The U.S. Music Industry Just Had its Best Year Since 1998
In 2016, the record industry had its best year in nearly two decades, the Record Industry Association of America said on Thursday. Total U.S. retail sales from recorded music rose 11.4% last year, to $7.7 billion, the biggest gain since 1998.
The bulk of that growth came from streaming services, which have overtaken sales of compact discs and other physical products. For the first time, streaming provided more than 50% of the industry’s annual revenues, the RIAA said.