RIAA Releases Year-End Music Industry Report for 2020

The Recording Industry Association of America (RIAA) has released its year-end recorded music revenues report for 2020, which showcases a 9.2% year-over-year growth to $12.2 billion estimated in retail value. Revenue from music streaming services grew 13.4% to $10.1 billion in 2020, with full-service paid music subscriptions encompassing $7 billion of that total (a year-over-year increase of 14.6%). Vinyl records celebrated another big year in 2020 — sales of the format grew 28.7% in 2020 to $626 million despite challenges posed by the pandemic to traditional retail outlets and product shipping lines, surpassing revenues of CDs for the first time since 1986.

Click here to read the report in full.