The music industry hit an all time revenue high of $8.4 billion USD in the first half of 2023.
👉 Background: The Recording Industry Association of America (RIAA) is an industry body that represents the music recording industry in the US.
👉 What happened: The RIAA has released their mid-year revenue report and showed that the music industry hit an all time revenue high of $8.4 billion USD in the first half of 2023.
👉 What else: Retail revenue in the music industry jumped by over 9% and wholesale revenue jumped by over 8%.
💡As the music industry adapts to the digital world, the way the industry looks at revenue needs to adapt too.
💡Traditionally, the music industry has reported its 'retail' revenue only (think: CD's, streaming and vinyl records). But now, artists earn revenue through a range of intermediary platforms, like TikTok or Vevo.
💡On these platforms, the 'end' customer doesn't pay anything, but the platforms pay the creators through their ad revenue. And that's where the new 'wholesale revenue' comes in.
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