The global recorded music industry saw a significant revenue increase of 10.2% in 2023, reaching $28.6 billion, driven primarily by a rise in paid streaming subscriptions. Paid subscribers surpassed the 500 million mark, totaling 667 million. This growth trend is reflective of a broader success in subscription services across various sectors. A PYMNTS Intelligence study highlighted that a substantial portion of retail subscribers contribute to a majority of revenue, with subscription models proving not only profitable but also customer-centric. The study also emphasizes the importance of smooth payment experiences, flexible subscription options, and the ability to cater to different types of subscription shoppers to maintain subscriber satisfaction and minimize cancellations.
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