Streaming boom fuels independent artist growth!
Image credit: Luminate
As the music industry experiences a seismic shift, streaming is getting more profitable and independent artists are leading the charge.
The music industry is witnessing a thrilling transformation, and independent artists are at the forefront. A new report from Luminate reveals how the streaming is becoming more viable for artists, especially those without a major label.
Fuelled by the ever-growing popularity of streaming platforms like Spotify, Apple Music, and Amazon Music, global on-demand audio streaming has skyrocketed by over 15% in the first half of 2024 compared to the same period in 2023.
Leading the way in the growth are independent artists. A staggering 62.1% of artists who accumulated between 1 million and 10 million US on-demand audio streams in the first half of 2024 were independent. This dominance continues, with the number of indie artists exceeding 500 million streams growing by over 2% in the first half of 2024 compared to the latter half of 2023.
The music streaming landscape is also transforming to mean a better chance at success for artists. As paid streaming grows and ad-supported streaming dwindles, the value of every stream is increasing. In 2024, the number of streams needed for an album equivalent sale is now just 1,390, reflecting the shift in how audiences consume music.
Latin music is currently the hottest genre, experiencing the fastest growth in the US at double the rate of rock music. R&B/Hip-Hop remains the undisputed king with a massive 150 billion streams. Whilst Latin music is growing fast, it’s still in fifth place overall with just over 50 billion streams. Interestingly, Latin music fans are more likely to utilise ad-supported options to listen.
The accessibility and reach offered by streaming platforms are creating exciting opportunities for indie music. with wider audience engagement and the ability to bypass traditional gatekeepers, independent artists are experiencing a well-deserved boom.
So, whether you’re an aspiring musician carving your own path or a fan revelling in the diversity of indie music, this is a truly exciting time to be a part of the music scene.