Luminate was in Nashville earlier this month for MusicBiz where we shared Insights on a full range of music data and intelligence topics. Through presentations and workshops we shared insights on topics from global streaming acceleration to content proliferation, adoption of the metaverse and next generation consumer touchpoints, the physical product marketplace and the impact of sync partnerships on consumption. Here are five of the most eye-catching stats we shared at MusicBiz from our analysis.
1. Streaming is Accelerating Globally…and in the US
While global streaming has been accelerating in recent years, 2022 marked the first acceleration the US had experienced since 2018. To be clear, streaming was still growing – it was just growing at a slower rate. However, that turned in 2022 when there were 120B new US On-Demand Audio (ODA) streams compared to the 113B new ODA streams in 2021. The US continues to accelerate through Q1 2023 with +14.2% ODA streams over Q1 2022, higher than the 12.2% year-over-year increase seen in 2022.
2. On average there were 120k new ISRCs delivered to DSPs every day in Q1 2023
Throughout the whole of 2022 there were 93.4k ISRCs delivered to DSPs each day on average (inclusive of both audio and video ISRCs). Q1 2023 shows a sharp uptick as Luminate counted an average of 120k new audio and video ISRCs each day. This is 28% more than the 2022 average and leads to the question of how many there will be on an average day one year from now…three years from now…or even further out.
3. 52% of those that have heard of the Metaverse cannot accurately describe what it is
In order for the Metaverse to be successful there is a need for more consumer education around what it actually is. This intel was found through our Web3 & Gaming study, and among additional barriers and concerns to Metaverse adoption, Luminate Insights research finds consumers prioritize having an accessible and affordable entry into the Metaverse: ie. they want content they’ll enjoy to make their experience worthwhile.
4. Overall physical marketplace (LP / CD / Cassette) up 17% through week 18 2023 over the same period last year
The continued vinyl revival receives the lion’s share of coverage in the physical marketplace (and for good reason as it is up 27% over last year), but both CDs and cassette sales are up as well (5% and 15%, respectively). For CDs, this is in sharp contrast to the -12% the category showed in 2022 over 2021. K-pop (which drives the World Music genre) is leading the way as 7 of the Top 10 CDs in 2023 through week 18 are from the World Music genre. Additionally, the World Genre is now the #2 genre in CD sales behind only rock as it commands 17% of US CD sales through the week ending May 4, 2023.
5. Number of Digital / Streaming Video On-Demand Music Shows in 2022 +550% more than in 2018
Streaming Video On-Demand platforms (Netflix, Hulu, etc) have been investing in more music-based programming in recent years. These are specifically shows where either the plot is about music (Sound of Metal, Tar) or actual music concert programs. For perspective, Luminate Film & TV counted six music-based shows in 2018 on SVOD platforms, but 39 in 2022 as the category grows faster than on traditional TV and movie theater film distribution.
For access to the data used to compile these insights, please contact us here.