Over 11 million artists in 2024, but who’s listening?
Chartmetric’s Year in Music 2024 report reveals the growth in music releases and other music industry stats.
Chartmetric, an “all-in-one platform for artists and music industry professionals”, provides comprehensive data across streaming, social media, and audience insights to empower those working within the industry.
Music Creation in 2024
The 2024 edition of Chartmetric’s Year in Music report offers insights into today’s music industry. With over 11.38 million artists tracked, the platform has recorded a 1.7 million increase in music creators compared to last year. This surge equates to an average of 4,600 new artists joining daily, showcasing the growing accessibility of music distribution offered by platforms like RouteNote.
The United States dominates this space, contributing 32% of all new artists, followed by the UK (4.7%), France (3.8%), Germany (3.7%), and Canada (3.6%). 66% identify as solo artists, with the remaining 34% representing groups.
Additionally, 10.5 million new releases entered the Chartmetric system in 2024. Averaging at 28,700 new tracks everyday, this highlights the sheer volume of music currently being produced within the industry.
The harsh reality of streaming success
Despite this explosive growth, the reality for most artists remains challenging. Chartmetric tracks 11 million Spotify profiles, but only 14% (around 1.58 million artists) achieve more than 10 monthly listeners.
Even with this 14%, only 47% surpass 1,000 monthly listeners. This aligns with the data from Luminate, which revealed that 82.5% of the 148 million tracks in its database had fewer than 100 streams in 2023- with 45.6 million tracks receiving no plays at all.
For artists seeking financial success, the odds are even steeper. According to Spotify’s Loud & Clear data, just 2.6% of the 10 million+ creators who’ve uploaded music earn more than $1,000 from the platform. Instead, Spotify focuses on its approximately 225,000 “emerging or professional” artists, of whom 29% generated over $10,000 on Spotify in 2023.
Artists levelling up
Chartmetric ranks artists based on various measures of success across different platforms. Unsurprisingly, the majority of artists today remain in the undiscovered and developing categories. Here are the new gainers across each category, and what they mean:
- +818k undiscovered artists: New to the scene, and yet to establish a consistent audience or presence across platforms. Often have few to no streams.
- +61.5k developing artists: Up-and-coming artists, showcasing potential and growth in their reach.
- +8.5k mid-level artists: Accomplished artists that are recognised for their growing influence and consistent artistic contributions.
- +2.8k mainstream artists: Positioned in the top 1.6k to 12k artists by Chartmetric rank, these musicians have notable impact and success.
- +308 superstar artists: In the top 1,500 of artists by Chartmetric rank, these artists are known for their widespread popularity within the industry.
- +65 legendary artists: Artists with a lasting legacy, including music releases that are over 30 years old.
Changing throughout the year, here were the top ten artists ranked by peak Chartmetric score in 2024:
1. Bruno Mars
From rank 30 in 2023 to rank 1 in 2024.
2. Taylor Swift
From rank 1 in 2023 to rank 2 in 2024.
From rank 15 in 2023 to rank 3 in 2024.
4. ROSÉ
From rank 120 in 2023 to rank 4 in 2024.
5. Drake
From rank 3 in 2023 to rank 5 in 2024.
6. Lady Gaga
From rank 24 in 2023 to rank 6 in 2024.
From rank 10 in 2023 to rank 7 in 2024.
8. The Weeknd
From rank 4 in 2023 to rank 8 in 2024.
9. Eminem
Maintained position at rank 9 from 2023 to 2024.
10. Ariana Grande
From rank 12 in 2023 to rank 10 in 2024.
Breaking through the industry
Standing out in the crowd is no easy feat. Yet, examples like Chappell Roan demonstrate how artists can defy the odds. Starting 2024 as a mid-level artist, Roan rose to the top 1% of Chartmetric’s rankings. Fueled by her engagement with dedicated superfans, her approach underscores the importance of cultivating loyal audiences.
The report also highlights the dominance of Latin music, with 13% of the top 500 artists representing the genre. Remarkably, 8% of the top 100 artists are from Puerto Rico which is particularly impressive given it has the second smallest population of the 17 countries that represented the top 100 artists.
Streaming vs. music videos: A shift in consumption
While music videos remain popular to help drive discovery, the format does appear to be losing its shine. There is no doubt that Spotify and other streaming dominate music consumption. In fact, Spotify’s top songs in 2023 had an average gap of 731 million listens when compared to their music video counterparts on YouTube. For instance, Sabrina Carpenter’s “Please, Please, Please” amassed 1.1 billion Spotify streams compared to just 178 million views for the YouTube video.
However, in regions like Asia and Latin America, YouTube remains a vital platform, with artists experiencing more balanced engagement across both platforms. ROSÉ’s “APT.” epitomises this with 895 million streams and 868 million YouTube video views.
Navigating the industry
With over 11 million artists available on streaming platforms, the music industry is more competitive than ever. Artists like Chappell Roan show the importance of cultivating superfans to propel growth, while Spotify diversifies to the declining music video format.
Whether you’re an emerging artist, an established name, or a record label, RouteNote can help you navigate the complexities of today’s music industry. RouteNote empowers artists with better royalty rates and ownership of their releases, ensuring that you retain more revenue and control of your music.