The RIAA has released its annual year-end revenue report, surveying the state of the recorded music industry at the end of 2020. Despite the coronavirus pandemic, trends across the past several years carried on: Streaming is up 13.4%, generating $10.1 billion last year compared to $8.9 billion in 2019, accounting for 83% of the total revenue of the industry. Vinyl sales have continued to rise as well, increasing a whopping 29.2% to $619.6 million, compared to $479.5 million in 2019.
The rise in vinyl sales made up for the continued decline in CD sales, leading to a marginal 0.5% decrease in revenue across all physical media from to 2019 to 2020. Music downloads continue to trend downwards as well, decreasing by 18% to $674.4 million last year as compared to $822.8 million in 2019. The RIAA report concludes that streaming has driven the industry to grow for the fifth consecutive year, with revenues increasing 9.2% in 2020, generating $12.2 billion in total. Read the full report here.
Read “Buy Music Club Gives Playlist Lovers a Community-Driven Alternative” over on the Pitch.
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