Here is an article that gives a bit of background:
[https://www.vox.com/2014/8/18/6003271/why-are-songs-3-minutes-long](https://www.vox.com/2014/8/18/6003271/why-are-songs-3-minutes-long)
But then again, this is more in the genre of pop songs. Other music in that era could have longer versions for live play etc. So what we know of “runtime” of songs for radio/vinyl in the 45 singles is not the same for LPs.
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