For the first half of 2014, growth in revenues from music streaming services partially offset declines in digital download, according to a new report from the RIAA. But overall revenues were still down 2.5%, to $2.2 billion at wholesale value on a year-over-year basis. At retail, the decrease in value was 4.9% to $3.2 billion.
Revenue from streaming music grew 28% in the first half of 2014 to $859 million vs. $673 million for the first half of 2013. This category includes revenues from subscription services that range from Rahosody and Spotify to funds collected by SoundExchange. Streaming contributed 27% of total music industry revenues in 1H 2014, compared with 20% for the first half of 2013.
Paid subscriptions grew 23% to $371 million, and jumped 43% by number of subscriptions. This difference is partially due to an update in RIAA’s retail price markup estimate.