Independent artists now consume 50% of all music
In 2024, independent artists and labels accounted for about 46.7% of the global recorded music market, which is close to 50%. This is a significant increase from previous years.
Explanation
Streaming
Platforms like Spotify, YouTube, and social media have made it easier for independent artists to reach global audiences.
Self-release
More musicians are choosing to release their music independently or to strike deals with independent record labels.
Marketing tools
Streaming platforms offer free and paid marketing tools to help independent artists.
Viral videos
Going viral on YouTube or TikTok can help independent artists gain popularity.
Impact on the industry
In 2023, independent artists and labels generated $14.3 billion in revenue.
On Spotify, independent artists and labels generated $4.5 billion in revenue in 2023, which is a four-fold increase from 2017.
The independent artists market is expected to grow to $149.91 billion by 2029.
However, the modern music industry also presents challenges for independent artists. Competition is fierce, and expectations are high.
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