Streaming increase, superfans, and Gen Z a brief overview of Luminate’s 2024 report
Luminate’s 2024 Year-End Music Report is here with a detailed analysis of the evolving global music landscape, highlighting trends in streaming, genre shifts, live music, and listener behavior.
Streaming growth
On-demand audio (ODA) streaming saw a significant rise in 2024, with international markets outpacing U.S. growth. Ex-U.S. streaming expanded by 17.3%, compared to the U.S.’s 6.4% growth. Premium subscriptions saw notable adoption, particularly in Latin America, Eastern Europe, and Asia.
Top genres and shifting trends
It wasn’t a surprise to see Pop become the fastest-growing genre globally in 2024, driven by artists like Taylor Swift and Billie Eilish. In the U.S., it narrowly surpassed Latin music as the fastest-growing genre during the latter half of the year. Other fast-growing genres included Country, Christian/Gospel, and Latin.
Music as a global export
Music streaming facilitated cross-border cultural exchange, with the U.S. leading as the top music exporter. South Korea and Brazil also ranked among the top 10 exporters, showcasing the rise of non-English music on the global stage.
Super fans and direct-to-consumer trends
Super fans played an essential role in shaping music consumption, with direct-to-consumer (D2C) sales comprising 63% of first-week physical album sales for the U.S. Top 200 albums. Artists continued to build stronger connections with their core audiences through D2C channels and innovative fan engagement strategies.
Live music revival and Gen Z’s impact
This year’s report highlighted hope for the live music sector. Live music attendance flourished in 2024, with Gen Z becoming the highest spenders on music festivals. Millennials, however, retained their lead in concert-specific spending. This marked a shift in generational priorities, emphasizing the importance of live experiences for younger fans.
Insights into discovery and content trends
Music discovery extended beyond streaming, with significant contributions from film, TV, gaming, and social media. Additionally, streaming platforms like Spotify and Apple Music added an average of 99,000 new ISRCs (unique track codes assigned to every song ingested to streaming platforms) daily, underscoring the vast volume of new music available to listeners.
A dynamic year in review
Luminate’s 2024 report provided a clear snapshot of the music industry’s continued growth and transformation. From the rise of international streaming markets to the resurgence of live music and the growing influence of super fans, the findings offer valuable insights for stakeholders across entertainment, tech, and beyond.