Last week, Luminate released the 2024 Year-End Music Report detailing the industry’s highest-impact trends. One of the focus areas of this report was the growth and evolution in Premium (subscription) streams. With streaming growth maturing in the U.S., International adoption of the format is a higher priority than ever. In terms of On-Demand Audio growth, the year-over-year growth rate in the U.S. was 6.4% compared to ex-U.S. territories that notched 17.4%, illustrating the maturing nature of the American market: There’s still growth in the U.S., but the more robust gains are occurring in emerging markets.
As the Year-End Music Report cites, Brazil (No. 4), Indonesia (No. 8) and France (No. 10) all rank in the Global Top 10 for Total On-Demand (Audio + Video) Streaming volume. However, they rank 34, 48 and 26, respectively, in share of Premium streaming occurring within the market. Understanding market volumes and Premium growth rates are critical for helping copyright owners choose markets with the most opportunity for repertoire.
Additionally, understanding the nuances of listenership across markets provides insights on what’s popular where and with whom. For instance, Premium streamers in Brazil over-index in Religious, Country & Folk and Children’s genre music streaming versus the rest of Latin America, but these listeners do not consume Traditional, Reggae or Easy Listening music at the same rate as their region.
As copyright owners look to prioritize markets for their music, understanding the nuances around Premium streaming and other territory dynamics can help guide the way.
To learn more about music’s most impactful trends of 2024, read the full year-end report here.
