Positive Trends For Independent Musicians: Insights From Luminate’s 2024 Midyear Report

(Hypebot) — The Luminate 2024 Midyear Report reveals constructive tendencies for unbiased musicians and highlights crucial shifts in client habits, streaming patterns, and rising genres.

by Chris Robley of Reverbnation Weblog

Luminate’s Midyear Music Report for 2024 incorporates some attention-grabbing classes for musicians.

The report additionally means that regardless of many latest controversies — comparable to Spotify royalty adjustments, Deezer catalog adjustments, and the spectre of infinite AI-generated music competing with human creativity —  issues truly appear MORE promising for decrease and mid-tier unbiased artists. 

So let’s take a look at a few of the report’s key takeaways, from the angle of a career-minded musician.

What’s Luminate’s Midyear Music Report?

Luminate (previously Neilsen Music) is an organization that gives analytics in regards to the music and leisure industries. 

The Midyear Music Report is a formidable and impressively-interactive research of music engagement and client habits over the previous 6 months.

The report measures 23 trillion information factors. From hundreds of artists. In additional than 50 genres. In 48 markets. Gathered from 500+ sources throughout streaming, social, retail, and airplay.

Listed below are some encouraging numbers…


Streaming is (nonetheless) rising

The speed of streaming adoption differs enormously relying in the marketplace, however when measured worldwide: streaming is up considerably.

On-demand audio streaming grew 15.1% when in comparison with the primary half of 2023.

 

 

Impartial music is capturing extra of the eye

Not solely has streaming grown total, so too has the share of whole streams commanded by unbiased musicians:

 

 

Because the report states:

Do you know that indie artists made up 62.1% of all artists who collected between 1M and 10M U.S. On-Demand Audio streams in (the primary half) of 2024?

In truth, the share of indie artists who earned greater than 500M On-Demand Audio streams elevated by greater than 2% in H1 2024 as in comparison with H2 2023.

 

 

So what number of artists garnered between 1 million and 10 million streams in H1 of 2024?

29,253.

Of which 62.1% had been NOT main label acts.

That is nice information for the big and rising section of music-creators who fall between obscurity and superstardom.

So “middle-tier” artists are doing higher?

Sure, they’re commanding extra consideration. That being stated, some information shops have coated this story and used the time period “center class artist” as an alternative.

It’s possibly a small level, however I do wish to deal with my concern about complicated these two phrases. Center-tier precisely describes the big cohort of artists between the listening extremes, with the less-than-a-thousand crowd on the one facet, and the billion-streams membership on the opposite.

“Center class artist” (no less than to me) implies particular earnings or financial standing. And whereas loads of these middle-tier artists is not going to solely earn streaming income, but additionally obtain and merch gross sales, live performance ticket gross sales, sync licensing charges, and extra — middle-tier streaming exercise by itself might not equal center class earnings, significantly if income is break up between a number of collaborators, co-writers, and so on.

Once more, streaming doesn’t occur in a vacuum, so there’s overlap between middle-tier and middle-class artists, however… I simply needed so as to add a phrase of warning about the excellent news headlines.

My caveats apart, total streaming progress mixed with middle-tier artist progress IS unambiguously nice information.

Is your oldest music nonetheless new?

I’ve been saying for years that even your oldest music will likely be model new to most listeners.

And in some methods, given our passive consumption setting pushed by algorithmic advice and playlists, release-dates matter lower than ever.

This slide suggests as a lot:

Now when Luminate tracks “deep catalog” exercise, they’re actually a complete historical past of recorded music’s largest hits. So in fact that’s nonetheless attracting large consideration.

However as Kevin Breuner and I’ve mentioned on loads of events, our personal children actually don’t care about launch dates. They don’t know if a tune got here out within the Sixties, the 80s, 2010, or yesterday.

In the event that they haven’t heard it, they usually hear it, they usually prefer it, they prefer it.

So the ability of catalog is extra than simply the gravity it holds for nostalgic generations. It’s one thing less complicated: It’s good music. And in case your oldest tracks are nice too, they’ll have the identical impression on new listeners.

How encouraging!

The lesson? Develop methods to market your again catalog.

A.I. ain’t acquired nuthin’ on us!

This subsequent concept just isn’t taken from the report, however I used to be considering that if catalog music continues to be so priceless, and if middle-tier artist engagement is on the rise,…

… aren’t each of these issues mixed proof that demand for human creativity continues to be enormously excessive?

Maybe our fears that robots will substitute us are a bit overblown.

AI instruments are opening a world of latest potentialities for human artists. And this Luminate report truly makes me extra excited to see how these instruments are utilized by that very same group of middle-tier creators who’re already attracting listeners, driving tendencies, and innovating by necessity of their manufacturing and music advertising and marketing ways.

Bodily codecs are necessary

There’s a lot information to dig into concerning CD and vinyl gross sales that I’m going to write down a devoted article. However the TLDR is: You (most likely) ought to supply bodily music codecs!

Outcomes fluctuate by style, in fact, however a a big quantity of music engagement and income continues to be pushed by the acquisition of CD and vinyl:

Paid streaming subscribers who’re followers of Okay-Pop and Latin Music particularly are very more likely to buy bodily codecs:

Diehard followers additionally love variants (CD, vinyl, cassette, and so on), completely different colour vinyl, completely different album cowl choices, bonus editions, and extra.

Acts like Taylor Swift and Billie Eilish are in a position to pull that off in a way more strong method, however the lesson stays:

Make your music merch really feel like a collector’s merchandise. Uncommon. Crafted. Definitely worth the increased value.

Having fun with the actual world? Thank Gen Z!

For those who consider Gen Z is maximally on-line, you’d solely be half proper. It now additionally seems that this demographic is the most more likely to attend reside concert events:

So if you happen to’re glad your favourite act continues to be in a position to tour, possibly cease making enjoyable of Gen Z’s smartphone habits and thank them for going out and paying to see reside music!

And in case you are a member of Gen Z (ages 15-27), pat your self on the again and preserve attending as many reveals as now you can. As a result of nothing slows down your nightlife fairly like children and careers. 😱

TikTok continues to be on high

Fortunately, folks appear to be listening to music extra usually than they select different leisure actions like sports activities, studying, podcasts, and short-form video. However after they mix music consumption with short-form video, the place do listeners flip?

TikTok.

YouTube Shorts appears to be catching up shortly although.

Lesson? Instagram Reels and YouTube Shorts have made large strikes; and speak of TikTok bans or compelled acquisitions within the USA have brought on some musicians to imagine they’ll or ought to abandon the app.

Customers inform a unique story.

In fact you need to solely be energetic as an artist on platforms that align along with your values and pursuits, however if you wish to be the place the persons are, the persons are on TikTok.

Video drives gig attendance

Assume the typical TikTok consumer simply sits on the sofa observing their display all day?

Nope! They often take quick breaks to go see concert events. ; )

This stat might overlap with the Gen Z and TikTok observations above, nevertheless it’s attention-grabbing by itself as effectively: Brief-form video customers are 38% extra more likely to go to reside concert events.

Which is a pleasant counter to the anticipated narrative. And it’s one thing that artists like Windborne have know for years:

You may successfully attain audiences and promote reside occasions by way of geo-tagged video content material on TikTok!

Avid gamers can pay you extra

Based on Luminate’s report, players throughout the generations are extra seemingly to purchase music merch:

Is the lesson that you need to promote music to players?

Not essentially. Although “gaming” is a broad time period and touches many audiences, it’s most likely true that sure genres like EDM, rock, hip-hop, lo-fi, pop, and possibly even up to date classical will carry out higher with players than issues like folks, jazz, youngsters’s music, and so on.

However if you happen to DO make music that can resonate with players, and wish to be energetic within the locations they’re already hanging out, right here’s the place to go:

Companion with the platforms

One of many research I discovered probably the most attention-grabbing requested which options are most necessary for music shoppers after they’re contemplating their loyalty to any specific streaming platform:

HiFi audio has turn into LESS necessary to shoppers.

What’s most necessary? Entry to the artists!

Issues like unique content material, updates from the artist, information in regards to the artist, and livestreaming.

If that’s what platform customers need — nearer relationships and entry to you, the artist — consider your self as a accomplice within the platform’s client-retention efforts. Give the DSPs what they need, and also you’ll most likely profit from elevated visibility.

The problem for an artist working their very own profession, in fact, is to supply “unique” content material to quite a few platforms. By definition, that’s not scalable.

Nevertheless it does spotlight that you simply SHOULD be offering unique content material to no less than the biggest platforms.

As an illustration, Spotify Clips and Canvas, or Pandora AMP’s Artist Audio Messaging.

Conclusion

There’s a lot extra in Luminate’s report, and I’ve simply commented on points I discovered most related for unbiased musicians.

If you wish to take a look at the entire thing, and I feel you need to (even simply to marvel on the design), go right here.

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