CD and vinyl sales grew from $393 billion last year to $690 billion, with vinyl sales leading the surge in revenue, almost doubling from $241 million to $467 million and beating out CD sales for the second year in a row.
RIAA CEO Mitch Glazier also noted that new platforms like “short form video, fitness apps and chat and social apps” that license music are picking up, and record labels are working to “make sure these growing services pay for the music they depend on.” The RIAA said the coronavirus has continued to affect music industry revenues with tour cancellations and retail closures throughout the pandemic.
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