Music Industry Reports 10% Growth in 2023, YouTube Music Ranks Second

Giorgio De Luca
1 min read

Two key indicators of the U.S. music industry's health, the RIAA's 2023 recorded music revenue report and Edison Research's Infinite Dial study, reveal significant growth. The music industry recorded a 10% revenue increase in 2023, with streaming contributing 84% to the industry's revenue. Notably, YouTube Music solidified its position as the second-largest subscription music service after Spotify. The RIAA's report also highlights the resurgence of vinyl revenue, which accounted for 8% of the industry's total revenue and experienced a 10.3% growth. Additionally, the Infinite Dial study reported a revival in podcast listening, especially among the 35-54 age group. Despite the growth in audio listening, smart speaker ownership appears to be plateauing. These reports reflect the evolving landscape of the music industry and the shifting trends in consumer preferences, emphasizing the continued importance of streaming services and the resilience of certain traditional formats in the digital age.

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