RIAA has printed its 2021 Mid-Year Music Industry Revenue Report, most notably discovering that recorded music grew 27% within the first half of 2021.
In comparison with the earlier 12 months, recorded music revenues jumped from $5.6 to $7.1 billion. The report breaks down main contributors as follows: music streaming (84%), bodily merchandise (10%), digital downloads (5%), and synch (2%).
Paid subscriptions reached 80 million for the primary time and continued to be probably the most important contributor for progress. In response to the RIAA report, they accounted for practically 2/3 of complete revenues and 78% of streaming income.
The RIAA provides, “The consequences of Covid-19 continued to have an effect on the business, and year-over-year comparisons are considerably impacted by retailer closures, tour cancellations, and different disruptions from each 2020 and 2021.”
Learn the total report here.