Music Streaming Services Are Getting Record Amounts of Money

Music streaming services are pulling in up about two-thirds of all recorded music revenues via paid subscriptions, according to a new report released March 26 by the Recording Industry Association of America. Recorded music revenues have grown for each of the past eight years and rose by 7% last year to an estimated retail value of $17 billion -- a record, the 2023 Year-End Music Industry Revenue Report found.

Paid subscriptions for music streaming services, like Spotify and Apple Music, brought in over $11 billion in revenue. Subscriptions are at an all-time high, up 5.7% in 2023 to almost 97 million. Ad-supported on-demand streaming services, like YouTube and the lowest tier of Spotify, made $1.9 billion in revenue, while digital radio services like SiriusXM and internet radio stations made $1.3 billion in 2023. Limited-tier subscriptions (like Amazon Prime and Pandora Plus) made $1 billion.

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