The Recording Industry Association of America (RIAA) today released its mid-year 2020 report showing growth in paid subscription streaming more than offsetting revenue declines in other areas of the U.S. recorded music market, and detailing ways the COVID-19 pandemic has affected the market for music.
Among the key findings, total first-half 2020 revenues from recorded music in the U.S. increased 5.6% to $5.7 billion. Paid streaming subscriptions continued to drive the growth as the number of paid subscriptions increased by 24% to more than 72 million on average, growing subscription streaming revenues for first-half 2020 by 14% versus first-half 2019. At the same time, with advertising markets slowing across the economy due to the COVID-19 pandemic, growth in ad-supported streaming revenues slowed dramatically. Physical sales, including vinyl albums and compact discs, were also affected by the pandemic and fell 23%.
Throughout 2020, RIAA and its members have worked for measures supporting those parts of the music community most deeply affected by the COVID-19 pandemic, such as the landmark CARES Act, the RESTART and SOS Acts (to keep local venues alive), and legislation to solve the “mixed earner” issue that limits the reach of unemployment assistance for independent artists and session performers.
The report can be found here: https://