The recorded music industry in 2018 logged its best year in a decade, generating $9.8 billion in revenue thanks to a big jump in consumer acceptance for subscription streaming music services.
The music industry just recorded its best year since 2008, drawing $9.8 billion in revenue thanks to a big jump in consumer acceptance for paying for streaming music services.Get breaking news alerts and special reports. The news and stories that matter, delivered weekday mornings.
Streaming now represents 75 percent of all recorded music revenue, a 10 percent increase on the 2017 number, according to the RIAA. Mitch Glazier, chairman and chief executive officer of RIAA, lauded the revenue increase but noted that digital distribution still has problems.“As noteworthy as it is for the business to approach $10 billion in revenues again, that only returns U.S. music to its 2007 levels," Glazier said."Stream-ripping and a lack of accountability for many Big Tech companies that drive down the value of music remain serious threats as the industry strives for additional growth.
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