) has released its year-end revenue report for 2020. And despite a year of enormous hardships, there’s some positive news to share.
No surprise here, but streaming music revenues continued an upward climb last year, with paid subscription services, ad-supported on-demand platforms and digital radio providers contributing to $10.1 billion in overall revenue generated, a growth of 13.4%. Also contributing to the surge are additional monies coming from first-time licensees .and Apple Music, paid subscriptions continued to contribute the majority of recorded music revenues , but in 2020, grew 14.6%, to $7 billion.
Over on the physical side, a much-touted phenomenon — that for the first time since 1986, vinyl sales outpaced other physical formats — equalled $626 million, a growth of nearly 29% for vinyl products, despite the challenging retail environment due to the COVID-19 pandemic. Wax discs only account for 5.2% of total revenue, but CDs dropped 23% to $483 million, continuing the format’s decline.
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