A new report suggests that the next genre to take off on music streaming services is classical music, with a boom in popularity.
Midia Research recently published the results of a survey that looked at 8,000 adult music consumers from the US, UK, Germany and 5 more countries. Their report suggests that ‘streaming’s next genre’ is going to be a surge in popularity of classical music.
There are many reasons this could be: older users starting to adopt music streaming more, an increase in the use of classical music as a study aid, or it could also be in party down to funding. The survey was undertaken by Midia Research at the request of classical music streaming service, Idagio.
In fairness to them the funding was no secret and Midia are a reputable source of consumer data. Their report shows that classical music’s recorded revenues were worth $385 million globally in 2018 and 37% of that came from music streaming. The streaming revenue for classical music increased by $141 million to 46% last year showing that it has some serious growth to come.
The report states: “This research points to a fruitful and prosperous future for audiences, artists and for classical music as a genre, showing that 35% of music consumers are classical music fans. Classical music is the fourth most popular music genre and has more fans than R&B or hip hop.”
The consulting lead at Midia Research, Keith Jopling said: “As music finds itself migrating from our smartphones and headphones back into living rooms and cars, with the onset of new streaming platforms such as voice, classical music has the opportunity to find bigger audiences, reaching both its loyal aficionado listeners and its much broader potential audience of enthusiasts around the world.”