Despite Pandemic, Recorded-Music Revenues Grew In First Half Of 2020 - Variety

Despite the COVID-19 pandemic, revenues for recorded music increased in the U.S. 2020, according to the Recording Market Association of America’s mid-year report. A 24% development in streaming subscriptions and a 14% boost in streaming revenue offset income declines in other areas of the market. Among the key findings, total first-half 2020 revenues from recorded music in the U.S. 5.6% to $5.7 billion. Simultaneously, with advertising markets slowing over the economy due to the COVID-19 pandemic, development in ad-backed streaming revenues slowed dramatically. Streaming music revenues grew 12% to $4.8 billion in the first half of 2020. This category includes revenues from subscription services (such as paid versions of Spotify, Apple Music, Amazon, and others), digital and personalized radio services, including those revenues distributed by SoundExchange (like Pandora, SiriusXM, and various other Internet radio), and ad-supported on-demand streaming providers (such as for example YouTube, Vevo, and ad-supported Spotify), according to the survey.

Paid subscription revenues grew 14% to $3.8 billion, and additional increased their share as the largest contributor, accounting for 67% of total revenues for the first half of the year. They also accounted for 79% of total streaming revenues. Paid subscription revenues grew quicker in Q2 2020 than in Q1, reflecting the pandemic’s onset in the U.S. March. This total contains $442 million in revenues from “Limited Tier” paid subscriptions (for services tied to factors such as mobile gain access to, catalog availability, on-demand restrictions, or device restrictions). Marketing supported on-demand streaming music revenues (from solutions like YouTube, Vevo, and the ad-supported version of Spotify) grew 3% year-over-yr to $421 million in the first fifty percent of 2020. original music videos had grown by double digit percentages in earlier years, but was significantly impacted by broader advertising declines because of COVID-19. Revenues from the category grew much like historical rates in Q1 2020, but also for Q2 reflected a double-digit percentage decline versus the same period the last year.

Revenues from digital and personalized radio solutions grew 6% year-over-season to $583 million in the first half of the entire year. The category contains SoundExchange distributions for revenues from services like SiriusXM and internet radio stations, along with payments straight paid by services, one of them report as “other ad-supported streaming,” based on the survey. Revenues from physical items for first half 2020 were down 23% year-over-yr to $376 million. There was a significant effect from music retail and venue shutdown steps around COVID-19, as Q1 2020 declines had been significantly less than Q2. Revenues from vinyl albums increased in Q1, but reduced in Q2, resulting in a net overall increase of 4% for the first half of the year 2020. Vinyl album revenues of $232 million were 62% of total physical revenues, marking the first time vinyl exceeded CDs for such an interval since the 1980s, though it still just accounted for 4% of total music documented music revenues. RIAA Chairman and CEO Mitch Glazier said, “These are historically difficult occasions: the live music sector is usually turn off; studio recording is bound; and an incredible number of Americans are out of work across the broader economy. While we’re delighted that the years of hard work and resources we’ve committed to streaming are driving growth in paid subscriptions, today’s report demonstrates the amount of work remains to attain a sustainably healthful music ecosystem for both music creators and followers. We must continue working to help sustain live music and venues, support gig employees and program musicians, and ensure fair purchase music on all digital systems.

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