March 09, 2023

US recorded music industry generated $15.9 billion in 2022

Recorded music revenues in the US - money spent on streaming subscriptions, as well as physical and digital music - grew 6.1% YoY in 2022 to $15.9 billion, the market’s seventh consecutive year of growth, MBW reports. Streaming grew 7.3% to a record high $13.3 billion in revenue and collectively accounts for 84% of revenues. Wholesale revenues – the money that makes its way back to record labels, distributors and artists – were $10.3 billion in 2022, the first time they exceeded $10 billion in the market. Also, retail revenues from paid subscription services (Spotify, Apple Music etc) grew 8% to $10.2 billion in 2022, exceeding the $10 billion mark annually for the first time. Revenues from vinyl records grew 17.2% to $1.2 billion – marking the format’s 16th consecutive year of growth - accounting for 71% of physical format revenues. For the first time since 1987, vinyl albums outsold CDs in units - 41 million vs 33 million.