The rise and rise of music streaming

The global music industry surpassed four trillion streams in 2023, a single-year record – with some new trends emerging.

Jan 11, 2024, updated Jan 11, 2024
The Spotify logo in the New York Stock Exchange. Photo: Richard Drew/AP

The Spotify logo in the New York Stock Exchange. Photo: Richard Drew/AP

Luminate’s 2023 Year-End Report found streams were also up 34 per cent from last year, reflective of an increasingly international music marketplace.

In the United States, three genres saw the biggest growth in 2023: country (23.7 per cent), Latin (which encompasses all Latin musical genres, up 24.1 per cent) and world (a catch-all that includes J-pop, K-pop and Afrobeats, up 26.2 per cent.)

It seems that more Americans are listening to non-English music. By the end of 2023, Luminate found that Spanish-language music’s share of the top 10,000 songs streamed in the US grew 3.8 per cent, and English-language music’s share dropped 3.8 per cent.

Under the Latin umbrella, regional Mexican music saw massive growth. The genre term – which encompasses mariachi, banda, corridos, norteño, sierreño and other styles – grew 60 per cent in US on-demand audio streams, accounting for 21.9 billion.

As for the Taylor Swift of it all: Time’s 2023 Person of the Year made up 1.79 per cent of the US market, Luminate found, accounting for one in every 78 US on-demand audio streams.

Her dominance is reflected in Luminate’s 2023 top albums chart, where Swift accounts for five of the top 10 albums in the US.

However, when it comes to overall music consumption in the US – even with the success of Swift and the massive successes of country music and non-English language programming – hip-hop continues to rule, accounting for 25.5 per cent of all streams.

Maybe it had something to do with hip-hop celebrating its 50-year anniversary in 2023, because streams for current R&B and hip-hop acts dropped 7.1 per cent from 2022, while catalogue streams – older material – grew 11.3 per cent.

– with AAP

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