The Music Industry Continues to Bounce Back Thanks to Paid Streaming
Paid music-streaming services are driving the music industry's comeback in a big way. The Recording Industry Association of America (RIAA) released its midyear 2017 music industry revenue report earlier this week, sharing numerous statistics regarding the health of the U.S. music industry. Through the first half of the year, retail music revenue jumped by 17% to $4 billion, while wholesale revenue grew 15% to $2.7 billion.
Sales are continuing a yearslong trend of recovery, and paid streaming -- a market that continues to be dominated by Spotify and Apple (NASDAQ: AAPL) -- comprised 62% of U.S. industry revenue in the first half of 2017. RIAA CEO Cary Sherman notes that the industry has changed dramatically in just two years. Sales used to be dominated by digital downloads, but now paid streaming is the largest contributor.
Image source: RIAA.
Source: Fool.com
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