According to a report from Luminate, a data and insights company for entertainment, the global music industry has achieved a significant milestone in 2023, surpassing one trillion music streams in just three months.
This achievement occurred one month earlier compared to the previous year, indicating the rapid growth and increasing popularity of music streaming. Luminate's report also highlights the rise in physical sales across various formats and the higher volume of tracks being created and uploaded.
Latin Music and K-Pop Leads the Way
One notable finding from the report is the growing interest in non-English language music among music listeners. Approximately 40% of US music listeners enjoy music in languages other than English, while a staggering 69% appreciate music from artists originating outside of the US.
Spanish, French, Japanese, Korean, Italian, German, and Arabic emerged as the most popular languages for non-Anglophonic music, with Latin genres and K-pop leading the way.
The impact of Latin and K-pop artists on the music industry is evident in Luminate's 2023 Midyear Top Albums chart. Bad Bunny's album "Un Verano Sin Ti," released in spring 2022, continues to hold a spot in the top 10 even after a year.
When considering physical and digital sales exclusively, K-pop dominates the chart, occupying six out of the top 10 positions.
Over the past decade, non-English language music, particularly within the Latin and K-Pop genres, has experienced unprecedented growth in popularity, both in the US and globally.
The boundaries of language and geography continue to be shattered in this digitally driven-era. The Country genre, traditionally associated with English-speaking Americans, is also experiencing a shift with broader appeal.
"Super Fans"
The report highlights the increasing power of fans in shaping the music industry. Super fans, defined as those who engage with artists in multiple ways, from streaming to purchasing physical music and attending live shows, account for 15% of the general population of US music listeners aged 13 and above.
The influence of super fans is evident in the growth of Direct-to-Consumer (D2C) sales, which have increased by 20% this year. Notably, vinyl sales through artist stores have risen by over 25%.
These statistics underscore the significant impact and purchasing power of dedicated fans who actively support their favorite artists.
Overall, Luminate's report provides valuable insights into the evolving music industry and the role of Latin and K-pop artists in driving music streams to surpass one trillion in 2023. The findings reflect the changing preferences of music listeners and the increasing influence of super fans in shaping the industry's landscape.
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