Supported by steady streaming growth, the record music industry saw the fourth consecutive year of double-digit growth in 2019, according to the annual revenue report released by the Recording Industry Association of America on Tuesday. That data shows streaming as king, generating 79.5% of the U.S. industry’s total revenue.
The newly revealed report showcases recorded music revenue as jumping 13% from the year previous, totaling $11.1 billion USD, the first time the industry has hit such numbers since 2006. Paid subscription services dominated the majority of streaming revenue, with ad-laced streaming and royalties helping to solidify music streaming’s hold. RIAA has also shared that subscriptions to various services like Spotify, Apple Music, and Tidal have jumped to 60.4 million in 2019, nearly 14 million more than the 46.9 million subscriptions from 2018. Streaming music alone in 2019 generated more money than the entirety of the industry in 2017.
Source Rolling Stone