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Despite Inflation, Music Spending Remains Strong Across the Board
The concert business isn't seeing a slowdown affecting some other entertainment and leisure spending, and spending on recorded music is up, too.
Deloitte’s financial well-being index rose for the third straight month in August and has risen from 95.9 to 102.6 over the last year, which suggests that consumers are feeling good enough about their finances to increase spending on a range of products and services. In August, Airbnb missed earnings and warned of slowing demand, while Booking.com told investors that it expected slower growth in the number of nights booked by customers. According to the RIAA’s mid-year report, the parts of the business that involve direct consumer spending — subscriptions, physical formats and digital downloads — rose 4.7% in the first six months of 2024.
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