Recorded music revenue in the United States grew 7.7% in 2023 over the prior year, reaching a high-water mark of $17.1 billion at retail, according to the RIAA. Within that headline number, $14.4 billion — or 84% — was driven by streaming, a figure that was also up 8% over 2022.
It’s the eighth straight year of revenue growth for the U.S. business, and the rounded 8% growth over last year’s $15.9 billion represents an uptick from 2022, when the business grew 6.1% over the prior year. And while the headline figure marks the third straight year that the business has set a record for revenue — previously set in 1999, when revenue hit $14.6 billion prior to Napster taking hold — when adjusted for inflation, it still falls far below that 1999 figure, which would be $26.9 billion at current rates.
Still, the U.S. business has been growing steadily over the past several years, and streaming has settled into being a fairly consistent piece of the revenue pie:…