In a world where streaming platforms dominate the music consumption scene, the recent Luminate Midyear Music Report 2024 provides a detailed and comprehensive view of the music landscape. Luminate, recognized as the leading entertainment data and analytics company, has collected essential information from more than 500 verified sources, managing more than 20 million data points. This report reveals key trends that are shaping the future of the music industry.
The Streaming Boost in 2024
The growth of streaming continues to be the main driver of the music industry. In the first six months of 2024, global streaming of audio on demand increased 15.1% compared to the same period in 2023. This increase was particularly notable in the major genres in the United States, with Latin music leading the growth. The share of Latin music in streaming audio on demand in the United States grew by 0.51 percentage points, consolidating its position as a rapidly growing genre.
The Persistence of Physical Music
Although streaming dominates musical consumption, physical music is still relevant, especially among superfans. Artists such as Taylor Swift, Beyoncé and Billie Eilish have released multiple versions of physical products, meeting the expectations of their most loyal fans. The ten best-selling albums of the year so far averaged seven vinyl variants per title, highlighting the continued demand for tangible products in a digital age.
The Diversification of Artists in Streaming
The Luminate report also highlights the diversity in streaming consumption. Independent artists represented 62.1% of all artists who accumulated between 1 and 10 million streams of audio on demand in the U.S. during the first half of 2024. In addition, the participation of independent artists who exceeded 500 million streams increased by more than 2% compared to the second half of 2023. This growth reflects a democratization of success in the music industry, where artists of various levels can reach a significant audience.
Growth of International Artists
The report highlights a notable growth in the participation of artists from Mexico, Brazil and France in global audio streaming. Although U.S. artists continue to maintain the highest participation, their share decreased by 0.53 percentage points in the first half of 2024. In Brazil and Mexico, younger music listeners are adopting paid subscriptions for streaming, discovering new music through these services and attending concerts at a higher rate than the average listener. In fact, 24% of paid streamers in Mexico have attended a concert in the last 12 months, representing 14% more than the average number of music listeners.
Listener Profiles in Emerging Genres
The report highlights listener behavior in emerging genres such as HyperPop and Lofi Hip-Hop. For example, HyperPop listeners, including artists like Charli XCX and Laura Les, are 160% more likely to listen to vinyl records compared to the average listener in the U.S.
On the other hand, Lofi Hip-Hop listeners, with artists like Flamingosis and Kupla, are 80% more likely to prefer vinyl records. In addition, platforms such as Twitch have become a crucial channel for musical discovery in these genres.
The Impact of Video Games and Short Videos
The collaboration between music and other forms of entertainment remains in place. The clearest example of this was Metallica's partnership with Fortnite, announced in June 2024. This collaboration significantly boosted the streaming of the band's main songs used in the game, as well as the rest of their catalog.
In addition, short videos on platforms such as TikTok and YouTube Shorts continue to be a powerful tool for music promotion. 76% of music listeners in the U.S. have watched short videos, and those who publish on these platforms tend to spend more on streaming services and artist merchandising.
Conclusion
The Luminate 2024 Half-Year Music Report provides an in-depth view of the current state of the music industry, highlighting the growth of streaming, the persistence of physical music and the diversification of artists in the consumption pyramid. As the industry continues to evolve, this data and analysis provide a solid foundation for strategic planning and the development of new opportunities in the global music landscape.
Luminate continues to serve as the most reliable partner for entertainment data, and its findings are not only valuable to the music industry, but also to sectors that include financial investment, technological product development and video game activations. With Billboard's ongoing collaboration, Luminate ensures that the information provided is both accurate and relevant, helping to shape the future of global entertainment.
