The growth of recorded music in the United States has continued, with one report citing that revenue of $15 billion was generated for the year. The increase in streaming is one of the main drivers of this growth, also including solid vinyl, CD sales, and revenue of TikTok music for the first time. In reality, all main formats of the music posted a gain over the prior year, excluding digital downloads. Paid subscriptions persisted in giving the music an advantage, driving revenue into the sixth consecutive year of growth. In 2021, wholesale revenues reached up 22% to $9.8 billion. While the $15 billion number is itself a record, when accommodated for inflation, it’s about 40% lower than the last record of $14.6 billion in 1999. Streaming Streaming is a broad category of services that includes ad-supported music streaming services, paid subscriptions, licenses for music on Facebook, digital and customized radio, and digital fitness apps. From Pandora to Spotify and Apple Music to YouTube, streaming has become as ubiquitous as the internet itself. By RIAA, source streaming took 83% of the total revenue. For seamless connectivity, check out these phone and internet bundles. The success of streaming services has proven that […]
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