U.S. Recorded Music Revenues Hits All-Time High of $8.4B in First Half of 2023: RIAA REPORT

Recorded music revenues reached an all-time first half high of $8.4 billion in 2023, growing 9.3% at estimated retail value. Streaming continued to flourish at $7.0 billion, and accounted for 84% of the first half total, with paid subscriptions still the strongest driver of revenue growth, increasing by more than $550 million and averaging 96 million subscriptions during the period. Physical music formats reached the highest level since 1H 2013 with vinyl albums outselling CDs in units for the third consecutive year. 

“This report describes a thriving, growing music ecosystem that continues to reach new heights and shape our culture,” RIAA chairman/CEO Mitch Glazier said in a statement accompanying the report. “And it reflects the creative human genius and hard work of all the artists, songwriters, labels, publishers and services who make the music happen and meet fans and audiences where they are in today’s forward looking and innovative music community.” S: RIAA


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