, down from 11.3% at the mid-point of 2021 and 13.7% at the mid-point of 2020. The $387.6 million increase, to $4.5 billion, was less than half of the $823.5 million reported a year earlier, a period in which streaming services surged during the early pandemic’s lock-down periods and strict restrictions. Still, subscription rev...
