The Recording Trade Affiliation of America (RIAA) mid-year 2023 report exhibits that the business hit new income milestones in its ninth consecutive yr of development.

Whole recorded music revenues grew 9.3%, hitting an all-time first-half-of-the-year excessive of $8.4 billion, with paid subscriptions the strongest driver, accounting for 78% of streaming revenues.

Streaming stays the dominant type of music consumption in the USA, chargeable for 84% of complete recorded music revenues within the U.S. and rising 10.3% to $7 billion. Paid subscriptions grew even quicker, topping 11% development over the primary half of this yr.

Over the previous 5 years, the variety of individuals paying for music subscriptions has greater than doubled.

Bodily codecs have now reached their highest stage since 2013, up 5% over 2022 to $882 million. Vinyl gross sales hit $632 million for the primary half of 2023, accounting for 72% of all bodily music gross sales.

“This report describes a thriving, rising music ecosystem that continues to succeed in new heights and form our tradition,” commented RIAA Chairman & CEO Mitch Glazier. “And it displays the artistic human genius and onerous work of all of the artists, songwriters, labels, publishers, and providers who make the music occur and meet followers and audiences the place they’re in right this moment’s forward-looking and modern music neighborhood.”