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U.S. Recorded Music Revenue Up 8% in 2023 as Streaming Growth Remains Steady: RIAA

In RIAA's 2023 year-end music report, revenue was up as streaming and vinyl sales grew, with revenue up 8% to $17.1 billion over 2022.

For the fourth straight year, streaming revenue accounted for between 83% and 84% of the overall business, while the number of average paid subscribers hit 96.8 million. Recorded music revenue in the United States grew 7.7% in 2023 over the prior year, reaching a high-water mark of $17.1 billion at retail, according to the RIAA. In terms of sales, digital downloads continued their slide, with revenue down 12.2% year-over-year to $434.1 million, now representing just 3% of the overall industry.

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