According to a new year-end music industry report by the Recording Industry Association of America (RIAA), streaming music services like Apple Music, Spotify, Google Play Music, Pandora and others are continuing to grow in popularity, and in 2018, it was responsible for 75 percent of total U.S. music industry revenues.
The RIAA points out that revenue from streaming platforms grew 30 percent year over year. The total music industry revenue for 2018 was at $9.8 billion, up from $8.8 billion in 2017 and $7.6 billion in 2016.
Additionally, digital downloads from platforms like iTunes made up 11 percent of total revenue in 2018, and physical sales of vinyl records and CDs made up 12 percent. Vinyl sales also saw an increase of 8% from 2017, the format’s highest revenue level since 1988, while CD sales dropped 34%. Furthermore, paid on-demand subscription services like Apple Music were responsible for much of the music industry’s revenue growth, along with ad-supported services and radio services making up a smaller percentage of the growth.
Head on over here to read the report in its entirety.