Music business

New releases are becoming less popular in the US, according to Music Business Report

The recent stranger things-the encouraged popularity of Kate Bush and Metallica’s 80s jams made for a fun story, but it also made us wonder: is it possible that old music is crowding out new music in the market? Does new music suffer from this? Today we can definitely say that the answer is yes. Music streaming is a growing industry that continues to do well, but according to a new music industry study, the consumption of new music is declining. Instead, old music dominates new releases.

The music industry around the world reports on the results of this new mid-year report from Luminate, the market monitor formerly known as MRC Data/Nielsen Music. The report examines a metric called total album consumption, which takes into account digital and physical music streams, downloads and sales. According to Luminate, consumption of new music – defined as anything released in the past 18 months – is down 1.4%, or about two million equivalent album sales, from the first six months of 2021. This is during a period when the total consumption of albums passed at the top 9.3%. So it’s not just the market share of new music that’s shrinking; it is the actual consumption of the substance.

In contrast, catalog music consumption, defined as anything at least 18 months old, is doing well; that’s up 14% from last year. So far in 2022, catalog music represents 72.4% of the market, compared to 27.6% for new releases. Even with hot new releases from big stars like Drake, The Weeknd and Kendrick Lamar, new records just don’t have the same kind of cultural impact.

There are a few other factors to consider here. On the one hand, much of the old music that does well isn’t really this Old; more than a third of the consumption of this catalog concerns music released between 2017 and 2019. In addition, streaming offers us the possibility of seeing what people are actually listening to, rather than only what they are buying; In the pre-streaming era, those data collectors couldn’t tell if you were just listening to old records you already owned. And old music has still been popular; the Beatles’ 1 is still the best-selling album of the 21st century. However, it is quite striking to note that nostalgic consumption completely overwhelms the thirst for novelties.