RIAA 2020 report: streaming outpaced overall music industry growth
According to the Recording Industry Association of America, better known by its acronym RIAA, total revenue from recording music in 2020 increased 9.2% to $ 12.2 billion. This is also confirmed by information from the UK.
Streaming services revenues in 2020 were $10.1 billion, up from $8.9 billion in 2019. It has been growing for the fifth year in a row – and in the lead, leaving other competitors far behind, Spotify and Apple. They accounted for $7 billion in revenue. In total, streaming provided 83% of the industry’s total revenue.
But not everything in the digital field is so cloudless. CD and digital download sales continued to fall. But analogue media showed growth. Vinyl discs have added 29.2% compared to last year. In absolute terms, record revenue was $619.6 million.
The published figures may well be considered paradoxical, because the music stores were mostly closed. In addition, concert activity during this period actually ceased, namely, concerts often became real promotions for released albums.
This principle remained true for little-known musicians, whose life in the current situation turned into survival. It’s clear that streaming only brings big payouts to celebrities. But the question is: where will the new stars come from if the same streaming practically does not allow young little-known artists to survive?
