A fresh annual year-end announcement by America’s Recording Industry Association notes overall recorded music revenue raised by approximately 9.2 percent in 2020, $12.2 billion. This revenue increment’s major chunk is due to increased music streaming ($10.1 billion), thanks to the COVID-19 pandemic.
This earnings graph is significantly higher as compared to 2019’s charts that reported $8.9 billion. Both Spotify and Apple Music were the biggest streaming platforms, contributing approximately $7 billion combined, while subscriptions flourished from 60.4 million to 75.5 million. By integrating all the above-mentioned data, the figures show 83% of the music industry’s revenue came as a result of streaming. While sales of CDs and digital downloads continue on a uniform decline, vinyl, surprisingly, saw increased sales, 29.2 percent ($619.6 million) compared to last year.
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