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<p dir="ltr" style="text-align:justify"><em><strong>2020 marked the 5th consecutive year of growth for the U.S recorded music industry, according to the RIAA's 2020 Year-End Music Industry Revenue Report published recently. Read along for more details.</strong></em></p>

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<p dir="ltr" style="text-align:center"><em>Streaming revenues grew 13% in 2020</em></p>

<p dir="ltr" style="text-align:justify">2020 was the year full of hardships for many industries, however, the U.S recorded music revenues still saw quite impressive growth. As per the annual year-end report of the Recording Industry Association (RIAA), overall recorded music revenue last year increased 9.2% to $12.2 billion. </p>

<p dir="ltr" style="text-align:justify">That growth was mainly sustained by the higher revenue generated by music streaming services. Streaming revenues grew 13% to $10.1 billion in 2020, accounting for 83% of the industry's total revenue. With a growth rate of 13%, music streaming revenue in 2020 saw a relatively significant increase as compared to 2019’s revenue of $8.9 billion.</p>

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<p dir="ltr" style="text-align:center"><em>Streaming accounted for more than 80% of the U.S recorded music revenues last year (Source: RIAA)</em></p>

<h2 dir="ltr" style="text-align:justify" id="tag-17"><strong>Apple Music and Spotify were the biggest contributors</strong></h2>

<p dir="ltr" style="text-align:justify">Out of major streaming platforms, both Apple Music and Spotify were the most significant contributors, generating $7.0 billion in revenue amongst the two. Meanwhile, the average number of subscriptions in the U.S also increased from 60.4 million (in 2019) to 75.5 million.</p>

<p dir="ltr" style="text-align:justify">The report also points out that revenues from CDs and digital downloads continued on a descent. However, the vinyl had a strong year. Surprisingly, sales of the format rose by 29.2% ($619.6 million) compared to the previous year. For the first time since the year 1986, revenues from vinyl records were higher than from CDs. </p>

<ul dir="ltr">
<li style="text-align: justify;">See also: <a href="https://gospeedcheck.com/article/internet-plans-for-home-249">Things to consider when choosing broadband Internet plans for home</a>
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<p dir="ltr" style="text-align:right"><em>Sources:</em></p>

<p dir="ltr" style="text-align:right"><em>riaa.com/wp-content/uploads/2021/02/2020-Year-End-Music-Industry-Revenue-Report.pdf (Year-end 2020 RIAA Revenue Statistics)</em></p>

<p dir="ltr" style="text-align:right"><em>musicrow.com/2021/03/riaa-report-streaming-revenue-grew-to-10-billion-in-2020/</em></p>
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