Last week, Luminate CEO Rob Jonas spoke at the South By Southwest conference in Austin, TX, delivering an address on the Top Entertainment Trends for 2023: What the Data Says. Covering key topics in both Music and Film & TV, Jonas covered topics ranging from how genre fans are consuming music to the explosion in new content, hype versus reality in new technologies, and the power of diverse audiences. Below are 10 of the most attention-grabbing stats from the presentation.
Trend 1: The Consumption Renaissance
While reaching 1 Trillion streams for the first time ever, US On-Demand Audio growth accelerated last year for the first time last year since 2018 with 120B net new streams compared to 112B net new streams in 2021
Trend 2: Fandom & Formats
31% of Gen Z wish artists provided more merch options so they can show their support for favorite artists
Trend 3: Short Form Video
64% of Gen Z TikTok users discover new music via Short Form Video clips, making it the #1 source for music discovery in this generation group
Trend 4: Catalog vs Current
The consumption share for Current music titles (less than 18 months old according to Luminate) is nearly 11% lower than it was in 2019
Trend 5: Catalog Acquisitions
A rise in interest rates has cooled the more than $5bn of artist catalog investment in 2021, but there were still notable transactions in the last 12 months, such as David Bowie, Neil Diamond, Sting, Justin Timberlake, Phil Collins, Whitney Houston and many more
Trend 6: Streaming Video On-Demand Content (Film & TV)
Super fans of superhero movies spend 78% more money on movie viewership compared to the average citizen
Trend 7: Hype vs Reality
While approximately ⅔ of the US general population say they are aware of NFTs, only 4 out of 10 people who’ve heard of NFTs can correctly define them
Trend 8: Music Industry Challenges
Nearly half (46%) of all ISRCs in Luminate’s system at the end of 2022 were created since the beginning of 2020 (196m total ISRCs in system including audio and video)
Trend 9: Globalization
Latin was the fastest-growing genre in 2022 in Total On-Demand (audio+video streaming; compared to R&B/Hip-hop, Rock, Pop, Country and Dance/Electronic)
Trend 10: The Power of Diverse Audiences
Top 3 ways to advance gender equality in the music industry (based on percentage of respondents that agree)
-Equal pay for women and gender expansive employees
-Provide networking opportunities for women and gender expansive employees
-Provide mentorship opportunities for women and gender expansive employees
DOWNLOAD THE FULL PRESENTATION HERE
Source:
Luminate Music Connect
Luminate Research
For full citations, please refer to the full the presentation
