The music industry's trade organization found that 75% of music industry revenue last year resulted from consumers' continued embrace of music streaming services while vinyl continues to surge.
Vinyl shoppers at Pop Obscure Records in Los Angeles. Physical sales of vinyl records continued rebounding, up 8% to $419 million, the highest level since 1988.
Consumers’ use of streaming through paid subscriptions jumped 33% over 2017 levels, generating nearly $4.7 billion in revenue, up from $3.5 billion a year earlier, the RIAA reported.“Tremendous output from the artist community fueled a historic milestone of 50 million subscriptions to music services, which in turn helped drive U.S. music’s third consecutive year of double-digit growth,” RIAA Chairman and CEO Mitch Glazer said in a statement.
In a related study out of New York University’s Steinhardt Music Business Program, that growth of new artist signings was quantified: Major labels signed 658 new artists in 2017, the most recent figure available, up from 589 three years earlier. Other physical media, however, continued on a downward arc, with revenue from CD sales dropping almost 34% , music videos down more than 28% and “other physical media,” including cassette tapes, was off nearly 22% .
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
George Clooney, the highest-paid actor, earns more than the 10 highest-paid actresses combinedGeorge Clooney, the highest-paid actor, earns more than the 10 highest-paid actresses combined via CNBCMakeIt
Read more »
As It Approaches 50, Southwest Is Dealing With Mature Airlines' Kind Of ProblemsSouthwest is dealing with three major negative PR, operational and market challenges at once, the nature of which are the latest confirmations that it is no longer a precocious upstart annoying long-established rivals with its newfangled marketing antics.
Read more »
'Fortnite' Revenue Reportedly Drops By Nearly 50% In One MonthFortnite is still king of the world, reporting record concurrent player counts as recently as this month, but there’s at least one recent statistic that is moving in the other direction.
Read more »
'Fortnite' Revenue Reportedly Drops By Nearly 50% In One MonthFortnite is still king of the world, reporting record concurrent player counts as recently as this month, but there’s at least one recent statistic that is moving in the other direction.
Read more »
Donald Trump's approval rating is above 50 percent in just 17 states in '18Trump has to pick up a lot of close states to get to 270 electoral votes, a poll indicated.
Read more »