RIAA figures also show that sales of vinyl rose 8% on the previous year…
A report by The Recording Industry Association of America (RIAA) has shown that 75% of music revenue made in the retail sector within the US last year came from streaming.
These figures are thanks to the continued popularity of subscription services to streaming platforms such as Spotify, Apple Music and Tidal.
Total revenue from recorded music in the retail sector hit $9.8 billion over the course of the 12 months of 2018, a 12% increase on 2017’s figures. Last year was also the third consecutive year of two-digit growth in revenue in the sector, thanks to streaming subscriptions. Revenue from CD sales, conversely, saw a 37% decrease on the previous year, continuing a sharp decline.
It’s not all doom and gloom for physical sales though, with vinyl seeing an 8% increase on 2017’s figures. You can read the RIAA report here.
It was recently revealed that Spotify has spent $340 million on expanding its podcast services, while SoundCloud earlier this month made the move to allow musicians to distribute their own music from the service to streaming platforms like Spotify.
Check Spotify’s final quarterly fiscal report for 2018 here.