RIAA Mid-Year 2023 US Music Sales Report
All Image Credit: RIAA
On September the 18th, 2023, the Recording Industry Association of America (RIAA) released their mid-2023 music sales report.
According to the RIAA; “In the first half of 2023, recorded music revenues continued to set new milestones and reflect the results of more than a decade of industry transformation. Total revenues grew 9.3% at estimated retail value to an all-time first half high of $8.4 billion. At wholesale value, revenues grew 8.3% to $5.3 billion. Paid subscriptions continued to be the strongest driver of revenue growth, increasing by more than $550 million and averaging nearly 96 million subscriptions during the period.”
Clearly streaming music services still tops the charts accounting for 84% of recorded music revenues in the U.S., growing 10.3% to $7.0 billion. This includes formats such as paid subscription services, ad-supported services, digital and customized radio and licenses for music on social media and digital fitness apps. It was the 4th year in a row that streaming made up between 83% and 84% of total revenues.
Physical sales of music again show the continued and growing strength of vinyl LP sales. “Revenues from physical music formats continued to grow, reaching the highest level since the first half of 2013. Total physical revenues of $882 million were up 5% versus the prior year. Revenues from vinyl records grew 1% to $632 million and accounted for 72% of physical format revenues. For the third consecutive year, vinyl albums outsold CDs in units (23 million vs 15 million).”
Editors Comment: Despite the continued increase in the popularity of vinyl, as indicated by the revenues and volume, I have to say that their pressing quality is certainly not improving with several of my last purchases being returned for “better” copies. Maybe its the pressure put on the pressing plants due to their shortage, however, this is still no excuse for receiving dirty and poorly pressed albums. I wonder sometimes if newcomers to vinyl understand that these less than stellar pressings are not normal, and if they just accept them as a part of the vinyl album experience? Looking back to the 60’s, 70’s, 80’s and even 90’s, I never returned any album due to poor pressing quality or it coming out of the sleeve covered in dust.
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