Once all the potential customers have bought in, the only way to increase total revenues is to raise prices. Everyone who wants a paid music-streaming subscription will have one. The most obvious is, how long can this go on? While there's no sign yet that the revenue curve is flattening, we know that at some point the market will saturate. Yet, for our industry and hobby, serious questions remain. The rate of increase is still increasing, and even at the current rate, the recovery will be complete by 2024. Last year's revenue increase was the largest on, um, record, and since the recovery began, in 2016, the average revenue rise was $1.4 billion/year. In real dollars, revenue in 2021 was less than two-thirds what it was at the industry's peak. The inflation-corrected revenue figure for 1999 is $23.7 billionso, in real terms, the industry's recovery is very much unfinished. Those numbers, though, are not corrected for inflation. Numerically, 2021 recorded-music revenue set a new record: $400 million higher than the previous record high, in 1999the year before the start of the great decline, when illegal file sharing nearly broke the industry. That increase is probably exaggerated by COVID-suppressed 2020 revenuephysical media sales were certainly downbut 2020 revenue was still $1 billion higher than 2019's. They're available now.Īccording to the Recording Industry Association of America, in 2021 recorded-music revenue reached $15 billion, an astonishing $2.9 billion≱9.3%increase over 2020. When I wrote that, 2021 wasn't quite over, so year-end financials weren't available. Robust LP sales were a headline item of that report, but they're a sideshow: Paid-subscription streaming is what is bringing the industry back. I wrote about the music industry's impressive recovery in the February 2022 AWSI.
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