BUS P3 MUSIC (Current trends in the consumption of recorded music)

Question 1

What is the dominant method of music consumption worldwide?

Answer 1

Streaming is dominant, with platforms like Spotify, Apple Music, and Amazon Music leading. In 2023, streaming accounted for over 80% of global recorded music revenue

Question 2

How have vinyl sales changed in recent years?

Answer 2

Vinyl sales grew by 35% in 2023, reaching the highest level since the 1980s, driven by collectors and audiophiles

Question 3

What role do podcasts play in recorded music consumption?

Answer 3

Podcasts are growing fast; Spotify reported 424 million podcast listeners worldwide in 2023, expanding audio consumption beyond just music.

Question 4

How do personalized playlists affect music listening?

Answer 4

AI algorithms like Spotify’s “Discover Weekly” influence 40% of music streamed, boosting user engagement by recommending new songs tailored to listener tastes.

Question 5

What is the significance of direct-to-fan platforms like Bandcamp?

Answer 5

Bandcamp reported over $1 billion in sales to independent artists since 2008, allowing artists to sell directly and keep around 85-90% of revenue.

Question 6

How has global access changed music consumption?

Answer 6

Non-English music surged; for example, K-pop’s BTS sold over 4 million albums globally in 2023, and Latin music streams rose 24% worldwide

Question 7

What shift in consumer behavior does streaming represent?

Answer 7

Shift from ownership to access: 90% of UK consumers prefer streaming or subscription access over owning music files

Question 8

What devices are primarily used for streaming music?

Answer 8

Over 70% of music streaming occurs on mobile devices such as smartphones and tablets

Question 9

How does social media impact music consumption trends?

Answer 9

TikTok influences hits — 67% of Billboard Top 50 songs in 2023 were popularized on TikTok, driving streams and chart success