Global music streaming rises by 14% — Luminate

The global music industry experienced a significant surge in 2024, with audio streams reaching 4.8 trillion, marking a 14 percent increase from the previous year, according to Luminate’s year-end report. This unprecedented growth highlights the continued dominance of streaming as the preferred method of music consumption worldwide.

Pop Music’s Surprising Dominance

Pop music emerged as the fastest-growing genre in the US, surpassing the previously dominant Latin music. This surge was fuelled by the immense popularity of artists like Taylor Swift, who captivated audiences and dominated the charts throughout the year. Pop music’s market share increased by 0.48 percent, solidifying its position as a driving force in the industry.

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Key Trends Shaping the Music Landscape

Luminate’s report also highlighted the rise of “superfans,” dedicated music enthusiasts who actively engage with their favourite artists. Additionally, a slight increase in catalog consumption or listening to older music was observed compared to current releases. Interestingly, the number of songs uploaded by distributors to streaming services decreased slightly.

International Markets Drive Streaming Growth

While the US remains the largest music market, most of the streaming growth originated from international markets. Streams outside the US experienced a remarkable 17.3 percent year-over-year increase, compared to 6.4 percent growth within the US. This surge highlights the expanding global reach of music streaming and the growing importance of international audiences.

Emerging Markets Embrace Paid Subscriptions

Paid subscription streams witnessed substantial growth in emerging markets, with Asia leading the charge with a 10.7 percent increase. Europe and Latin America also experienced significant growth in paid subscriptions, indicating a growing willingness among consumers in these regions to pay for premium music streaming services.

Rob Jonas, chief executive officer of Luminate, expressed enthusiasm about the continued global engagement with music streaming. He highlighted the report’s insights into trends like superfans, international streaming activity, genre shifts, and the value of audience data.

Jonas also emphasised Luminate’s expanded capabilities in tracking publishing activity and analysing the impact of music documentaries, showcasing the company’s commitment to providing comprehensive data and insights to the music industry.

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US Album Consumption Rises

In addition to streaming, total album consumption in the US, which encompasses on-demand track streams, track downloads, and physical and digital album sales, rose by 5.6 percent year-over-year, reaching 1.1 billion. This metric reflects the diverse ways consumers engage with music and highlights the continued relevance of albums in the digital age.

The research firm’s total album consumption (TAC) metric combines all on-demand track streams, plus all track downloads and all physical and digital album sales. Luminate equates 1,250 paid subscription streams, or 3,750 ad-supported streams, to one album “sale.” Ten digital track purchases/downloads also count as an album sale equivalent.