More consumers and extra shopping for: MusicWatch Annual Music Study 2023

Consumer analysis firm MusicWatch has launched outcomes of its annual music research for 2023. (It is HERE.) The outcomes are derived from two separate surveys querying about 7,000 members 13 and older. In it, we see an upward-looking report of extra music shoppers shopping for extra music, extra music subscribers getting their music that approach, and extra upward potential.

Most of the general public report is a protracted listing of detailed bullet factors. A single graph illustrates the estimated inhabitants of U.S. music streamers, year-over-year from 2012 by way of 2023:

Ten-million new consumers entered that market in 2023. In this reckoning, “consumers” are individuals who buy CDs, vinyl records, digital downloads, or music subscriptions. 

As the shopping for inhabitants elevated, so did spending, by seven % year-over-year. That goes for subscriptions too — MusicWatch counts 109-million subscribers. That quantity doesn’t embrace SiriusXM and Amazon Prime listeners (presumably as a result of music is simply part of these a lot broader choices). If these individuals are bundled in, the U.S. listener market is 136-million. 

MarketWatch talks about “extra juice to squeeze” — that’s the potential for extra subscriber progress. Since 7-10 million Millennials are already music subscribers, the brand new juice places strain on GenZ to shift from free companies to paid companies. It’s not all on the shoulders of youth, although, as MusicWatch additionally factors to “changing the older, and extra resistant, demographic.”

It’s not all about music: MusicWatch experiences that 80 % of streamers usually hearken to different audio classes. Comedy, present occasions, and podcasts absorb these listens.

What about radio? Her is MusicWatch’s evaluation: “Music on broadcast radio, whereas not the powerhouse it as soon as was, gained listeners in 2023 and continues to be the #1 in-car listening possibility.”

The MusicWatch Annual Music Study is compiled from two surveys; the core AMS research is carried out on-line amongst 4,000 respondents, weighted and projected to signify the US web inhabitants aged 13 and older. Audiocensus is a separate research of three,000 and is the longest working US survey of music and audio time spent listening.

Get the official MusicWatch launch HERE.