Music Industry Hits All-Time Recording Revenue High: $8.4 Billion in First Half of 2023

A new report from the RIAA shows the number of people with streaming subscriptions has more than doubled in 5 years

Taylor Swift, 2023 mtv vmas red carpet
(Photo by Noam Galai/Getty Images for MTV)

While the rise of streaming has been reason for concern in the music industry, the Recording Industry Association of America released its Mid-Year Revenue Report showing a ninth straight year of growth. It also set an all-time high with $8.4 billion in revenue in the first half of the year.

The RIAA points to paid streaming subscriptions as the biggest contributor to the all-time high, making up 78% of streaming revenues. The number of people with paid music subscriptions has more than doubled in the past five years. That $8.4 billion figure compares with $7.6 billion in the first half of last year and $7.1

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