LOS ANGELES (CelebrityAccess) — The market for recorded music in United States grew in the first half of 2022 but slowed its expansion from the record pace set in 2021.
According to data published by the Recording Industry Association of America, U.S. recorded music revenues in the first half of 2022 rose 9% to $7.7 billion at estimated retail value.
That growth was driven by paid subscriptions for music streaming services, which hit a record high of 90 million, with revenue of $5 billion in the first half of 2022, up by 10% year-over-year.
Overall streaming, including paid subscriptions, ad-supported services, digital and customized radio, and licenses for music on social media and digital fitness, generated $6.5 billion in the first half of 2022, though the share of revenue from streaming remained flat at 84%, year-over-year.
Digital downloads continued their long, slow descent into irrelevance, with revenue from digital tracks dropping by 19% to $113 million in the first half of 2022, while digital albums declined 20% to $122 million. In aggregate, digital downloads, including ringtones and other formats, accounted for just 3% of overall recorded music revenue.
However, physical sales, after a big year in 2021, continued to grow. Revenues from vinyl albums grew 22% to $570 million, and vinyl’s share of the physical market increased from 68% to 73%, while CDs slid to just 2% or $200 million, accounting for 26% of physical revenue.
