September 21, 2017
By William Glanz
Streaming continued to serve as the music industry’s financial foundation during first half of 2017, according to a new industry report.
Data released yesterday by the Recording Industry Association of America (RIAA) shows the music industry recorded retail revenue of $4 billion during the first six months of 2017, a 17 percent increase over the first six months of 2016.
Wholesale revenue reached $2.7 billion during the first half of the year, a 14.6 percent increase over the first six months of 2016.
The music industry’s revenue from streaming reached $2.5 billion in the first six months of the year, an increase of 48 percent compared to last year. That means streaming accounted for 62 percent of the industry’s revenue.
The mid-year barometer shows an industry continuing to benefit from streaming, while revenue from physical and digital formats declined.
A new report released September 19 from the International Federation of the Phonographic Industry (IFPI) confirms the RIAA’s findings about the growth of streaming. The IFPI report found that 45 percent of consumers globally stream music, up from 37 percent a year ago.
Read the RIAA report here.