A new report from the RIAA (opens in new tab) (the recording Industry Association of America) has found that revenue from CD sales has plummeted during the first half on 2018.
The report says numbers are down by 41.5% but that vinyl purchases continue to rise and are up by almost 13%.
Paid for streaming sites such as Spotify, Apple Music, Tidal and Amazon, along with radio services and ad-supported, on-demand streaming services such as YouTube and Vevo, now make up 75% of music industry revenues – growing by 28% year-over-year to $3.4 billion.
Those figures, combined with physical sales pushed total revenue up by 10% to a total of $4.6 billion. Digital downloads (12%) and music synchronisation license (3%) made up the final figure.
Addressing the issue of fair rates for artists from streaming, RIAA president Mitch Glazier says in the report: “We also recognise that the growth achieved so far is in spite of our music licensing system, not because of it. That’s not how it should work.
“Fortunately, a bipartisan bill, the Music Modernisation Act, is edging closer to final Congressional enactment. The elements included in that bill close some of the most glaring loopholes in our licensing laws, but it is not a comprehensive reform that ensures all artists earn fair market rates on all platforms. We still have much work to do.”