The there is good, bad, and ugly news for indie music in year-end report from Luminate.
(HYPEBOT) – The Luminate 2024 Year-End Music Report is a widely read data-driven look across the entire music ecosystem including the longtail of independent and DIY artists.
For that longtail, the report paints a bleak picture of overwhelming competition and shrinking opportunities.
Good, Bad & Ugly for Indie Music in Year-End Report
The Good
Growing Audience and Income Live: 90% Superfans and 59% of all music engage with artists by attending an in-person live music performance.
Direct to consumer sales: more profitable for artists than streaming – account for 31.9% of first week album activity (sales and streaming).
The Bad
99,000 new tracks are uploaded to Spotify and other streaming services every day. That’s down slightly from 103,500 were uploaded daily in 2023.
202 million tracks were competing for fan attention on each DSP by year’s end.
The Ugly
93.2 million tracks or 46% were played 10 times or less each last year. Last year. Spotify and some other streamers pulled tracks with less than 1,000 plays in a 12-month period from its royalty pool.
Read and download the free 2024 Luminate Year-End Music Report here.
Bruce Houghton is the Founder and Editor of Hypebot, a Senior Advisor at Bandsintown, a Berklee College Of Music professor and the founder of the Skyline Artists Agency.
