Get the latest gossip
U.S Recorded Music Revenue Grew by 8% in 2023, Per RIAA Annual Report, but Layoffs and Slowing Growth Are Cause for Concern
Per the RIAA's year-end report, U.S recorded music revenue grew 8% in 2023, but layoffs, AI and slowing growth are causing concern for the future.
Also, Music revenues from advertising supported on-demand services (such as YouTube, the ad-supported version of Spotify, Facebook, and others) grew at a slower pace than previous recent years, up 2% to $1.9 billion. “Licensing of social networks, fitness apps, and short form video are adding new value […] and physical sales once again boomed, with vinyl records delivering yet another double-digit increase. “For artists, songwriters, and fans, this strong and sustained growth signals a time of incredible opportunity – with new formats, styles, and sounds rising up across innovative platforms and emerging ways to listen.
Or read this on Variety