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FYI

US Music Industry Sees Fastest Growth in More Than 20 Years

This is the first time since 1999 that US music revenues grew materially for two years in a row, while gaps in core rights continue to distort the marketplace and deprive recording artists and songwriters of the royalties they deserve.

US Music Industry Sees Fastest Growth in More Than 20 Years

By FYI Staff

The music business posted its fastest growth since Boyz II Men and Hootie & the Blowfish topped the charts 23 years ago.


US recorded music sales climbed 17 percent to $8.7 billion last year, the second straight gain in domestic revenue, the Recording Industry Association of America said Thursday.

At wholesale, revenues grew 12.6% to $5.9 billion. These increases were driven by more than 35 million paid subscriptions, a 56% growth year-over-year.

This is the first time since 1999 that US music revenues grew materially for two years in a row, while gaps in core rights continue to distort the marketplace and deprive recording artists and songwriters of the royalties they deserve.

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See the full report here and read more from RIAA Chairman & CEO Cary Sherman in his Medium commentary here.

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Panos A. Panay
Raphaële Sohier

Panos A. Panay

Features

Recording Academy President Panos A. Panay on Canada, Diljit Dosanjh and the Grammys’ Global Future

The influential music executive returned to a place he has called home at NXNE for the Billboard Global Summit. Here's why it was particularly meaningful for him.

The music landscape is changing quickly, and Panos A. Panay, the President of the Recording Academy and the Grammys, is right in the middle of it.
This week (June 11), Panay interviewed Punjabi superstar Diljit Dosanjh as part of the Billboard Summit at NXNE. For him, it represented a global shift in music where sounds carrying different cultures and languages are pushing against the "Anglo-American" mainstream. Celebrating the universality of music in the diverse city of Toronto holds special meaning for him.
Panay spent some formative years in Canada, and says in some ways he considers it as much like home as Cyprus, where he was born. It shaped how he sees the world and his career, and it's been important in his work at the Grammys, which is also going through changes. Since he started his job in 2021, along with CEO Harvey Mason Jr., Panay has been helping the Academy adapt to a new generation of artists, represent diversity and navigate the changing music scene.

Before he was at the Recording Academy, Panay founded the online platform Sonicbids, which brought him to NXNE many times. Again, it feels like coming home.

In this exclusive interview with Billboard Canada, Panos discusses Dosanjh, how the Grammys are changing and the future of Canadian music.

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