In a triumphant year for Taylor Swift, the global pop sensation has cemented her dominance in the U.S. recorded-music market, claiming an impressive 1.7% share of the entire industry, as revealed in Luminate’s year-end report. Formerly known as SoundScan, Luminate shed light on Swift’s remarkable achievement, attributing her success to a highly successful global tour and an unwavering media presence throughout the year.
Swift’s influence extended to on-demand audio streams in the U.S., with an estimated one in 78 streams featuring a Taylor Swift song, excluding video content. Luminate CEO Rob Jonas expressed enthusiasm about the global streaming trend, citing a notable +34% surge in 2023. Jonas committed Luminate to enhancing international data and insights, emphasizing new partnerships with industry leaders like Deezer, Melon, Flo, and Anghami.
The report divulged key trends and metrics for 2023, showcasing a 33.7% growth in global total on-demand streaming, encompassing both audio and video. On-demand audio streaming specifically saw a significant 22.3% increase. In the U.S., on-demand audio streaming experienced a growth of 12.7%, marking a second consecutive year of volume acceleration. Hip-hop retained its position as the most-consumed genre, while Afrobeats and K-pop emerged as the fastest-growing genres in streaming.
The report delved into genre-specific trends, highlighting the substantial 26.2% growth of World music, inclusive of K-Pop and Afrobeats. Gen Z Country listeners’ preferences were also explored, revealing a proclivity for discovering new music through streaming services and shared playlists within their social circles.
Regional Mexican music witnessed a remarkable 60% growth in U.S. on-demand audio streams, particularly concentrated in the west coast and Southwest regions. In terms of language and location, six Latin music artists achieved over 1 billion on-demand audio streams in the U.S., contributing to a decrease in the streaming share of English-language content among the top 10,000 streaming tracks.
Luminate CEO Rob Jonas underscored a collaborative approach, expressing excitement about continuing this strategy in 2024. The report, offering invaluable insights, paints a vivid picture of the evolving landscape of the music industry. It is evident that the industry is in a state of continuous evolution, driven by global streaming trends and the ever-changing preferences of music enthusiasts.
