Money from streaming made up roughly 80% of the U.S. music industry’s revenue last year, according to the RIAA
As older purchasing methods like physical sales and digital downloads drop, streaming has further cemented itself has the preeminent revenue driver in the music business as a whole; just Spotify and Apple Music alone accounted for 27% of Warner Music Group’s total revenues in 2019, according to the major label’s recent Initial Public Offering filing.Chairman and CEO Mitch Glazier said in a statement that the strong revenue numbers reflect an industry that is adjusting well to the digital age.
“By investing in a vibrant music culture of diverse voices, music companies have driven a fourth consecutive year of double digit growth and continued to build a digital-driven industry with a focus on the future,” Glazier said. Glazier went on, however, to call out tech platforms to do a better job to combat music piracy, which Glazier said still limits overall ability to properly value music.
“Music is by far the biggest draw to tech platforms, gaining views and listens that generate enormous revenues for distributors, but in many cases this happens without an appropriate share for creators,” Glazier said. Our technology partners also need to commit themselves to protecting and promoting artists’ work by doing more to stop stream-ripping and other forms of piracy.
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