MusicWatch Study Points To Continued Growth But Offers Some Surprises

(Hypebot) — A brand new MusicWatch examine says 90% of US web customers stream music, and shopper willingness to spend cash on music factors to extra robust development forward. But there have been additionally a number of shock findings.

The trade consultancy has printed the twenty second version of the US Annual Music Study, a complete overview of audio and music buying and listening within the US.

Some Surprises

The findings level to robust development forward for music in addition to a number of much less apparent developments, together with a rise in broadcast radio listening, a spot between fanship and income technology, and the significance of high-quality audio to most customers.

Here are the highlights.

1. Growing buyer base. The US recorded music class continues to indicate wholesome development, with a rise of 10 million “patrons” in 2023. Buyers embody those that buy or pay for CDs, Vinyl Records, Digital Downloads or Music Streaming Subscriptions.

2. Increased spend. Spending on recorded music elevated by 7 % in contrast with year-ago, because of expenditures on Streaming Subscriptions, Vinyl and CDs.

3. Record numbers of paid subscribers. The variety of paid music subscribers within the US hit a file, at 109M; 136M if SiriusXM and Amazon Prime music listeners are included. That means over half the inhabitants* are paying for an audio subscription.

4. More “juice to squeeze.” There is potential for added subscription development, although 7 of 10 Millennials already pay to subscribe. This locations a premium on transferring GenZ from free to paid providers and changing the older and extra resistant demographic.

5. The Walkman dream realized. The prime purpose for music streaming is the flexibility to hearken to music anyplace and anyplace. Connectivity resonated as a key theme motivating subscribers.

6. Happy Birthday, Hip-Hop. In 2023, Hip-Hop (lastly) handed Classic Rock as America’s favourite style, as measured by what we hearken to, observe on social media, buy, work together with on streaming providers, or spend cash on stay occasions.

7. Content alternatives abound. Eighty % of streamers recurrently hearken to audio classes moreover music. Comedy, present occasions, and podcasts carefully compete for the #2 spot.

8. Will the vinyl revolution proceed? Nearly 9 of ten vinyl patrons plan to purchase extra or the identical variety of records in 2024.

9. End of the pattern coming? The TikTook juggernaut continued in 2023, with 8 % extra customers participating in music-based actions on the platform. Social video accounted for an growing share of music listening time.

10. Dialing in. 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 option- utilized by 69% of in-car listeners.

11. Pirate ships are sinking. Music piracy continues to dampen, with fewer customers getting information from cell apps, stream ripping, file transfers, and P2P networks. The sharing of streaming accounts can be in decline.

12. Superfan hole? One in 5 (about 50 million) think about themselves superfans for his or her favourite artists. Yet, solely 9% of those elite followers bought a VIP package deal created by artists for followers (VIP stay expertise, unique CDs, vinyl or merch). Meaning tright here’s a possibility to shut the hole between fanship and income technology. The excellent news is that half these superfans are energetic spenders. They purchased CDs, vinyl, obtain, merch or tickets to stay occasions at stadiums or festivals inside the previous yr.

13. Remember the long run! Streamers are fascinated with many potential capabilities, from AI to gaming integration and real-time stay streams. One of the highest options stays high-resolution sound high quality.

One in three streamers strongly agree with all three of the next:

Obtaining the very best quality sound is vital.
They want to stream or purchase extra in hi-res or immersive codecs.
They could be prepared to pay extra for hi-res sound high quality.

Methodology

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

Bruce Houghton is the Founder and Editor of Hypebot, a Senior Advisor at Bandsintown, President of the Skyline Artists Agency, and a Berklee College Of Music professor.

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March 12, 2024 at 05:38PM