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Music to Their Ears: Streaming Subscribers Push Record Revenues

Music to Their Ears: Streaming Subscribers Push Record Revenues

The recorded music industry experienced a remarkable growth in 2023, with revenues soaring to $28.6 billion, largely driven by a significant increase in paid music streaming subscriptions. The number of paid subscribers reached an all-time high of 667 million. These gains echo the broader success of subscription models across various sectors, including retail subscriptions, which not only prove profitable but also enhance customer satisfaction by offering convenience. However, maintaining these subscribers requires attention to their expectations, such as smooth payment processes and flexible subscription management. The PYMNTS Intelligence study highlights the profitability of retail subscriptions, with 30% of subscribers accounting for 79% of total revenue. The study also points out the need for retailers to offer features like easy refunds, pause/skip options, and detailed product information to meet the high standards of today's subscription shoppers.

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