Global Music Streaming Up 14% — Luminate

In 2024, the global music industry saw a remarkable rise, with audio streams hitting 4.8 trillion, a 14 percent increase from the previous year, as reported by Luminate. This extraordinary growth underscores the ongoing supremacy of streaming as the favored way to consume music globally.

Pop music has emerged as the fastest-growing genre in the US, overtaking the previously leading Latin music. This growth was driven by the overwhelming popularity of artists like Taylor Swift, who enchanted fans and topped the charts throughout the year. The market share for pop music rose by 0.48 percent, reinforcing its status as a significant force in the industry.

Luminate’s report also pointed out the emergence of “superfans,” passionate music lovers who actively connect with their favorite artists. There was also a slight uptick in the consumption of catalog music, or listening to older tracks, compared to new releases. Interestingly, the volume of songs uploaded by distributors to streaming platforms saw a slight decline.

While the US remains the largest music market, much of the streaming growth has come from international markets. Streams outside the US experienced an impressive 17.3 percent year-over-year increase, contrasted with a 6.4 percent growth within the US. This trend highlights the increasing global reach of music streaming and the rising significance of international listeners.

Paid subscription streams have seen significant growth in emerging markets, particularly in Asia, which led to a 10.7 percent increase. Europe and Latin America also showed notable growth in paid subscriptions, indicating a growing readiness among consumers in these regions to invest in premium music streaming services.

Rob Jonas, CEO of Luminate, expressed excitement about the ongoing global engagement with music streaming. He emphasized the report’s findings on trends such as superfans, international streaming dynamics, genre changes, and the importance of audience data.

Jonas also highlighted Luminate’s enhanced capabilities in tracking publishing activities and analyzing the effects of music documentaries, demonstrating the company’s dedication to providing thorough data and insights.