2024
Luminate Midyear Music Report
Introduction
The increase of total streams by volume continues to drive the story of today’s music ecosystem, and the first six months of this year were no different. In the first half of 2024, the industry saw persistent streaming growth of core genres in the U.S., led by Latin music. The trend of global streaming growth at-large also remained consistent. In fact, Global On-Demand Audio streaming was up +15.1%, when compared to the first half of 2023. But, it wasn’t all streaming.
Physical music still matters. With key new releases from the likes of Taylor Swift, Beyoncé and Billie Eilish, the first half of 2024 saw an organic evolution in regards to feeding super fans’ appetites with multiple versions of physical products. In fact, the Top 10 best-selling albums of the year so far saw an average of seven different vinyl variants per title.
With additional insights across gaming, live music, social media and more, the following report provides a nuanced, comprehensive insight into today’s music landscape, fueled by in-depth analysis of Luminate’s streaming, sales and consumer research data. Staying consistent with Luminate’s mission to serve as the most trusted partner for entertainment data, these findings are meant to be helpful for business planning across not just the music industry’s needs, but for all industries that are concerned with music – from financial investment to tech product development, from brand partnerships to gaming activations, and beyond.
As always, the Charts included in this report are presented in partnership with Billboard, Luminate’s exclusive chart partner for more than three decades.
About Luminate
Luminate is the preeminent entertainment data and insights company, unleashing access to the most essential, objective, and trustworthy information across music, film, television, gaming, short-form video and more. Luminate’s databases house information compiled from over 500 verified sources, managing more than 20 trillion data points.
About Luminate
About Luminate
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Think Global,
Act Local
Variants & Viability
Scales of Streaming
Welcome
to the Show
Scales of Streaming
Welcome to the Show
Variants & Viability
Think Global, Act Local
Streaming activity continues to grow year-over-year but the consumption landscape is ever-evolving. The first trend of our 2024 Midyear Music Report explores representation of major label vs. independent artists across the streaming pyramid. Did you know that indie artists made up 62.1% of all artists who accumulated between 1M and 10M U.S. On-Demand Audio streams in H1 of 2024? In fact, the share of indie artists who earned more than 500M On-Demand Audio streams increased by more than 2% in H1 2024 as compared to H2 2023.
We also take a look at the growth of the mid-tier artist across genres. This refers to artists who consistently earn millions of streams and redefine what it means to be a successful artist in a world where membership to the “billions of streams” club is not always possible.
Alongside those analyses, we’ve included an in-depth look at genre-specific streaming in terms of ad-supported vs. premium, meaning those streams that come from free and paid-tier subscriptions across platforms. Given that these two types of streams are weighted differently when converted to album units, meaning how many streams equate to an album sold for the purposes of Chart rankings, we’ve included a breakdown on how many streams on average it takes to earn one album unit for each core genre.
Lastly, as subscription prices for streaming services continue to rise, we’ve offered key consumer data that shows which features music listeners are looking for in their streaming experience.
Billie Eilish made headlines earlier this year when she commented on the practice of manufacturing and marketing multiple vinyl variants by top artists and its subsequent effects on the environment. In the following report, we break down the growing number of variants offered for a single album release as well as this multiple-variant strategy’s relation to the Charts.
With Eilish’s concerns in mind, we also take a look at music listeners’ attitudes towards sustainability. For example, 37% of physical music purchasers in the U.S. cite sustainability / re-usability as causes they care about, which is +26% higher than the average U.S. music listener.
Live music maintains its prominent spot in the superfan experience. But how does touring in a specific market affect the local streaming consumption? In the following report, we analyze data across 50 artists, 990 shows and 129 U.S. markets to find that the median event yielded a 42% growth in local DMA On-Demand Audio Streaming during the week of an event. But genre matters. Read more to see which genres saw the biggest gains.
We also explore the relationship between touring and gaming. For example, the announcement of Metallica’s Fortnite takeover on June 12, 2024, drove Global growth for not only six of the band’s focus songs used in the game but for the band’s catalog in general.
Other data shared in the following report reveals the latest consumer behaviors surrounding gaming and music and offers a look at music listeners’ relationships with short-form videos at a genre-specific level.
Artists from the U.S. still hold the highest Global On-Demand Audio streaming share but that share is down 0.53 percentage points in the first half of 2024, showing a continued growth of global consumption of artists from other countries. In the following report, we use Luminate’s country-level streaming data to highlight consumption trends in a select group of countries. Did you know Reggae and Jazz over-index in France, while Country and Latin under-index in the market?
We also provide a breakdown in country-level trends surrounding ad-supported vs. premium streams in specific markets.
Contents
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Date range for consumption data: 12/29/23 - 6/27/24 vs. 12/30/22 - 6/29/23
2024
Midyear Metrics
12/29/23 - 6/27/24 (As Compared to 12/30/22 - 6/29/23)
click on TABS
TO VIEW METRICS
Global Metrics
U.S.
Metrics
U.S. Catalog
vs. Current
Canada
Metrics
Canada Catalogue vs. Current
Notes on
Trend Break
Canada Current vs. Catalogue Consumption
U.S. Metrics
U.S. Current vs. Catalog Consumption
Global Metrics
Notes on Trend Break*
Canada Metrics
2024+
2023+
2023+
2024+
2023+
2024+
2023+
2024+
Total Album Equivalent Consumption (Album+TEA+On-Demand SEA Audio)
Total Album Equivalent Consumption (Album+TEA+On-Demand SEA Audio*)
U.S. Total Album Consumption*
Album + TEA + SEA On-Demand Audio**
+7.4%
Vol. Change
491.1M
527.3M
Digital Album Sales
-10.3%
Vol. Change
9.2M
8.3M
Total Album Sales
Physical + Digital
-29.3%
Vol. Change
50.6M
35.8M
Total Album Consumption
Album + TEA + SEA On-Demand Audio*
+9.8%
Vol. Change
49.9M
54.8M
Physical Album Sales
(LP, CD and Cassette)
+2.1%
Vol. Change
1.55M
1.59M
Due to changes in methodology and provider reporting, two trend breaks occurred in the first half of 2024, which means we are unable to provide an accurate representation of year-over-year changes (H1 2024 vs. H1 2023) in the following two areas:
2024+
2023+
Catalog Share
72.8%
72.8%
Current Share
27.2%
27.2%
On-Demand Streaming: Audio
+15.1%
Vol. Change
1.99T
2.29T
Catalogue Share
72.6%
73.4%
Current Share
27.4%
26.6%
- Independent Retail Physical Sales: As previously reported, Luminate changed the methodology behind its independent retail sales reporting beginning Week 1 of 2024. While the new modeled methodology more accurately represents the independent retail market, we do not have comparable historical data to provide an accurate year-over-year trend. Therefore, independent retail physical sales are not included in our H1 2024 vs. H1 2023 U.S. physical sales reportings. In weeks 23-26, under the new U.S. independent retail modeling, independent record stores account for 29.5% of all physical album sales in the U.S. Independent record stores account for 40.1% of all vinyl sales in the U.S. during this same time.
- Video: A change in provider reporting was made in January 2024 that affects the Non-Song UGC category. Due to this change we are unable to provide video trending. All video numbers represented in this report are either stand-alone snapshots in time or do not include the impact of the Non-Song UGC changes. These instances are noted throughout.
U.S. Total Digital Music Consumption
Digital Albums + TEA + SEA On-Demand Audio**
+7.5%
Vol. Change
467.3M
502.6M
Physical Album Sales*
Includes Vinyl LP, CDs and Cassettes
+3.8%
Vol. Change
23.8M
24.7M
Physical Album Sales
+13.3%
Vol. Change
36.7M
41.6M
+ 12/29/23 - 6/27/24 (AS COMPARED TO 12/30/22 - 6/29/23)
* SEA (STREAM-EQUIVALENT ALBUMS): 1250 PREMIUM STREAMS = ONE ALBUM // 3750 AD-SUPPORTED STREAMS = ONE ALBUM; TEA (TRACK-EQUIVALENT ALBUMS): 10 DIGITAL TRACKS = ONE ALBUM
On-Demand Song Streaming
Audio
+11.4%
Vol. Change
63.4B
70.7B
Current Total Album Consumption
+7.1%
Vol. Change
133.8M
143.2M
Catalog Total Album Consumption
+7.5%
Vol. Change
357.3M
384.1M
Current Total Album Consumption
+6.6%
Vol. Change
13.7M
14.6M
Catalogue Total Album Consumption
+11.1%
Vol. Change
36.2M
40.2M
CD Album Sales
+3.8%
Vol. Change
16.9M
17.5M
CD Album Sales
+3.8%
Vol. Change
16.9M
17.5M
On-Demand Streaming: Audio
+8.0%
Vol. Change
616.5B
665.8B
On-Demand Song Streaming
Audio + Video
+14.6%
Vol. Change
1.3T
1.5T
+ 12/29/23 - 6/27/24 (AS COMPARED TO 12/30/22 - 6/29/23)
* SEA (STREAM-EQUIVALENT ALBUMS): 1250 PREMIUM STREAMS = ONE ALBUM // 3750 AD-SUPPORTED STREAMS = ONE ALBUM; TEA (TRACK-EQUIVALENT ALBUMS): 10 DIGITAL TRACKS = ONE ALBUM
** Catalog = Older than 18 months
On-Demand Streaming: Audio
+15.3%
Vol. Change
112.9B
130.2B
Total On-Demand Audio Song Streams
+22.6%
Vol. Change
2.7T
*Click here for an important note regarding
U.S. physical sales reporting
+ 12/29/23 - 6/27/24 (AS COMPARED TO 12/30/22 - 6/29/23)
*EXCLUdes u.s. independent retail strata sales
** SEA (STREAM-EQUIVALENT ALBUMS): 1250 PREMIUM STREAMS = ONE ALBUM // 3750 AD-SUPPORTED STREAMS = ONE ALBUM; TEA (TRACK-EQUIVALENT ALBUMS): 10 DIGITAL TRACKS = ONE ALBUM
U.S. Indie Retail excluded
+ 12/29/23 - 6/27/24 (AS COMPARED TO 12/30/22 - 6/29/23)
* SEA (STREAM-EQUIVALENT ALBUMS): 1250 PREMIUM STREAMS = ONE ALBUM // 3750 AD-SUPPORTED STREAMS = ONE ALBUM; TEA (TRACK-EQUIVALENT ALBUMS): 10 DIGITAL TRACKS = ONE ALBUM
Catalog = Older than 18 months
*Click here for an important note regarding
U.S. physical sales reporting
Vinyl LP Sales
+21.7%
Vol. Change
19.4M
Vinyl LP Sales
+21.7%
Vol. Change
19.4M
On-Demand Streaming: Video
+12.3%
Vol. Change
142.2B
+ 12/29/23 - 6/27/24 (AS COMPARED TO 12/30/22 - 6/29/23)
* SEA (STREAM-EQUIVALENT ALBUMS): 1250 PREMIUM STREAMS = ONE ALBUM // 3750 AD-SUPPORTED STREAMS = ONE ALBUM; TEA (TRACK-EQUIVALENT ALBUMS): 10 DIGITAL TRACKS = ONE ALBUM
Catalog = Older than 18 months
+5.8%
Vol. Change
+12.3%
Vol. Change
+5.8%
Vol. Change
Bad Bunny
SZA
Marshmello
Social Causes & Sustainability
Interest in Limited Edition Collectibles
Physical music purchasers are +26% more likely to cite sustainability /
re-usability as a cause they care about than the average U.S. music listener. However, there are differences by audience including generation, purchase format and genre fandom
Among U.S. fans who already stream music, opportunities exist for limited edition collectibles within Latin and K-Pop genres, but less so for Country
+12%
55%
+39%
-12%
Peso Pluma
Coldplay
Latin fans who are Music Streamers are 27% more likely to purchase limited edition collectibles compared to other Music Streamers
K-Pop fans who are Music Streamers are 39% more likely to purchase limited edition collectibles compared to other Music Streamers
Country fans who are Music Streamers are 12% less likely to purchase limited edition collectibles compared to other Music Streamers
SOURCE: LUMINATE INSIGHTS - U.S. MUSIC 360 (Q2 2024)
COLDPLAY: CHRISTOPHER POLK
SOURCE: LUMINATE ARTIST & GENRE TRACKER CONSUMER RESEARCH DATA
PLUMA: TK TK TK T
2024
Midyear Charts
Data Sources
The 2024 Music Midyear Report is powered by Luminate’s industry-leading music consumption, data management and consumer research data and insights products.
Quansic music data management
Music data management data and services, including artist disambiguation and recording/songwriting attribution. More about this service here.
Music Consumption Data
The music consumption data statistics in this report come from the Luminate music consumption platform, which is informed by 500 hundred sources including the major streaming platforms, mass merchant retailers, artist stores and more, representative of 48 global markets. More about the product here.
Audience Insights Syndicated Reports
U.S. MUSIC 360 & REGIONAL
MUSIC 360: Consumer behaviors and preferences related to music fan engagement including, music and artist discovery, genres & language preferences, time and money spent, streaming and platform use and live music preferences.
U.S. ARTIST & GENRE TRACKER: Consumer behaviors and preferences related to music fan engagement including, awareness, likability, perceptions, discovery, merchandise, purchasing and influence.
U.S. ENTERTAINMENT 365: Consumer behaviors and preferences related to entertainment and how they spend their leisure time across all available entertainment channels, including, time and money spent, discovery & engagement, platform preferences, subscription models, motivations and category purchasing
To learn more about how to access these products, please contact us here.
Luminate is the preeminent entertainment data and insights company, unleashing access to the most essential, objective, and trustworthy information across music, film and television, with data compiled from hundreds of verified sources. Today, the company maintains its more than 30-year legacy of accurate storytelling by powering the iconic Billboard music charts, while also acting as the premiere database for the television and film industries. Working closely with record labels, artists, studios, production companies, networks, tech companies, and more, Luminate offers the most valued source of comprehensive, independent, and foundational entertainment data that drives industry forward. Luminate is an independently operated company and a subsidiary of PME TopCo., a joint venture between Penske Media Corporation and Eldridge.
Media Contact: press@luminatedata.com