4 takeaways from RIAA 2019 mid-year report
The U.S. recorded music industry is still seeing strong double-digit growth, up 18% over the first six months of 2019, according to the Recording Industry Association of America's mid-year reportThat continues an upward trend sparked in 2016 led increasingly by streaming's dominance, now accounting for 80% of total $5.4 billion revenues at retail.
The report showed growth across all streaming revenues -- paid subscriptions up 31% year-over-year, advertising-supported on-demand up 25% and digital and customized radio up 5% -- while digital sales continued to decline and physical sales remarkably improved . 1. Is subscription growth leveling off? It's still too soon to tell.
Music industry analysts have been watching for signs the streaming boom is slowing towards a seemingly inevitable plateau. So are we getting there? Some signs suggest yes, but it's probably too early to make that call. While overall streaming revenues grew 26% year-over-year to $4.3 billion, total subscribers were up just 14.2 million. That's a 30.4% increase year-over-year from 46.9 million at 1H 2018 to 61.
One should note any expectation of doubling 46.9 million subscribers in a year is unrealistic, but that's the point: As the total number of subscribers continues to grow, expect to see decreased growth. Just how drastic that decrease will be, it's too soon to say for certain.Paid subscriptions on services such as Spotify and Apple Music amounted to roughly half of streaming revenues overall -- $2.9 billion out of $4.3 billion total. That compares to $2.
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