Streaming Made up 83% of Music Industry's Revenue in 2020
Spotify and Apple Music now have close to 75.5 million subscribers.
![Streaming RIAA 83 Percent Spotify Apple Music Industry 75 million subscribers 619 6 usd Recording Industry Association info](https://image-cdn.hypb.st/https%3A%2F%2Fhypebeast.com%2Fimage%2F2021%2F02%2Fstreaming-riaa-83-percent-spotify-apple-music-industry-info-1.jpg?cbr=1&q=90)
A new annual year-end report by America’s Recording Industry Association shows overall recorded music revenue increased by roughly 9.2 percent in 2020 — $12.2 billion USD. Much of this was due to the growth of music streaming ($10.1 billion USD), fueled by the COVID-19 pandemic.
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This revenue growth is a relatively significant increase compared to 2019’s reported $8.9 billion USD. Both Spotify and Apple Music were the two msot dominating streaming platforms, raising approximately $7 billion USD amongst the two, while subscriptions rose from 60.4 million to 75.5 million. Compiling all of this data together, the figures show 83% of the music industry’s revenue came as a result of streaming. While sales of CDs and digital downloads continue on a steady descent, vinyl, surprisingly, saw increased sales — 29.2 percent ($619.6 million USD) compared to last year.
In case you missed it, Barack Obama has launched a Spotify podcast with Bruce Springsteen.