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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Tyler Boone