Top Entertainment Trends for 2024: What the Data Says with Rob Jonas | SXSW 2024

Summary

Rob Jonus from Luminate discusses the top 10 trends in the entertainment industry for 2023, highlighting the significant growth in global on-demand audio streams, the impact of streaming on music and film, the rise of Latin music, and the challenges of content discovery. He also addresses the importance of super fans, the resurgence of live music, metadata issues, and the increasing volume of new tracks uploaded daily. Jonus provides insights into audience behavior, the role of AI, and the future of the entertainment industry.

Takeaways

• 📈 Global on-demand audio streams increased by 22% in 2023, reaching a significant milestone of 4 trillion streams for the first time.
• 🎶 Streaming growth is driven by genres like World music, Latin, and Country, with Regional Mexican music experiencing a 60% increase in US streaming.
• 🌐 The share of English language content in global top tracks is declining, while Spanish language content is gaining, reflecting a more diverse global audience.
• 📺 Film and TV streaming saw Netflix maintaining its lead, but with increased competition from Amazon Prime and Paramount.
• 🔍 Audience discovery of music is increasingly influenced by visual elements like movies, TV shows, and video games, especially for multilingual consumers.
• 🎵 Soundtracks, such as 'Spider-Man: Into the Spider-Verse', are creating new music discovery opportunities and connecting with diverse audiences.
• 📱 Short-form video platforms like TikTok, Snapchat, and Instagram Reels are becoming vital for music discovery, particularly among Gen Z.
• 🎤 The live music industry experienced a strong resurgence post-pandemic, with live events contributing significantly to local music consumption and royalties.
• 🏆 Female-identifying artists saw an increase in streaming share, with notable success from artists like Taylor Swift and Beyoncé.
• 📚 Metadata challenges are growing as more content is created, making it difficult to identify rights holders and distribute royalties accurately.

Q & A

What was the main topic discussed in the presentation by Rob Jonus from Luminate?

The main topic discussed was the trends impacting the entertainment industry, focusing on 10 significant trends over the past 12 months, including the rise of streaming, content proliferation, strikes affecting Hollywood, and discourse around AI and economic impacts on artist payouts and royalties.

What milestone did global on-demand audio streams reach in 2023 according to the transcript?

Global on-demand audio streams increased by 22% in 2023 and hit the 4 trillion mark for the first time.

How has the streaming trend evolved in the US over the past two years as mentioned in the transcript?

The total industry on-demand audio streaming in the US grew just under 133%, marking the second year in a row where the total industry audio streaming numbers have accelerated, indicating the streaming trend is not slowing down.

What were the three most important genres driving the growth in on-demand audio streams in the US in 2023?

The three most important genres driving growth were World (including K-pop and Afro beats with a 26% increase), Latin (increasing 24%), and Country (also growing by 24%).

What is the significance of Regional Mexican music's 60% increase in US streaming in 2023?

The 60% increase in Regional Mexican music streaming in the US signifies the rise in sub-genres within the Latin category and aligns with demographic trends, showing higher concentrations of listenership on the west coast and through the Southwest in states like Texas.

How did the share of English language content among the top 10,000 streaming tracks in the US change from 2021 to 2022?

The share of English language content among the top 10,000 streaming tracks in the US decreased by just under 4% from 2021 to 2022, with Spanish language content taking that exact same share over the same time frame.

What role do short-form video platforms play in music discovery according to the transcript?

Short-form video platforms play a significant role in music discovery, especially among Gen Z music streamers who are 50% more likely to discover new music via these platforms and 40% more likely to broadcast their music as well.

How has the live music industry fared post-pandemic as discussed in the transcript?

The live music industry has seen a spectacular resurgence post-pandemic, with live music events making up 62% of monthly music spend among US music listeners and an increase in spending on music concerts in 2023 compared to 2022.

What challenges does the music industry face with metadata according to the transcript?

The music industry faces challenges with metadata due to the proliferation of content, difficulty in identifying proper rights holders, and the growing issue of unmatched royalties, which totaled over 100 million US dollars not distributed in 2023 according to the MLC's annual report.

What was the increase in the number of new ISRCs uploaded daily to streaming platforms in 2023 compared to 2022?

There was an 11% increase in the number of new ISRCs uploaded daily to streaming platforms in 2023 compared to 2022, averaging just over 103,000 tracks uploaded every day.