2024 streams are up 15.1% compared to the first six months of 2023
Music and entertainment data analyst company Luminate has published their 2024 Midyear Music Report, detailing key industry insights.
We’re now in July, which means we’ve recently wrapped up the first half of 2024. Luminate has compiled music consumption data for January to June.
Global On-Demand Audio music streams for the first six months of the year were at 2.29 trillon. While largely an incomprehensible number, streams are up 15.1% compared to the same period last year. US on-demand audio streams were 665.8 billion this year, up 8% compared to last year. The US holds a 29% share of all global streams, which is down from 31% as other markets grow at a faster rate.
One thing that hasn’t changed is the percentage of current music streams versus catalogue music streams in the US. 27.2% of streams in the first half of 2024 were for current music, while 72.8% of streams were for catalogue music. The exact same percentages as the first half of 2023.
Continuing on US stats, latin music was the fastest growing ‘core’ genre in the US, growing its share of on-demand streaming by 0.51% year-over-year. There were also small rises in streams for rock, pop and country music, while R&B/hip-hop was still the biggest single genre.
Independent-distributed artists are increasing their share. Streams of non-major (UMG, WMG, Sony) distributed tracks between 1-10 million streams were up 0.6%. The 10-50 million tier increased by an impressive 2.3%. Tracks with 50-100 million streams increased by 1.8%.
There’s plenty more in the report, with details on live events, age demographics, video game data, short-form videos, additional markets, premium streaming numbers, physical media, the top artists and much more. You can find the full report here. Stream the webinar below.