US Music Industry Sees Fastest Growth in More Than 20 Years
The music business posted its fastest growth since Boyz II Men and Hootie & the Blowfish topped the charts 23 years ago.
US recorded music sales climbed 17 percent to $8.7 billion last year, the second straight gain in domestic revenue, the Recording Industry Association of America said Thursday.
At wholesale, revenues grew 12.6% to $5.9 billion. These increases were driven by more than 35 million paid subscriptions, a 56% growth year-over-year.
This is the first time since 1999 that US music revenues grew materially for two years in a row, while gaps in core rights continue to distort the marketplace and deprive recording artists and songwriters of the royalties they deserve.
See the full report here and read more from RIAA Chairman & CEO Cary Sherman in his Medium commentary here.