RIAA Releases Year-End 2018 Report, Sees Third Year Of Double-Digit Growth

The U.S. music industry experienced its third consecutive year of double-digit growth in 2018 with retail revenues up 12 percent to $9.8 billion.

Streaming now comprises 75 percent of total industry revenues, as more than 50 million paid subscriptions have been realized. Vinyl continues to be a bright spot for the physical market, up 8 percent to $419 million, the highest revenue level since 1988.

See the full report here.

RIAA Chairman & CEO Mitch Glazier commented in Medium:

You can feel rising excitement and optimism within the halls of the record labels, and it’s a moment worth celebrating.

Rejuvenation in the industry means more opportunities to find and break new artists for fans to enjoy. In response to a growing market, labels are doubling down on what they do best: investing in great music makers and innovative businesses to realize creative visions and bolster the strong connection between artists and their fans.