How much does the music industry contribute to the economy?
According to the report, the music industry contributes $170 billion to US GDP annually and supports 2.5 million jobs nationwide in core music activities like recording, streaming, and live performance, as well as adjacent fields like travel, retail, and marketing. How much money did the music industry make in 2020? United States recorded music revenues grew 9.2% in 2020 to $12.2 billion at estimated retail value. This is the fifth consecutive year of growth for the industry, as paid subscription services continued to be the primary driver of revenue increases, and reached a record number of subscriptions.