U.S. Recorded Music Revenue Scores All-Time High of $15.9 Billion in 2022, Per RIAA Report

variety.com:

Jem Aswad Senior Music Editor The U.S. recorded-music industry reached an all-time high of $15.9 billion in 2022, marking the industry’s seventh consecutive year of growth.

While overall streaming growth has been leveling off in recent years, with 92 million paid U.S. subscriptions, it’s clearly continuing to grow and fuel the market while the steady resurgence of vinyl continues.

Collectively accounting for 84% of total revenues, streaming continued to be the largest driver with paid subscriptions, ad-supported services, digital and customized radio, social media platforms, digital fitness apps and others, according to the report.

Paid subscriptions were up 7% to a record high revenue of $13.3 billion. Revenues grew 8% to $10.2 billion, passing the $10 billion mark for the first time.