The Recording Industry Association of America (RIAA) released its annual music industry revenue report. In 2017, revenues reached $8.7 billion – the highest they’ve been since 2008 ($8.7 billion). For the first time since 1999, revenues grew two years in a row. Because of the decline of physical mediums of music distribution sales, music executives have struggled with a declining industry. Could streaming platforms like Spotify be the solution?
This past year alone, paid subscriptions grew to amass $4.1 billion in revenue. The biggest revenue generators of the year included Kendrick Lamar, Drake, Ed Sheeran, and Taylor Swift.
It’s exciting to see how changes in the music industry unfold with advancements in technology and solutions. Check out the full revenue report here