RIAA has published its 2021 Mid-Year Music Industry Revenue Report, most notably finding that recorded music grew 27% in the first half of 2021.
Compared to the previous year, recorded music revenues jumped from $5.6 to $7.1 billion. The report breaks down major contributors as follows: music streaming (84%), physical products (10%), digital downloads (5%), and synch (2%).
Paid subscriptions reached 80 million for the first time and continued to be the most essential contributor for growth. According to the RIAA report, they accounted for nearly 2/3 of total revenues and 78% of streaming revenue.
The RIAA adds, “The effects of Covid-19 continued to affect the industry, and year-over-year comparisons are significantly impacted by store closures, tour cancellations, and other disruptions from both 2020 and 2021.”
Read the full report here.