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U.S. Recorded Music Hit Record $8.7 Billion in Mid-Year Revenue, But Growth Is Just 4%: RIAA Report
RIAA 2024 mid-year report: The U.S recorded-music industry posted record revenue of $8.7 billion but growth was just 4% — half of 2023's 8% growth.
Advertising growth was also slower compared with previous years, in on-demand services like YouTube, ad-supported version of Spotify, Facebook and others, up 2% to $899 million. Spanning multiple licensing avenues from fitness apps to short-form video, artists and labels are embracing innovation with responsible partners so more Americans can engage with their favorite music however, whenever and wherever they choose,” said RIAA Chairman & CEO Mitch Glazier. “This sustained growth fuels innovation and reflects music’s incredible value, laying the foundation for a healthy creative ecosystem where artists’ and songwriters’ visions can flourish over generations.”
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