The Recording Industry Association of America (RIAA) has issued a mid-year report showing retail revenues up to $3.98 billion (£2.95 billion), a 17% increase on a year ago.

Paid subscription streaming services boosted the US market in the first six months of 2017. However, market revenues are still well below the levels of the late ‘90s.

Revenues from streaming totalled $2.48 billion (£1.84 billion), an increase of 48%, and accounted for 62% of the total market for the first half of 2017. Paid subscriptions rose from 20.2 million a year ago to 30.4m, with revenue up 61% to $1.7 billion (£1.26 billion).

Revenue from digital downloads was down almost a quarter year-on-year (19% of the market total), while physical sales experienced a 1% dip (16% of the total). Sync revenue accounted for 3% of the overall market.

At wholesale value, revenues for labels were up 14.6% to $2.7 billion (£2 billion).

RIAA chairman/CEO Cary Sherman said: “Our story continues to be one of great promise, but our footing is fragile, and a sustained, durable recovery is jeopardised by a fundamentally uneven playing field.”

Sherman recently voiced concern about the value gap in response to a blog post from YouTube head of music Lyor Cohen.

IFPI also published a report this week showing the significant market penetration of streaming services on a global basis.

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