The year 2023 has just ended, which means it's time to start looking ahead. Technology is now unavoidable in everyday life, and music is no exception. Between new discoveries and old certainties, we would like to highlight some of the trends that will characterize 2024. Let's explore them together in this article.
Artificial intelligence: how far will we go?
As predicted by our 2023 trends blog, last year was marked by a strong trend in the use of Artificial Intelligence. Many artists have relied on algorithms during their creative process, and in 2024 we will definitely see an increase in this phenomenon. However, it is important to make a distinction between "classical" AI, which is more concerned with providing support to the author, and generative AI, which can create new content in a matter of seconds without human interference. Many artists are understandably concerned about the second point, as it opens the door for anyone to record a potential success. There are many questions about the ethics of AI within music industry and the debate is still open, but without a doubt we are living in an era where the impossible becomes possible. In fact, "Now and Then," the latest Beatles song, created with AI and sung by the legendary John Lennon, has been released several months ago. Despite the skepticism of certain groups, the response from fans to the new track has been extremely positive.
Genres: the rise of Latin Music
The recently concluded musical year confirmed a trend that has been growing steadily over the past decade: Latin music. Although it might seem obvious now, this wasn't always the case. If we go back to 2013, there were no Latin songs in Spotify's global Top 100. In 2023, more than one in five songs in the platform's Top 100 were Latin. Since Spotify began including Spanish-speaking countries, the number of people listening to these genres has consistently increased by 10% annually, stimulating revenue to reach a record of 1.1 billion dollars per year, as reported by Campaign US.
An explanation can be found in technological progress. Thanks to increased connectivity, globalization, and immigration, styles and genres that might have once remained within their local community are now spreading worldwide. In fact, while the growth of Hispanic music began in the early 2000s, the expansion of streaming platforms has played a key role in turning native Spanish speakers into a crucial market. In the early 2010s, American artists started showing more interest in Latin music, especially reggaeton. Record labels began blending genres, like American trap and urban, creating massive hits that went viral on Spotify, YouTube and TikTok, such as "Mi Gente" by J Balvin and Will I Am. This shift allowed Latino artists to become popular globally, and now they don't have to mix English and Spanish in their songs to be successful on the charts.
The (re)rise of superfans
With the arrival of streaming, the music industry was forced to change its revenue model. Thanks to Spotify and similar platforms, anyone could start listening to all the music online for the price of a single CD. It caused major record labels to face difficult times during the first decade of the 2000s. However, in recent years, a curious phenomenon has been establishing (or better re-establishing) itself on the music scene: the rise of superfans. These fans are not just music listeners but people who build stronger connections with their idols. Superfans connect with artists on streaming platforms and social media, buy music or physical products, and attend live shows. According to a Goldman Sachs report from 2023, around 20 percent of music listeners fall into the superfan category, and this number is expected to grow further in 2024.
A Record Store, the new-old trend
If we think of the music of the 80s and 90s, practically any fan could be considered a superfan. Anyone who bought a vinyl or a ticket to a live show contributed directly to the support of their favourite artist. Today, as mentioned, the business model is completely different and superfans are much rarer. However, after the pandemic, it seems like more and more listeners are turning into superfans, almost suggesting how music can be a powerful support during difficult times.The interesting fact is that what's popular on streaming services isn't always what people are physically buying. Even if online music usually has a mix of old and new, the data shows that more than 60% of direct sales are for the current releases. It could be assumed that most people buy old or classical music in this format, but according to the study most of the sales are formed by new products, like vinyls and CD’s. Vinyls, in particular, registered a 25 percent increase over the previous year. Moreover, contrary to expectations, the main buyers of the artists' merchandise are not the nostalgic 80s or young pop and rap fans.The fans 32 percent more willing to buy multiple products related to their idols are Gen. Z, those born between 1999 and 2010.
Looking ahead, 2024 will be a crucial year during which technology will significantly influence the music scene. The increasing popularity of streaming platforms and the advent of artificial intelligence are enabling music to reach horizons unthinkable just a few years ago. Whether you enjoy trying new things or sticking to old passions, 2024 promises to be a breakthrough year for all music fans.
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