The Recording Industry Association of America Released its Mid-Year Report
The report found that total music revenues are up by 10% from this time last year. This is a smaller growth than the one between 2016-2017. The report says that 75% of the revenue is from streaming the bulk of that 75% being from paid subscriptions. Estimates say that 1 million new paying subscribers are being added per month on streaming services. This is a big contrast to digital downloads that are steadily dropping. They went down by 27% last year and are almost tied with physical media purchases.
Physical media is increasing due to the popularity of vinyl. CD sales are going down fast but vinyl keeps growing and it is expected that there will be a surge of vinyl purchases around the holidays. It won’t be long until physical purchases outnumber digital downloads.