In its mid-year streaming report for 2021, the Recording Industry Association of America (RIAA) is reporting growth for recorded music revenues in the U.S. According to the RIAA, revenue for recorded music grew 27% in the first half of 2021 versus the prior year, from $5.6 to $7.1 billion at retail value.
The strongest contributor to recorded music revenue growth has continued to be paid subscriptions, which comprises nearly two-thirds of total revenue, averaging more than 80 million paid subscriptions for the first time.
The effects of COVID-19 are still evident on revenue accrued by the music industry, with year-over-year comparisons significantly impacted by store closures, tour cancellations, and other disruptions from both 2020 and 2021.
To read commentary about the report from RIAA Chairman and CEO, Mitch Glazier, click here.
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