SPOT - 1 Music Stock to Buy and Hold for the Long Term
2024-04-16 09:44:00 ET
Last year was a big one for the music industry. The global recorded music market grew 10.2% in 2023 to reach $28.6 billion, according to IFPI, which represents the recording industry. That's up from the 9% boost the industry experienced the previous year.
Unsurprisingly in this digital age, the bulk of the growth came from streaming. Revenue from streaming subscriptions increased 11.2% and accounted for roughly half of total music revenue.
The reigning king of streaming is undeniably Spotify (NYSE: SPOT) , which commands 31.7% of the global streaming subscription market. Apple Music and Amazon Music have market shares of just 12.6% and 11.1%, respectively.
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1 Music Stock to Buy and Hold for the Long Term