The Recording Industry Association of America (RIAA) has reported some positive results for 2022, showing strong U.S. recorded music revenue of $7.7 billion.
As detailed in the report, streaming revenues from paid subscriptions, ad-supported services and other formats grew 10 percent to $6.5 billion during this period with the number of paid subscriptions topping 90 million for the first time. Vinyl sales also remained strong, increasing 22 percent.
The report also made mention of the recent growth for songwriters and publishers from PROs, such as ASCAP and BMI, who have reported record payments, as well as 2022 signaling one of the strongest years ever for live music as touring continues to return post-pandemic and the increase in new innovations, such as Web3, NFTs, spatial audio and more. Mitch Glazier, Chairman and CEO of the RIAA, also noted the continued efforts to ensure artists get paid for their work everywhere and for every way it’s used, including global anti-piracy efforts and protect artists’ rights across all platforms.
The RIAA also took time to discuss the celebration of all styles and genres of music, which is noted by the continued growth in Latin music. This will be further documented in the coming weeks with an RIAA Latin-music focused report. Finally, Glazier focused on the commitment from labels in the diversity, equality and inclusion space as meaningful progress has been show in hiring and elevating leaders from underrepresented groups.
“Today’s report is good news for artists, songwriters, streaming services and fans—everyone with a stake in music’s future. We truly are seeing the power of recorded music’s rising tide to lift all boats across the music family,” notes Glazier. “We are proud of the creative and commercial accomplishments reflected in the strong results reported today. But to achieve true success, we must go beyond the balance sheet and work to advance fundamental music community values.”
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