The United States’ recorded music industry generated USD $11.535 billion in wholesale revenue in 2025, up 3.1% YoY.

That’s according to the RIAA’s new year-end report, published today (March 16).

That 3.1% growth rate narrowly outpaced US inflation, which sat at 2.7% across the 12 months of 2025. That’s an improvement on 2024, when MBW reported that the US market’s wholesale revenue growth of 2.7% actually trailed the rate of inflation.

– Murray Stassen, Music Business Worldwide

Global recorded music revenue grew by 9.4% to $39.5 billion in 2025, as the share of the market controlled by indie record labels and the revenue labels are making from merch, live performances and branding rights all saw significant growth, according to MIDiA Research’s latest report.

“The story the numbers tell is that this is a good year — basically growth across all formats — despite disruption,” Mulligan tells Billboard, noting that even digital downloads had a good year compared to the prior decade.

– Elizabeth Dilts Marshall, Billboard

The antitrust trial against Live Nation Entertainment resumed today (16 March) in a New York federal court, with more than 30 states pressing ahead after rejecting the US Department of Justice’s tentative settlement.

According to the Associated Press, jurors were told that Arkansas, Nebraska and South Dakota had settled claims and were no longer part of the case.

Proceedings then continued with an attorney for the remaining plaintiffs questioning Jay Marciano, CEO of AEG Presents, Live Nation’s primary competitor.

– James Hanley, Music Business Worldwide

The boss of US collecting society SoundExchange has welcomed a change to Irish copyright law which means radio royalties collected in Ireland can now flow to American performers when their music gets airplay in the country. Even though no radio royalties flow in the other direction to European performers, because radio stations in the US don’t have to pay any money to any artists or labels.

That change to Irish law was the result of a ruling in the European Union courts which, SoundExchange CEO Michael Huppe insists, also obligates other EU countries to implement similar changes, so that more radio royalties flow to the US. “Implementation isn’t optional – it’s a legal obligation”, Huppe says, adding, “creators everywhere deserve to be paid when their music is used, no matter their nationality”.

– Chris Cooke, Complete Music Update

Popular music continues to shut out women artists, producers and songwriters, a new study from Dr. Stacy L. Smith and the USC Annenberg Inclusion Initiative has determined.

The latest iteration of the initiative’s “Inclusion in the Recording Studio” study shows that women artists held 36.1% of spots on the most popular Billboard charts in 2025, coming in slightly behind 2024’s 37.7%. It found that women artists fared better in a band or group — thanks in great part to the success of Huntr/x and K-Pop Demon Hunters — but that representation on the charts dropped for solo female artists, falling from 38.9% in 2024 to 34.5% in 2025. In fact, last year’s percentage is on par with the numbers it reported in 2012 (35.8%), which is the earliest year the report studied.

– Taylor Mims, Billboard

The man at the center of what’s been described as the first-ever criminal prosecution for AI-assisted streaming fraud in the United States has pleaded guilty.

Michael Smith, of Cornelius, North Carolina, pleaded guilty today (March 19) to one count of conspiracy to commit wire fraud before U.S. District Judge John G. Koeltl in the Southern District of New York.

The charge carries a maximum sentence of five years in prison. Smith has also agreed to pay over $8 million in forfeiture.

– Murray Stassen, Music Business Worldwide