James Donio, President of the Music Business Association (Music Biz), commented on the 2017 Mid-Year RIAA Music Shipment and Revenue Statistics report, released today.
“The U.S. music industry saw significant growth in streaming services and retail revenues, with the industry growing 17% to $4.0 billion, according to the 2017 Mid-Year RIAA Music Shipment and Revenue Statistics report. Streaming services – including subscription services like Amazon Music Unlimited, Apple Music, Spotify and Tidal as well as digital/customized radio services like Pandora and SiriusXM – reached record high revenue levels, up 48% from 2016, with paid subscriptions in particular growing at a remarkable 61% (making for 43% of total revenue). The total revenue from physical product shipments decreased just 1% – a much lower rate than recent historical trends. On the physical front, vinyl albums reached their highest share since the mid-1980s, making for 29% of physical shipments. Overall we’re very optimistic that this accelerating growth in streaming and subscription services will continue throughout the second half of 2017 and especially during the fourth quarter selling season.”