Last year music streaming made up 75% of the recorded music revenue in the US showing just how popular streaming has become.
As the US music industry reports double-digit growth for the third year in a row, streaming is leading the way. A new report from the Recording Industry Association of America (RIAA) shows that last year music streaming revenues increased by 30% to $7.4 billion which accounts for 75% of the US’ total recorded music revenues.
The RIAA even said that in 2018 music streaming accounted “for virtually all revenue growth”. Overall, the US music industry grew by 12% last year propelled in large part thanks to the continued significant growth of music streaming.
The growth in music streaming is being pushed by the surge in subscriptions as people move more to paid subscriptions from ad-supported services like Spotify free. Last year paid subscription made over half of all revenues for the first time ever rising 32% for a total of $5.4 billion.