The global music industry reached a new record, surpassing four trillion streams in 2023
Kyiv • UNN
Global music streaming grew to 7.1 trillion in 2023, with on-demand audio streams reaching a record 4 trillion, an increase of 33.7% year-on-year.
The total number of on-demand song streams (audio + video) grew by 33.7% in 2023 to reach 7.1 trillion, up from 5.3 trillion on-demand song streams in 2022. The growth was mainly driven by on-demand audio services, which totaled 4.1 billion streams.
This is reported by market monitor Luminate (formerly MRC Data / Nielsen Music), reports UNN.
Details
The Luminate Music Report 2023 shows a significant increase in global music streams. It is about reaching 7.1 trillion audio and video streams, which is 33.7% more than in the previous year, 2023. Also, according to the report, global on-demand audio streams reached 4 trillion in 2023, which is the first time such a result has been recorded within one year. According to Luminate's report, the number of on-demand audio song streams grew by 22.3% to 4.1 trillion in 2023. This compares to 3.4 trillion in 2022.
Luminate emphasizes the changing dynamics of the music landscape: in 2023, 436,000 tracks were listened to more than a million times, up from 373,500 the year before. However, more than 45.6 million tracks were not streamed.
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Luminate estimates that 152.2 million tracks were streamed less than 1000 times in 2023. This represents an astonishing 82.7% of all ISRC audio tracked for this study.
The report also highlights the growing influence of streaming on music genres, with a marked increase in Latin and World music streams, while in the US, for example, R&B/Hip-Hop remains the largest genre, accounting for 25.5% of consumption.
