Unlocking Insights: 3 Key Learnings for the UK Music Industry
Last week, Luminate's VP of International, Helena Kosinski, delivered a presentation at The Great Escape festival in the United Kingdom highlighting the UK music industry and its place in Europe and the world. Covering the market’s fastest-growing genres, niche music fan groups and new opportunities, Kosinski laid out a clear snapshot for the state of the UK music market.
Here are three key takeaways from Kosinski’s presentation:
- Nurture homegrown talent where there is clearly a market for it
- Country & Folk is the fastest growing genre with +33.6% Total On-Demand Streaming over Q1 2023. The genre also increased its share of streaming against all others by +.59 percentage share points for the largest increase. While this growth has been driven by artists from outside the U.K. - and primarily the United States - it does indicate fan demand and signals opportunities for more home-grown artists in this genre.
- Satisfy the fan’s merch (and live) desires
- UK Punk fans report spending 83% more on artist merch when compared to the average UK listener; UK Christian/Gospel fans report spending 12.67 per week on livestream music events, +212% more than the average UK music listener. So, niche fan groups are highly invested in their favorite artists, which opens the door to super-serve these audiences.
- Double down on getting the creators paid — focus on the metadata
- The vast amount of content released to DSPs on a daily basis (there was an average of 103.5k per day in 2023) helps to create wide-ranging difficulties when identifying proper rights holders. Additionally, international translations of artist names and similar names can create further confusion. For instance, did you know the Luminate Quansic system counts at least 68 artists that use the word Juju in their name? Focusing on metadata issues will be critical in the global music industry.
Download the full presentation for free to learn more about the UK music industry here.
SOURCE:
LUMINATE COUNTRY-LEVEL CONSUMPTION DATA
LUMINATE QUANSIC
LUMINATE INSIGHTS MUSIC 360: 2023 (U.K.)
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