According to thefader.com, the revenues for recorded music have reached to new record of $8.4 billion during the first half of 2023, according to a new report released by the Recording Industry Association of America.
The total revenues increased by9.3 percent over the same period last year. Streaming has remained the most popular choice of music consumption, with 84 percent of all revenue coming from the music platforms.
By comparison, sales of physical media like vinyl is responsible for 11 percent of total revenue and digital downloads make up 3 percent. It is just about two thirds of the revenue from 2023’s first half from paid subscription accounts on streaming platforms.
Also the data has indicated that the resurgence of physical media has not yet diminished. Physical media saw a 5 percent boost in sales to $882 million where 23 million vinyl records were sold in 2023’s first six months, which is more than the 15 million CDs that were moved. In contrast, digital downloads continued their year long decline in popularity with a 12 percent drop.
According to Washington Post , the report has detailed that the record profits will likely bring concerns and anger for artists who have declined royalty. Grammy nominated songwriter Nuri Taylor described how reduced royalties brought on by streaming forced her to start a career in real estate.
“We’re getting … the mechanical or streaming royalties, which is like nothing,” she said. “At least before, we were getting paid when people bought an album or a vinyl record or a CD or they downloaded a song. But now that revenue has been cut drastically.”
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