Image credit: Gilly
The U.S recorded music industry grew an impressive 27% year over year during 2021’s opening half and generated $7.1 billion, according to a report released from the RIAA.
In a recent paper released by the RIAA the U.S recorded music industry grew by 27% across Q1 and Q2 of 2021. Meaning that there was an eye-watering $7.1 billion generated in revenue, this is considerably larger than 2020’s recorded-music revenue of the same time last year, which was $5.6 billion.
Streaming accounted for 26% more in H1 2021 than H1 2020, showing continued growth in streaming revenue. Paid streaming subscriptions, which account for the lion’s share of Spotify revenue, brought $4.6 billion to the U.S recorded music industry, which is up 26% YoY.
The U.S has also shown an increase in streaming service subscriptions in general, increasing from 72.6 million to 82.1 million in H1 2021. Spotify’s own Q2 2021 earnings report showed that about 48 million of the services 165 million subscribers were based in North America.
This latest report is further proof of streamings dominance in the music industry, which is showing continuous growth year on year. It’s also interesting to see Spotify gain ground in the U.S, however they face stiff competition from the likes of Apple Music. Either way, it’s clear to see that streaming is now fully solidified within the music industry.