Streaming Services Fuel Six Straight Years of Revenue Growth for Music Industry

Thanks to monument growth in streaming music subscriptions from leading platforms like Spotify (SPOT), Apple Music (AAPL) and more, music industry revenues in the United States grew by 9% in 2020. And according to the Recording Industry Association of America’s (RIAA) latest Year-End Music Industry Revenue report, 2020 marked the sixth consecutive year of growth for the music industry that had previously struggled with declining revenues for 15 years.

While music downloads were never quite able to fully offset the mass declines in CD sales in the early 2000s, streaming revenues have now been able to more than compensate for declining physical format and download revenues for six years. Based on RIAA data, illustrated in the chart below, the music industry really only has the introduction of streaming platforms to thank for its resurgence.

Infographic: The Streaming Takeover | Statista

Infographic originally published by Statista.com

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