The record industry is seeing a major lift as streaming music through services such as Apple Music and Spotify in the United states grew by 26 percent in the first half of the year.
According to a report by The Verge, trade group Recording Industry Association of America released data stating that streaming services makes for a revenue of $4.3 billion which represents approximately 80 percent of the music industry’s overall revenue.
Despite including both paid subscriptions and ad-supported streams, the report also found that paid subscriptions grew by 31 percent, accounting for 62 percent of the industry’s total revenue. With Spotify, boasting over 100 million subscribers and Apple Music with 56 million paid subscribers, the record industry revenue in the US increased by 18 percent, hitting $5.4 billion in the first half of the year.
Meanwhile, physical media sales also saw an increase as both vinyl and CDs grew 5 and 13 percent respectively, with CDs sales making up roughly $485 million of the industry’s revenue and vinyl sales bringing an additional $224 million.
(Photo source: indiatvnews.com/ aperionaudio.com)
