Source: Johnny Nunez / Getty
The music industry continues to thrive and prosper. Last year music revenue took in nearly $16 billion in revenue.
As per Variety the RIAA recently released 2022 Year End Report. Recorded music revenues in the U.S. in 2022 continued to grow for the seventh consecutive year. Total revenues grew 6% to a record high $15.9 billion at estimated retail value. Streaming continued to be the biggest driver of growth with record levels of engagement in paid subscriptions, continued growth in ad-supported format revenues, and growing contributions from new platforms and services. At wholesale value revenues grew 5% and exceeded $10 billion for the first time ever.
Streaming continued to account for a large majority of recorded music revenues in 2022. Paid subscriptions, ad-supported services, digital and customized radio, social media platforms, digital fitness apps and others grew 7% to a record high $13.3 billion in revenue. They collectively accounted for 84% of total revenues, up slightly from 83% in 2021. Revenues from paid subscription services grew 8% to $10.2 billion in 2022, exceeding $10 billion annually for the first time. They accounted for 77% of streaming revenues, and nearly two-thirds of total revenues. Limited tier subscriptions (services limited by factors such as mobile access, catalog availability, product features, or device restrictions) grew 18% to $1.1 billion. Services like Amazon Prime, Pandora Plus, music licenses for streaming fitness services, and other subscriptions are included in this category.
Revenues from physical music formats continued to growafter their remarkable resurgence in 2021. Total physical revenues of $1.7 billion were up 4% versus the prior year. Revenues from vinyl records grew 17% to $1.2 billion – the sixteenth consecutive year of growth – and accounted for 71% of physical format revenues. For the first time since 1987, vinyl albums outsold CDs in units (41 million vs 33 million). After a 2021 rebound versus the COVID impacted 2020, revenues from CDs fell 18% to $483 million in 2022.
You read the RIAA 2022 Year End Report here.
Photo: Uforia
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