RIAA simply launched its Mid-12 months Music Trade Income Report for 2019 and it’s very promising.
Within the first half of 2019, whole revenues reportedly grew 18% to $5.four billion at retail. Meaning, for the primary time since 2007, the music business is on observe to herald $10 billion this 12 months.
Streaming accounted for a staggering 80% of business revenues within the first half of 2019. Based on RIAA, income will increase have been pushed by paid subscriptions, which exceeded 60 million for the primary time.
Mitch Glazier, Chairman and CEO, RIAA defined in a weblog put up:
This continued development lets file corporations do greater than ever to find, promote, and shield nice artists. Worldwide, labels now spend almost $6 billion a 12 months to seek out expertise, allow artists to file, lower by means of the noise, and be heard.
See the complete report right here.
Supply: RIAA / Medium | Photograph: ISTOCKPHOTO