Paid Streaming Music Subs Grew 14% in First Half: RIAA
Paid subscriptions, at $3.8 billion, were 67% of total music industry revenue, and 79% of total streaming revenue, in the first half, reported RIAA Thursday. Paid subscription growth of 14% outpaced overall streaming music revenue growth of 12%. Streaming revenue…
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was 85% of revenue in the half, physical sales 7%, digital downloads 6% and synch 2%. Average subscriptions were 72 million, up 24% vs. the year-ago half, with more than a million net subscriptions added monthly. Ad-supported on-demand streaming music revenue slowed to 3% at $421 million because due to COVID-19. Services' Q2 ad revenue had double-digit declines. Store closures due to the coronavirus led to a 23% falloff in physical products to $376 million. Vinyl album sales grew in Q1 but reversed in Q2, resulting in a first-half net increase of 4%. At 62% of total physical revenue, vinyl outpaced CD sales for the first time since the 1980s. Vinyl generated 4% of overall industry revenue. Digital and customized radio services receipts grew 6% to $583 million. Digital downloads’ share declined from 8% to 6% at $351 million.