About Boardroom

Boardroom is a media network that covers the business of sports, entertainment. From the ways that athletes, executives, musicians and creators are moving the business world forward to new technologies, emerging leagues, and industry trends, Boardroom brings you all the news and insights you need to know...

At the forefront of industry change, Boardroom is committed to unique perspectives on and access to the news, trending topics and key players you need to know.

All Rights Reserved. 2022.

US Music Revenue Sets New Retail Record First Half of 2023

The RIAA report shows that streaming services are driving the lion’s share of the surge in revenue, marking a 9.3% increase year-over-year.

The music industry is thriving.

The Recording Industry Association of America released its midyear report for U.S. recorded music on Monday. In the first half of 2023, music revenue skyrocketed as retail set a new record, posting $8.4 billion. The figure is a 9.3% leap from last year’s midyear revenue, reported at $7.6 billion. Similarly, wholesale figures were also up 8.2% year-over-year, jumping from $4.9 billion to $5.3 billion between 2022 and 2023.

Sign up for our newsletter

Get on our list for weekly sports business, industry trends, interviews, and more.

When breaking down the data, streaming is responsible for driving the lion’s share of the industry. Streaming accounts for 84% of revenue for the fourth consecutive year. These data include subscriptions, ad-supported services, digital and customized radio, and licenses for music on social media and digital fitness apps. The reports shows that 95.8 million people utilized streaming accounts in the first six months of the year. Overall, streaming netted $7 billion, reflecting a 10% increase from 2022.

Insiders are curious to see end of year numbers, following recent price hikes in streaming subscriptions implemented by Spotify and YouTube. However, the upward trend In revenue to this point suggest that they will have an effect on the overall revenue, as Apple Music and Amazon rolled out increases earlier in the year.

Perhaps most surprising, physical music products lept 5% to account for $882 million in revenue. The figure signals its highest mark since the first half of 2013. This is fueled by the resurgence of vinyl records and CDs, driven by Gen Z consumers. An earlier report from Luminate suggested that super fans are driving these numbers, as they are more likely than a casual fan to invest in physical music to support their favorite entertainers.

The rise in revenue reflects overall trends in the music industry. This summer superstars such as Beyoncé, Drake, and Taylor Swift have positioned themselves to set new touring revenue records while their music remains on steady loop across all streaming services.

Want More Music?

Music September 26, 2023

Usher’s Best-selling Albums of All Time

Following the announcement of the In the Mix star’s Super Bowl Halftime star turn, Boardroom rolls through the best-selling Usher albums to date by RIAA certification. When discussing just what it means to be…

About The Author
Bernadette Doykos
Bernadette Doykos
Bernadette Doykos is the Senior Director of Editorial Strategy at Boardroom. Before joining the team, her work appeared in ELLE. She previously served as the head of evaluation for a nonprofit where she became obsessed with systems and strategy and served as the curator of vibes and extinguisher of fires for the design thinking firm Stoked. She is constantly plotting a perfect tunnel ‘fit and a playlist for all occasions.