The music industry's trade organization found that 75% of music industry revenue last year resulted from consumers' continued embrace of music streaming services while vinyl continues to surge.
Vinyl shoppers at Pop Obscure Records in Los Angeles. Physical sales of vinyl records continued rebounding, up 8% to $419 million, the highest level since 1988.
Consumers’ use of streaming through paid subscriptions jumped 33% over 2017 levels, generating nearly $4.7 billion in revenue, up from $3.5 billion a year earlier, the RIAA reported.“Tremendous output from the artist community fueled a historic milestone of 50 million subscriptions to music services, which in turn helped drive U.S. music’s third consecutive year of double-digit growth,” RIAA Chairman and CEO Mitch Glazer said in a statement.
In a related study out of New York University’s Steinhardt Music Business Program, that growth of new artist signings was quantified: Major labels signed 658 new artists in 2017, the most recent figure available, up from 589 three years earlier. Other physical media, however, continued on a downward arc, with revenue from CD sales dropping almost 34% , music videos down more than 28% and “other physical media,” including cassette tapes, was off nearly 22% .
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