Through the first half of 2020, positive growth trends continued for recorded music.
According to the Recording Industry Association of America (RIAA), the positive growth trends of recent years continued for recorded music, as streaming music grew 12% to $4.8 billion in the first half of 202o, as well as paid subscription revenues, which grew 14% to $3.8 billion, and further increased their share as the largest contributor, accounting for 67% of total revenues for 1H 2020.
This includes revenues from subscription services (such as paid versions of Spotify, Apple Music, Amazon, and others), digital and customized radio services, including those revenues distributed by SoundExchange (like Pandora, SiriusXM, and other Internet radio), and ad-supported on-demand streaming services (such as YouTube, Vevo, and ad-supported Spotify).
At wholesale value, revenues grew 5.1% to $3.7 billion. There were differences in trends between Q1 and Q2 of 2020, as retail store closures, tour cancellations, and other impacts of COVID-19 affected the music industry in many significant ways.