• The RIAA has released new data showing continued strong growth in virtually all recorded music formats, including streaming, vinyl and even CDs, which jumped 21% last year. This strong and broad growth – which includes TikTok music revenue for the first time – has pushed overall music revenue to an all-time high. $15 billion last year, the highest number ever reported by our industry (although, after adjusting for inflation, it is still nearly 40% off the 1999 peak). This data shows how artists and labels working together are reaching new heights of creative and business success and driving opportunities and revenue streams for songwriters, publishers, platforms, services and apps.
Following this good news, the President and CEO of the RIAA Mitch Vitrier released a statement that read: “The incredible string of strong industry-wide growth documented in this report and previous reports is testament to the vibrant and dynamic creative and business relationships that labels today hui have built with their artist partners. Labels haven’t just reinvented themselves, they’ve helped transform the entire process of creating, discovering, and distributing music to empower creative freedom and artistic expression while seamlessly meeting fans everywhere. and wherever they want to be. The result has been an incredibly dynamic time delivering new opportunities, platforms and experiences – from music-based fitness apps and live concerts on the gaming platform, to must-have vinyl exclusives and surprise releases. world of digital albums. Creative genius was unleashed in new ways, resulting in shared commercial success and record payments to artists.
Glazier added: “No industry in history has embraced changing technologies and innovations faster than music over the past decade – taking streaming from novelty to ubiquitous in the blink of an eye. eyeing and working now to drive a new generation of social apps, immersive shared experiences, and blockchain/NFT opportunities in the future. The RIAA’s full 2021 Recorded Music Revenue Report is posted online for your perusal. .