Streaming Brought Record Growth to the Music Business — TikTok and A.I. Need to Get It Right: Guest Post by RIAA CEO Mitch Glazier

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Today we release recorded music revenue data for 2022 showing a seventh straight year of continued growth – powered by a robust 8% increase in paid subscription streaming revenues which now make up…

– powered by a robust 8% increase in paid subscription streaming revenues which now make up two thirds of the market.

It was an impressive year of sustained “growth-over-growth” more than a decade after streaming’s explosion onto the music scene, even taking into account a handful of formats that slowed such as permanent downloads and ringtones. And in a music business that never stands still, record companies are working every day to chart tomorrow’s course right now.

Record companies recognize the potential of many forms of AI, from innovating new studio tools to helping plan sustainable tour routes. Human creatives will no doubt find amazing new ways to put AI to work as they tell new stories and innovate new sounds. We welcome all of this and see much promise many AI tools and capabilities.

 

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