The RIAA have just announced in a new report that music sales in the US made $7.7 billion in revenue in 2016 alone. The numbers haven’t been this high since 2009.
The hop from 2015 to 2016 was an 11.4 % difference. Artists can thank streaming services such as Apple Music, TIDAL, and Spotify for adding greatly to that number. Streaming on demand and free accounted for about $3.9 billion in revenue.
ms from services like Apple Music, TIDAL, and Spotify’s paid tier, which accounted for $2.5 billion in revenue, more than double from the previous year. Together, on-demand and free streams accounted for $3.9 billion.
Cary Sherman, president of the RIAA, wrote in a statement:
“As excited as we are about our growth in 2016, our recovery is fragile and fraught with risk. Much rides on a streaming market that must fairly recognize the enormous value of music.”
In the sales report the RIAA pointed out that CD sales and downloads both dropped in numbers. In 2016 only 99.4 million CDs were sold; the last time less than 100 million CDs were sold was in 1986. CDs are definitely about to be a thing of the past. As for vinyls, their sales went up 4% in a year and accounted for $430 million in sales.
The main way that Americans listen to music is streaming. There was a study performed by Buzz Angle that stated on average people stream more songs a day than they download the whole year. Let’s see what the future of music holds.