Increased manufacturing capacity helped boost vinyl sales by more than 20%…
By Paul Marszalek
Luminate’s 2023 Midyear Music Report has landed and it’s more good news for the music industry.
Globally, streaming is soaring, up by more than 30% when on-demand song and video streams are combined. Song streams are up 23%, and reached 1 trillion streams at the earliest point in the year ever. At the halfway mark, song streams hit 2 trillion.
While global metrics are leaping as newer market grow, even established markets such as the U.S. continue to see growth.
Album consumption, total music consumption, and on-demand streaming metrics are all up between 13.5% and 15%. Physical album sales bounced 13.3%, led by an increase of nearly 22% in vinyl sales, as manufacturing is starting to catch up with strong demand. And yes, cassettes are up a a tiny bit as artists continue to offer the collectible directly to fans.
Catalog versus Current share remained static, with nearly 73% of consumption coming from catalog. However, consumption of current albums ticked up 11.8%.
Go deeper at Luminatedata.com.