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

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U.S Recorded Music Revenue Grew by 8% in 2023, Per RIAA Annual Report, but Layoffs and Slowing Growth Are Cause for Concern

The U.S. recorded music industry grew its revenue by 8% in 2023, reaching an all-time high of $17.1 billion and marking eight consecutive years of growth. However, there’s no question that the streaming boom of the past decade, which produced years of double-digit growth, is leveling off and the industry is reacting with layoffs and talk of a “transformational moment” in the months and years to come.   Streaming continues to drive the business…