For the first time in six years, physical media like vinyl and CDs are outselling digital music downloads. Records are still cool - the RIAA calls vinyl "a bright spot among physical formats", with revenues from the format up 10 percent to $395 million.
However it seems that while physical sales do appear to be on a decline of 4%, they still managed to rake in $1.5 billion in revenue versus digital downloads whose revenues fell by 25% to $1.3 billion.
"For the first time since 2011, revenues from physical products exceeded those from digital downloads", RIAA said in its report.
"Paid subscriptions were the biggest growth driver for the music industry in 2017", notes the report.
Main suspect in Palestinian PM attack dies after gunfight with security forces
Hamdallah was not injured in the explosion which occurred shortly after his convoy entered for a rare visit to the Gaza Strip. Abbas added that the Palestinians had never rejected negotiations with Israel and suggested their readiness to do so.
The RIAA report also shows that the music industry is faring quite well despite criticism that the Internet is killing it. In 2017, over $5.7 billion, nearly two-thirds of the entire income, came from streaming services.
A new report by the RIAA has revealed the music listening habits of the U.S. and it's no surprise that streaming is now the undisputed victor.
"More than any other creative industry, music companies successfully transformed themselves ahead of the transition to streaming, all while forging stronger relationships with their most important partner: the artist", Sherman writes. This marks a 3 percent growth from 2016 levels. "This remarkable reinvention didn't happen by accident".
While streaming has a whopping 65% of listeners in its grasp, that percentage lowers to 47% when you take into consideration those who are actually using paid subscriptions. "It is the result of years of painstaking work by record labels who continue to strengthen the teams and systems necessary to support an artist's ambition, all while working closely with hundreds of digital platforms to bring music to fans in new and innovative ways".