Despite signs of leveling off in streaming subscriber and revenue growth, the music-consumption volume continues its meteoric rise in 2023’s first quarter, with global music streams smashing through the one trillion mark. This mind-blowing data point recently came to light in a thrilling release from Luminate (formerly P-MRC Data), revealing that worldwide on-demand audio streams (excluding video, let’s be clear) hit the momentous milestone on March 31st, making 2023 the fastest year yet to achieve such a colossal feat!
To put this into perspective, the same source had previously reported that song streams had risen by a staggering 22.6 percent year over year (YoY) to surpass 3.4 trillion for the entire year of 2022. Impressively, 1.1 trillion of these audio-only streams were attributed to stateside listeners, marking a remarkable 12.1 percent YoY boost, according to the data.
What’s even more thrilling is the growing significance of emerging markets in shaping the music industry’s landscape. The IFPI (International Federation of the Phonographic Industry) highlighted the “first successful blocking action” against stream-rippers in India, after spearheading similar initiatives in Brazil. In fact, Brazil secured the ninth spot on IFPI’s list of the world’s largest music markets in 2022, and Latin America as a whole saw an astounding 85.2 percent of its revenue coming from streaming. Meanwhile, in the Middle East and North Africa (MENA) region, declared as the world’s fastest-growing music region by IFPI last year, streaming accounted for a staggering 95.5 percent of revenue!
However, while the global recorded revenue from streaming subscriptions rose by an impressive 10.3 percent YoY in 2022, according to IFPI, and overall revenue (including digital, physical, sync, and more) saw a nine percent YoY increase, there are challenges in emerging markets. The modest advert and subscriber revenue in these regions, where streaming costs are relatively lower, poses a unique set of obstacles. For instance, Spotify costs less than $4 per month in Brazil and about $5.30 per month in Saudi Arabia, making it imperative for industry leaders to innovate and adapt to these evolving markets.
Enter Universal Music Group, the industry powerhouse, which has recently announced its ambitious plans to develop an innovative new economic model for music streaming. Teaming up with Tidal and Deezer on this groundbreaking project, Universal Music Group aims to revolutionize the streaming landscape and ensure artists are fairly compensated for their creations. While concrete details about this game-changing venture are still under wraps, the anticipation and excitement are palpable as the music world eagerly awaits the next chapter in the streaming revolution!
In the midst of this dynamic landscape, Tidal, the streaming platform that has been making waves with its artist-centric approach, has unveiled its latest feature – “Live” music-sharing. Described as a new way for fans to spontaneously share music, Tidal continues to push boundaries and offer innovative experiences to music lovers worldwide, further elevating the streaming experience to new heights.
With global music streams hitting unprecedented levels, emerging markets transforming the industry, and industry leaders like Universal Music Group and Tidal driving innovation, 2023 is shaping up to be a year for the record books. The stage is set for a historic and game-changing year in music streaming, and music lovers around the world are in for an exhilarating ride on this unstoppable musical journey!”
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