Setting the Scene - Music Industry Trends in 2024
The music industry has experienced significant growth over the past decade, with projections indicating continued revenue increases throughout the 2020s. Music consumers worldwide are more engaged than ever, spending over 20 hours per week listening to music. The dynamic relationship between fans and artists, facilitated by social media platforms, has become a driving force in the industry. Superfans also play a crucial role in supporting artists through various revenue streams such as ticket sales, merchandise, and collectibles. The global nature of music has led to the emergence of new growth markets, including the Middle East & North Africa and Sub-Saharan Africa. Hindi has seen a surge in popularity as a music language, with its share of top streaming tracks steadily rising. Notable events like Coachella featuring Indian superstar Diljit Dosanjh signal the increasing importance of global music diversity. However, the industry continues to face challenges in ensuring equitable compensation for artists in the streaming era. Additionally, the responsible use of AI in music creation is essential to protect artists' creativity. Embracing music’s global potential and addressing challenges in relation to equity will be crucial for the industry's continued growth in 2024 and beyond. Presented by Sania Haq
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