The US record industry grew 18% to $5.4 billion (£4.4bn) in the first half of 2019, according to a new report by the Recording Industry Association Of America (RIAA).
The increase was driven by paid subscriptions exceeding 60 million for the first time, with streaming accounting for 80% of revenues. At wholesale value, revenues rose 16% to $3.5bn, continuing the double digit growth rates of 2018.
A healthy music economy fuels a healthy American economy
RIAA chairman & CEO Mitch Glazier said in a blog post: "Our mid-year report tells a great story and highlights how the music industry’s embrace of new platforms and technologies has fueled a huge amount of growth and excitement — and a gusher of great new options for fans everywhere.
"This continued growth lets record companies do more than ever to discover, promote, and protect great artists. Worldwide, labels now spend nearly $6 billion [£4.9bn] a year to find talent, enable artists to record, cut through the noise, and be heard. Finding and developing new talent is the lifeblood of the business, with 20% of a major label’s roster of artists signed fresh each year."
Glazier added: "It’s great news for the music business and for the US economy overall. Music contributes $143bn [£116bn] to the nation’s GDP every year, supporting more than 157,000 music-related businesses and nearly two million jobs. A healthy music economy fuels a healthy American economy."