James Donio, President of the Music Business Association (Music Biz), offered the following comments on the 2018 Mid-Year RIAA Music Shipment and Revenue Statistics report, released today.
“The ever-increasing dominance of streaming as the primary means of music consumption continues to be extremely fruitful, as shown in the RIAA 2018 Mid-Year Music Revenues Report published today. Despite the ongoing declines in both physical and digital purchasing behavior — with the sole exception of vinyl which is up 13% — the industry still grew significantly over the midpoint of last year. Total revenues in the U.S. grew 10% to $4.6 billion. Digital platforms continue to push the industry forward, with streaming models — including paid services and digital/customized radio services — accounting for three-quarters of total revenue and growing 28% since 2017 to $3.4 billion. Paid subscriptions increased by 33% to $2.5 billion, with all-in paid subscriptions growing 48% to the tune of one million new subscriptions per month. These numbers are so impressive and I am confident they will only accelerate in the second half of 2018. We have an exceptional line-up of artists who are set to introduce new songs and albums for their fans in the fast approaching fourth quarter.”