RIAA Report: Streaming Revenue Surpasses $1 Billion

RIAA has issued its semi-annual report on U.S. music business sales, shipments and revenues through the first half of the year.

According to the report:

During 1H, revenues from music streaming services surpassed $1 billion for the first time, growing 23 percent in 2015 to $1.03 billion, up from $834 million for 1H 2014.

Revenues from permanent digital downloads (including albums, single tracks, videos, and kiosk sales) declined 4 percent to $1.3 billion for the first half of 2015.

Total value of shipments in physical formats was $748 million, down 17 percent versus 1H 2014.

RIAA Chairman and CEO Cary Sherman commented, “The data continues to reflect the story of a business undergoing an enormous transition. There are many positive signs: continuing the trend from 2014, wholesale revenues for the first half of 2015 increased. And revenues from streaming music services continue to grow at a healthy double digit rate. The product of music and the extraordinary roster of artists represented by today’s music labels remains in high demand. That is the bedrock of a successful future.

“At the same time, intense demand and billions of streams does not always equal fair market rates or a fair playing field. Addressing that is an essential element of fulfilling the enormous promise of today’s digital marketplace.”