As we reach the midpoint of 2024, the music industry is showing no signs of slowing down. From the surge in global music streaming to the rise of live events, the industry is evolving at lightning speed. Here’s a look at the key trends shaping the future of music, based on Luminate’s Midyear Music Report.
1. Streaming Continues Its Global Dominance
Global On-Demand Audio streaming has grown by 15.1% compared to last year, with genres like Latin music leading the charge. Independent artists are also seeing an increase in streaming numbers, representing 62.1% of those earning between 1M and 10M streams. This trend highlights the democratization of music, where indie creators are flourishing on platforms once dominated by major labels.
2. Live Events Drive Local Streaming
Concerts and live music events are not just performances—they are catalysts for streaming growth. In the week of a live event, artists see an average 42% increase in local On-Demand Audio Streaming. Genres like Dance and Electronic music experience massive streaming boosts of up to 143% during events, reinforcing the value of live shows for fan engagement.
3. The Vinyl and Variant Revival
Despite the dominance of streaming, physical music is having a resurgence, with vinyl leading the way. The top-selling albums of 2024 featured an average of seven vinyl variants, showing that superfans still crave physical formats. As sustainability becomes a growing concern, many fans are choosing vinyl because of its collectibility and reusability.
4. Globalization of Music
While U.S. artists continue to hold the largest share of global audio streams, artists from countries like Mexico and Brazil are rapidly gaining ground. As music fans around the world embrace diverse genres, the boundaries of what defines mainstream music are shifting.
At TuneGO, we’re committed to helping artists and fans navigate this ever-evolving landscape. Whether it’s through our innovative fan engagement tools, digital collectibles, or by providing artists with more control over their music, we’re excited to be part of the music industry’s future.
Stay tuned for more updates, and make sure to check out TuneGO’s platform for the latest in music innovation!
