Spotify and Apple Music now have close to 75.5 million subscribers.
A new annual year-end report by America’s Recording Industry Association shows overall recorded music revenue increased by roughly 9.2 percent in 2020 — $12.2 billion USD. Much of this was due to the growth of music streaming ($10.1 billion USD), fueled by the COVID-19 pandemic.
This revenue growth is a relatively significant increase compared to 2019’s reported $8.9 billion USD. Both Spotify and Apple Music were the two msot dominating streaming platforms, raising approximately $7 billion USD amongst the two, while subscriptions rose from 60.4 million to 75.5 million. Compiling all of this data together, the figures show 83% of the music industry’s revenue came as a result of streaming. While sales of CDs and digital downloads continue on a steady descent, vinyl, surprisingly, saw increased sales — 29.2 percent ($619.6 million USD) compared to last year.