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RIAA Report 2023 Takeaways: Is the U.S. Too Reliant on Paid Subscriptions?
RIAA report 2023 takeaways — is the U.S. music market too reliant on paid subscriptions for streaming, which has seen slowed growth?
It’s not for lack of effort: Record labels are partnering with AI startups, licensing music to social media platforms and looking for new ways to engage with big spending superfans. On-demand streaming turned around the industry, made music into an appealing asset class for investors and allowed handfuls of companies to go public. Price increases by Spotify in July and Amazon Music in both January 2023 and August helped average monthly revenue per user improve to $8.74, up from $8.35 in 2022.
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