RIAA Confirms LPs Outsold CDs in 2022
May 12, 2023 Comments Off on RIAA Confirms LPs Outsold CDs in 2022
Looking at the bigger revenue picture overall, recorded music revenues in the U.S. in 2022 continued to grow for the seventh consecutive year. Total revenues grew 6% to a record high $15.9 billion at estimated retail value. In what comes as little-to-no surprise, streaming continued to be the biggest driver of growth, with record levels of engagement in paid subscriptions, continued growth in ad-supported format revenues, and growing contributions from new platforms and services. At wholesale value, those revenues grew 5% and exceeded $10 billion for the first time ever.
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