DiMA March Playlist Newsletter 2023
1. In Action: SXSW 2023
Figure 1: From left to right: Tom Gray of The Ivors Academy, singer-songwriter Autumn Rowe, Garrett Levin President and CEO of DiMA, Amy Thomson of Hipgnosis Songs
Last month DiMA President and CEO Garrett Levin joined Tom Gray of The Ivors Academy, singer-songwriter Autumn Rowe, and music business leader Amy Thomson at SXSW for a panel that contrasted conversations about the music economy in the US and the UK.
Dive In: The panelists’ perspectives made for a healthy conversation about music that noted that even basic industry terms are sometimes debated and misunderstood. Panelists mentioned significant differences in approaching challenges across geographies but agreed that improving transparency, including reporting on music metadata, is an important step to creating a fairer and more effective system.
2. Research: The Economic Impact of Streaming
New economic research dives into streaming’s impact – not just on the music industry – but the broader economy. The study offers new analysis about jobs, growth, and the impact music streaming is having on workers and businesses across the U.S. economy. Read the full report here.
Key findings on how streaming’s success influences other areas of the economy:
Music streaming is a force multiplier for other industries. From revenue generation to job creation and research and development powered innovations, those inside and outside the music industry are positioned to share in streaming’s continued success.
Some Numbers:
- For every $1 in economic value generated by streaming, other sectors of the U.S. economy gain an additional $1.65.
- Music streaming in the U.S. contributed $14.32 billion to the U.S. gross domestic product (GDP) in 2021.
- Digital music streaming supported over 92,000 total jobs in the U.S. economy in 2021.
- 82% of revenue in 2020 from streaming services went to research and development. This was more than twice the investment level of the average industry.
3. Spotlight: In 2022, streaming again powered recorded music revenues
The Recording Industry Association of America’s (RIAA) reporting on 2022 recorded music revenues again underscored the role of streaming in supporting the recorded music industry as a whole.
Record Revenues: In 2022, the share of recorded music revenues supported by streaming reached an all-time high of $13.3 billion, a 7% increase from 2021 ($12.4 billion). Powered by streaming’s contributions, overall recorded music values grew 6% in 2022 — the seventh consecutive year of growth for recorded music.
Follow DiMA (@digitalmediausa) on Twitter to follow the conversation.
