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Generating $7.1B at retail value during the first half of the year.
According to a report by the Recording Industry Association of America (RIAA), recorded music has grown by 27% in the first half of 2021.
As per the RIAA report, the industry generated a hefty $7.1B at retail value when compared to the $5.1B from the same period of 2020, while the share of these revenues owned by rights holders also increased by 25%.
Music streaming platforms still dominate the modern market, being responsible for 84% of the total revenue, with paid subscriptions amassing a whopping $4.6B. Meanwhile, physical sales of music CDs have grown by 43.9% and 94% for vinyl.
It is worth noting that RIAA’s report signaling continuous growth on behalf of the industry comes at a moment in which the relationship between artists and streaming platforms is deteriorating over adequate compensation.