Independent artists have seen a significant increase in their share of streams across various tiers in the first half of 2024.

According to Luminate’s 2024 Midyear Music Report, there’s a growing trend where more and more independent artists are breaking into higher streaming brackets that, traditionally, are dominated by artists with major label backing.

Independent artists are giving major labels a run for their money

Luminate’s analysis, which focused on the distribution of artists rather than individual tracks, has revealed that although major labels still dominate at the highest streaming levels, independent artists are increasingly making their mark in mid-tier brackets.

Image Credit: Luminate

More specifically, Luminate’s report describes how “out of the 46 artists with over one billion U.S. on-demand audio (ODA) streams, 43 were associated with major distributors”.

However, a significant change becomes evident in the 10 million to 50 million ODA range. In this bracket, only 62.3% of artists had major distribution, indicating a rising presence of independent artists with 37.7% distributing independently.

This trend is even more pronounced in the 1 million to 10 million ODA bracket, where 62.1% of artists are independently distributed.

The growth in the number of independent artists reaching these mid-tier levels is a significant shift in the industry. For example, more than 29,000 artists achieved between 1 million and 10 million ODA streams in the first half of 2024 – an increase of approximately 1,400 compared to the second half of 2023.

Similarly, the 10 million to 50 million streaming tier now features over 5,000 artists, marking an increase of 267 artists from the previous period.

Image Credit: Luminate

Of course, this trend of increasing independent representation aligns with broader industry shifts. The music industry has been continuously evolving with the rise of digital distribution platforms like RouteNote, allowing artists to bypass traditional label structures and reach audiences directly without having to meet any criteria asked for by labels.

This democratization of music distribution is giving rise to a more diverse and varied music landscape too. For instance, emerging genres like HyperPop are finding highly engaged audiences.

Luminate’s report notes that HyperPop listeners are 160% more likely to listen to vinyl and more inclined to discover new music on platforms like Twitch. While this may reflect generational differences (Gen Z are more likely to use Twitch than Millenials), it may also reflect shifting behaviours and preferences of modern music consumers. After all, both millennials & Gen Z are likely to buy vinyl.

Final thoughts

Ultimately, the increasing share of ODA streams that independent artists are garnering in the streaming economy signals a significant change in the industry.

Thanks to the rise of independent music distributors, social media’s advertising capabilities and interactive platforms such as Twitch, independent musicians can now compete with the advertising and distribution networks of major labels and their artists.

Let us know what you think in the comments. Being an independent artist responsible for this industry change, tell us where your streams fall in Luminate’s streaming categories, how you promote your music and whether you think a record label would benefit your music.