RIAA Releases 2022 Revenue Report

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Courtesy of RIAA

The Recording Industry Association of America (RIAA) released their annual recorded music revenue report, reflecting the seventh consecutive year of growth.

The report also marks the all-time high of $15.9 billion in estimated retail value for 2022. Streaming is fueling the market with 92 million paying subscribers. Vinyl is making a steady resurgence, amplifying how actively fans engage with recorded music.

“2022 was an impressive year of sustained ‘growth-over-growth’ more than a decade after streaming’s explosion onto the music scene,” says RIAA Chairman & CEO Mitch Glazier. “Continuing that long run, subscription streaming revenues now make up two thirds of the market with a record high $13.3 billion. This long and ongoing arc of success has only been possible thanks to the determined and creative work of record companies fighting to build a healthy streaming economy where artists and rightsholders get paid wherever and whenever their work is used.”

Courtesy of RIAA

Streaming continued to be the largest driver and collectively accounted for 84% of total revenues through paid subscriptions, ad-supported services, digital and customized radio, and others.

Courtesy of RIAA

Still, physical music formats maintained an upward trend in revenues, up to 4% at $1.7 billion. For the first time since 1987, vinyl albums outsold CDs in units (41 million vs 33 million). Vinyl sales accounted for 71% of physical format revenues, and grew 17% to $1.2 billion in the sixteenth consecutive year of growth.

Read the full report here.

Caela Griffin
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