The recorded music business in the US continues to grow at a remarkable rate. According to a new RIAA report, retail revenue from the recorded music business grew by 27% in the first half of 2021 versus the prior year. The jump in pure dollar terms was from $5.6 billion to $7.1 billion in retail value.
Streaming is where the majority of the money comes from, and has for some time. Paid subscriptions grew to an average of 82 million subscriptions, upping revenue from this source by 25% from $3.3 billion to $4.13 billion. On demand subscription revenue also jumped over 50% from $480 million to $741 million.
Physical music sales jumped 66.6% in total units shipped, while the physical value soared 75% percent. Vinyl makes up a large chunk of that, despite the shortage in materials, rising 94% in revenue from $240 million to $467 million. The total units sold went up 86% from 9.1 million to 17 million. CDs also went up 44% in revenue as well.
There were still some disruptions from COVID-19, but this is remarkable growth, possibly because listening to music at home was one of the only outlets to explore music without gigs and the slow return to work for people in many parts of the US.
Read the full report here.