Music in 2024: Are streaming services really king?
Image credit: Eric Nopanen
More people listened to music on streaming services than ever before in 2023, but how do the majority of people listen in 2024?
It seems like everyone is streaming music now. In 2024, you have your choice of huge platforms filled with music like Spotify, Apple Music, Amazon, Deezer, and so many more. These services offer on-demand music to people everywhere, and in 2023 over 7 trillion songs were listened to.
That’s more than ever before. But how does streaming stack up against radio? Whilst it may seem like radio is a thing of the past, you’d actually be surprised at how significant radio listening still is. In terms of audio consumption, it seems that streaming services are still behind traditional radio listening.
How do people listen to music the most?
Streaming music makes up 20% of the time users spent listening in 2023, according to Edison’s Share of Ear report. So where does the majority of listening come from? AM/FM Radio makes up a significant majority, with a 36% share of the time spent listening in 2023.
Now, this report looks at all listening and therefore includes podcasts. We can presume that radio listens include all radio broadcasts and not exclusively music, slightly skewing the percentage of listens that are for music alone. YouTube music listening is also considered separate, with a 14% share. SirirusXM is also in its own category, accounting for 8% of listens.
Key takeaways:
- Streaming: Music streaming claims 20% of listening time, a 1% rise from 2023. RouteNote empowers independent artists to tap into this growing market!
- YouTube: Music and videos on YouTube command a steady 14% share, highlighting its unique audio consumption experience.
- Podcasts: Growing steadily, podcasts hold an 11% share, reflecting their diverse content and on-demand format.
- Radio: Surprisingly, AM/FM radio remains king with 36%, losing only 1% compared to 2023. Its adaptability and local focus stand strong.
- Physical Media: CDs, vinyl, and downloads account for a shrinking 4%, suggesting a shift towards digital consumption.
Beyond the headlines:
The report reveals 50% of 2023’s top radio songs also made Spotify’s top 10, emphasizing radio’s influence on a track’s success. While radio remains strong, music streaming is expected to see continued growth, offering exciting opportunities for independent artists.
One of the strongest benefits of music streaming is the availability for both artists and listeners. This week, we covered that independent artists now make up a 26% share of all listens on Spotify. Thanks to services like RouteNote, all artists have the same opportunity to upload their music globally and listeners have the chance to discover and listen to the music they want, when they want.