U.S Recorded Music Revenue Grew To A Record High Of $17.1 Billion Last Year.
Recorded music revenues in the U.S. in 2023 continued strong growth for the eighth consecutive year. Total revenues grew 8% to a record high $17.1 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 revenues, and growing contributions from new platforms and services. At wholesale value revenues grew 7% to a record high of $11 billion.
Streaming continued to account for the great majority of recorded music revenues in 2023. Paid subscriptions, ad supported services, digital and customized radio, social media platforms, digital fitness apps and others grew 8%
to a record high $14.4 billion in revenue. These services collectively accounted for 84% of total revenues for the
second year in a row.
Revenues from paid subscriptions grew 9% to $11.2 billion in 2023, accounting for 78% 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) fell 4% to $1.0 billion. Services like Amazon Prime, Pandora Plus, music licenses for streaming fitness services, and other subscriptions are included in this category
And physical formats continued their resurgence, up 11% to $1.9 billion. A 17th consecutive year of growth, up 10%, vinyl again led the way and for the second time since 1987 outsold CDs in units (43 million vs. 37 million).
