The Grammys showcased a resurgent music industry
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The Grammy Awards took place last night and, unlike the Oscars, the only thing that slapped the face was Jon Batiste’s performance.
The most memorable moment of the night, however, was not a song but a pre-recorded speech by Ukrainian President Volodymyr Zelensky, who implored the artists to “fill the silence with your music”.
Music status: After the industry was destroyed by the Internet in the 2000s, it is revitalized by these same digital forces. Thanks to the continued boom in streaming, the recorded music business in the United States grew 24% to $15 billion last year, according to a recent report from the Recording Industry Association of America (RIAA).
- Streaming, which includes formats such as paid subscriptions, Facebook licensing and TikTok (included for the first time), accounts for 83% of industry revenue.
- But don’t count physical products either. Vinyl sales increased for the 15th consecutive year and reached $1 billion in sales for the first time since 1986. In total, physical formats accounted for 11% of music industry revenue.
At the end of the line : Recorded music sales have grown every year since 2015, but artists are still struggling to monetize their work in the digital age. Compared to the industry peak in 1999, music sales are down nearly 40% when adjusted for inflation.