Music Biz is brought to you by Haulix, the music industry’s leading promotional distribution platform. Start your one-month free trial today and gain instant access to the same promotional tools used by BMG, Concord, Rise Records, Pure Noise Records, and hundreds more. Visit http://haulix.com/signup for details.
A midyear report by US market monitor Luminate—the same company behind the Billboard charts—has revealed the alarming fact that “new”/”current” music is becoming less popular in the country, and this statement can be backed up by facts and statistics, as first reported by Music Business Worldwide.
In the first half of 2022, Total Album Consumption (all streams and downloads, as well as physical album sales) of “Current” music (which means released in the 18 months before being streamed or purchased) dropped by 1.4% when compared to 2021.
With 131.3 million album sale-equivalent units reported for this year, “Current” music dropped almost 2 million units from the first half of 2021, which means that new music is not only selling less but is also being less popular in terms of streaming platforms. There was a drop of 3.7 between 2020 and 2021, which officially makes this a downward trend.
This tendency is opposed to the Total Album Consumption for “All” music in the US, which grew by 9.3% in comparison with 2021, standing at 475.4 million units sold.
Even more surprising is the news that “Catalog” music, which includes any release older than 18 months, grew by 14% in the year’s first half.
The report also found that “Current” music’s on-demand audio streams dropped by 2.6% this year, with an even more drastic decrease of 10.4% in video streaming platforms versus a 19% increase by “Catalog” music.
In his latest update, Music Biz host James Shotwell examines the possible contributing factors to our declining interest in current music. As he touches on the inherent lucrative nature of legacy acts, he also ponders who—if anyone—will become the next generation of “timeless” musicians.
