Record Labels
Page: 54
SIZE matters for Astralwerks.
Today (July 20), the venerable dance label has announced a partnership with Steve Angello‘s SIZE Records. Under the terms of this deal, all future SIZE Records releases will be distributed by Astralwerks, with the agreement also encompassing SIZE’s back catalog.
Launched in 2003 by the Swedish House Mafia member, the SIZE catalog encompasses music by Angello, Laidback Luke, Eric Prydz, Afrojack, Don Diablo, AN21, Junior Sanchez and many other electronic stars and underground greats.
Explore
Explore
See latest videos, charts and news
See latest videos, charts and news
The deal is also being punctuated by new music, with Angello releasing “What You Need” — a collaboration with masked duo Wh0 — tomorrow (July 21) via SIZE Records/Astralwerks and Wh0 Plays. The track marks the 250th release of the SIZE Records catalog.
“While I’m excited to honor the legacy of SIZE Records by re-launching the catalog, I’m every bit as thrilled by what the future holds,” Angello tells Billboard. “Teaming with Wh0 to make ‘What You Need’ the inaugural new release on the imprint feels like the perfect way to set the tone for everything we have planned. It’s a new era, new team, new SIZE, new collaborations, new music and lots of it! My gratitude to Astralwerks for taking this journey with us at SIZE!”
The deal marks a return for Angello and Astralwerks, with the label releasing Swedish House Mafia’s compilation albums, 2010’s Until One and 2012’s Until Now, which contained the trio’s all-time hits “One (Your Name)” and “Don’t You Worry Child.”
“SIZE Records is a powerhouse label and home to some of my all-time favorite records,” adds Astralwerks President Toby Andrews. “Being able to work with them as they kick off their 20th anniversary celebrations whilst Astralwerks is celebrating its 30th year feels like the perfect match. In addition to that, the whole team is excited to bring more of Steve’s music to the world and work with him and all his team to elevate the future vision and catalog of the label.”
Steve Angello continues to be managed by Wassim Sal Slaiby and Dina Sahim at SALXCO.
Interscope Geffen A&M has elevated four of its top-level executives into new roles, the company announced Thursday (July 20). The promotions include Michelle An, who has been named president of creative strategy; Gary Kelly, who is now general manager of Interscope and executive vp/chief revenue officer for IGA; and Sam Riback and Nicole Wyskoarko, who […]
Producer duo Play-N-Skillz has inked a label deal with Pitbull‘s Mr. 305 Records, the company tells Billboard. The Dallas-born siblings, Juan “Play” and Oscar “Skillz” Salinas, join a roster that includes Omar Courtz, IAMCHINO and Montana Tucker, among others. “Joining Mr. 305 Records is a perfect match for us,” said Play-N-Skillz in a statement. “We […]
Universal Music Group announced a new partnership with Pocket.watch, a kids-content studio with a roster of 45 creators that boasts over 750 million subscribers, on Thursday (July 20).
As part of the deal, songs on Pocket.watch’s many YouTube videos — plus tracks from the company’s original series on Hulu and Roku — will be brought to streaming platforms. And several creators will release their own original songs in the months to come.
In a statement, Albie Hecht, chief content officer for Pocket.watch, said “music is a huge part of kids’ lives, and this mutually beneficial partnership provides a path for our expansive library of kids and family songs to reach beyond their appearance within YouTube videos. We’re proud to partner with Universal Music Group as they further expand their investment in the kids music space.”
“We continue to see growth in this exciting category and look forward to working with pocket.watch’s team and their family of creators,” added Andrew Kronfeld, Universal’s evp of international and label and artist ventures.
Pocket.watch was started in March 2017 by Chris M. Williams, Hecht (a former president of film and TV entertainment for Nickelodeon), and Jon Moonves. “We set out very intentionally to change the conversations around the creative economy and create a whole new digital-first category of franchises,” Williams told Variety last year.
The company’s hits include Ryan’s World (35.2 million YouTube subscribers) and Love, Diana (8.95 million); in 2021, the roster generated more than 4 billion hours of views. Pocket.watch also has a robust consumer products line — Colgate Ryan’s World Pocket Watch Extra Soft Spin toothbrush, for example, and Love, Diana dolls — linked to its various franchises. Earlier this year, Pocket.watch debuted 12 original series on Hulu.
The first batch of music to hit streaming will encompass songs from Ryan’s Mystery Playdate, Love, Diana, Onyx Monster Mysteries, Toys and Colors: Kaleidoscope City, and more.
Long before Taylor Swift decided to re-record all her original songs, including the “Taylor’s Version” of 2010’s Speak Now which was released last week, Frank Sinatra did the same thing. So did Chuck Berry. And Elmo Shropshire. And many of the classic pop and rock stars who have licensed new versions of their best-known songs to movies, TV shows and commercials to keep all the royalty money over the years.
Artists re-record old hits for several different reasons: Movie and TV productions can pay them rather than their original record labels when licensing songs; they can update the tracks to sound more modern, with newer technology; they can revisit older recordings that were never properly available digitally due to contract disputes, as JoJo did; or, as with Swift, they’re having a dispute with the original label and prefer to put master recordings solely under their own control. “Our thinking was, if we do these now, they’ll be around as long as the originals, and whenever the opportunity arises, we can say, ‘Look, we’ll give you this,’ and we can undercut what whoever owns our masters are asking for,” Squeeze‘s Glenn Tilbrook told Billboard in 2019, nine years after the band put out its re-recorded greatest-hits album Spot the Difference.
Yet no one has earned as much attention — or revenue — for re-recording their songs as Swift. At first, Swift’s announcement that she would put out new versions of all her old hits seemed idiosyncratic, a retaliatory move against Justin Bieber and Ariana Grande manager Scooter Braun, who bought her six-album catalog as part of his 2019 acquisition of indie label Big Machine. But she quickly rolled out new versions of 2008’s Fearless and 2012’s Red with faithful re-recordings, fresh remixes and “from the vault” material and turned the exercise into lucrative hits: Fearless (Taylor’s Version) and Red (Taylor’s Version) have racked up 1.49 billion and 2.83 billion streams, respectively, according to Luminate, and combined sales of nearly 1.7 million units. Swift is now at the forefront of a wave of artists that have or plan to release their own re-recordings, including TLC, Wheatus, Paris Hilton and, possibly soon, Ashanti. “It’s a chance to make money, actually, for the end musicians,” says David Amels, a producer, engineer and session musician who helped Shangri-Las singer Mary Weiss re-record some of the band’s classic hits as a 2007 solo album.
In 2005, TLC negotiated a separation agreement from its longtime label, Sony Music, and re-recorded its ’90s R&B hits “Creep,” “Waterfalls” and “No Scrubs.” They first came out in the 2013 VH1 biopic CrazySexyCool: The TLC Story — without the band’s late third member, Lisa “Left Eye” Lopes. The two-woman band has recently spiked in popularity, according to its longtime manager, Bill Diggins, playing a well-received set last year at the Glastonbury festival, and it plans to “start building distribution infrastructures for the new re-records.” But it wasn’t until January 2023 that singers Tionne “T-Boz” Watkins and Rozonda “Chilli” Thomas released the re-recorded versions on streaming services, without promotion or fanfare.
Although the group followed Swift’s lead in parenthetically subtitling each re-recording “(TLC Version),” Diggins says the move to re-record wasn’t inspired by Swift. “We have the utmost respect for Taylor Swift,” he says. “However, we did the re-records long before Taylor released hers and the ‘TLC Version’ was not referencing a homage to Taylor.” Still, Diggins acknowledges TLC lacks Swift’s music-business clout and massive fan army — after Red (Taylor’s Version) came out in November 2021, iHeartRadio announced its radio stations would switch to playing the new versions of her hits, but the top broadcasting company has made no such promise to TLC. “It’s not as simple as calling Spotify or Apple or iHeart and saying, ‘Play our re-records.’ You have to have enormous power to do that — which Taylor Swift certainly does,” Diggins says. “The minute you do that, the record label that owns the copyright is going to put pressure on the streaming service to play their version, because they want to collect the royalties.”
Sony owns the rights to Lopes’ voice, according to Diggins, so TLC did not have the option of splicing in original recordings of the late star. But he argues the new versions are stronger vocally because Watkins and Thomas have spent the last three decades not smoking, not drinking, leading healthy lifestyles and providing “a little bit more of new authenticity.” Still, while the new versions employed the same engineers and studios as the originals, the three tracks have been streamed a combined 218,000 times, compared to nearly 1.6 billion total for the ’90s classics — including 114 million streams for the original songs since the new versions came out in January. In the last seven months, the original versions of those three TLC hits have generated $675,725, while the re-recordings have added up to just $1,394, according to Billboard estimates.
A year ago, Ashanti told Billboard she obtained the rights to re-record her early albums from Universal Music Group and was working on a new version of her 2002 self-titled debut. (Her reps did not respond to a request for an update.) “Certain people don’t want to see you move forward and progress in life so they try to create roadblocks,” she said at the time. “I love what Taylor Swift did. Anything worth something will be a bit of a battle.”
In June, three years after pop star Kim Petras covered Paris Hilton’s 2006 hit “Stars Are Blind” on a livestream, the duo collaborated for a re-recording, with original producer and co-writer Fernando Garibay at Hilton’s studio, calling it “Paris’ Version” a la Swift. They did it for “fun, musically and creatively,” says Alex Frankel, Hilton’s music manager, adding that, from a business point of view, “It kind of aligned with my thinking.” (As with TLC, Hilton’s “Paris’ Version” subtitle was not a homage to Swift, at least overtly: “I don’t think it was a conscious choice, just felt natural, but of course probably an unconscious nod to the always iconic TS,” Frankel says.)
Hilton was “stuck with one of those contracts” with Warner Music, according to Frankel, who wouldn’t say whether Warner imposed a no-re-recording clause in her original contract: “Trying to recoup on that is nearly impossible on those deals, and the term is infinite. No one wronged her, she wasn’t doing it to spite anyone, it was more, ‘Why not revisit the song or create equity on the master side of the recording?’” The new version of “Stars Are Blind” has been streamed 699,000 times, compared to 28.3 million total for the original; since the new version’s release, the original has been streamed 726,000 times, according to Luminate. Billboard estimates the original master recording of Hilton’s track has generated nearly $4,000 for the Hilton Hotels heiress since the new version came out, while the Petras collaboration has landed roughly $5,300.
Outside of Swift, perhaps the most successful contemporary re-recording is Wheatus’ “Teenage Dirtbag,” which began as what singer Brendan Brown calls a “forensic and tedious-as-hell” project to perfectly recreate the band’s 1999 alt-rock debut, Wheatus, after, he alleges, original label Sony Music lost the ADAT masters. (A Sony rep declined to comment.) The band employed old photos to determine what gear it used 20 years earlier and puzzled over a “blip blip blip” sound in two verses that turned out to be a push-button phone tone filtered through a keyboard. “This was a CSI episode recreating some shit that happened 20 years ago that we don’t really remember,” Brown says.
After Wheatus finished the project in April 2020, and reissued the three-song EP as Teenage Dirtbag 2020 / Mope, the COVID-19 pandemic led to a TikTok-Instagram viral resurgence — “Teenage Dirtbag” became the soundtrack for celebrities reminiscing with photos of themselves in the old days. As a result, although the new version didn’t come close to the 236.6 million streams of the 1999 original, it has been streamed a respectable 4.5 million times. Meanwhile, since the new version came out, the master recording has generated a decent amount of revenue for Brown — about $24,400, according to Billboard estimates, though the original — thanks to the TikTok boost — racked up nearly $664,000 during the same period.
“We never said, ‘Listen to this, not to that.’ We just told people what we’d done and why we’d done it,” Brown says. “There was no public relations, there was no publicist. The press came to us and the conversation kind of bloomed.”
Swift is “partly responsible” for that conversation, Brown says. “There are a lot more questions about creative regulation and laws and ownership that used to be very under the hood and are now being discussed out in the open. If you have a talk show, and you’re on YouTube, it’s like, ‘I have to learn about intellectual-property law now?’ This is what we’re doing.”
Additional reporting by Ed Christman.
Driven by K-pop groups such as Seventeen, Stray Kids and Tomorrow X Together, sales of the top 400 physical albums in South Korea totaled 55 million through June — a 57% increase from the prior-year period, according to Circle Chart, the company that manages music charts in the country.
Seventeen had 21 titles in the top 400 albums and accounted for 16.2% of the tally’s sales, totaling 8.9 million units. Meanwhile, HYBE, the company behind Seventeen, was responsible for 40.4% of sales in the top 400.
Physical album sales in the United States don’t come close to those numbers. In a country of about 52 million people — less than one-sixth of the United States’ 332 million people — South Koreans bought an average of 1.06 albums per person in the first half of the year (counting only the top 400). That’s 23 times the United States’ per-capita album purchase rate of roughly 0.05 units (also counting only the top 400, according to Luminate).
Comparing South Korea’s first-half physical album sales numbers to those of the United States demonstrates just how big of a gap exists between the two countries in terms of consumption habits. In the United States, superfans and direct-to-consumer sales helped boost physical album sales 13.3% to 41.1 million in the first half of the year — a big improvement from 4.7% decline in the year-ago period. But that figure pales in comparison to South Korea, a country with less than one-sixth the population. Sales of the top 400 physical albums in the United States totaled 15.4 million units over the same period — 72% fewer than in South Korea.
Taylor Swift’s rabid fanbase is the closest thing the United States has to the fandom seen in South Korea for K-pop groups such as BTS. Swifties, as they’re known, helped created intense demand for the pop titan’s Eras Tour, which overloaded Ticketmaster’s website in the United States and turned her concerts into civic events recognized by local politicians. Her album releases have become events unto themselves as fans snap up multiple versions of vinyl LP and CDs.
But Swift’s U.S. physical album sales in the first half of 2023 can’t compare to sales for the top artists in South Korea. In the United States, Swift dominated physical album sales in the first half of the year with a 7.4% share of the top 400 — more than twice the number of the runner-up artist, K-pop group Stray Kids. Through June 30, she totaled 1.15 million physical album sales across her catalog. Those numbers sound impressive until you consider them against the 8.9 million overall sales for Seventeen in South Korea.
In terms of physical sales for single albums, Swift also finished atop the heap in the United States. Her 2022 album, Midnights, sold 430,000 units through June 30. (Swift’s new album, Speak Now (Taylor’s Version), was not included in the top 400 of the first half of 2023 because it was released in July). But the top-selling album in South Korea was Seventeen’s 10th Mini Album ‘FML,’ which sold 5.5 million units over the same period. In fact, a whopping 13 albums surpassed the 1-million-unit threshold in South Korea through mid-year. It’s worth noting that even if Midnights had doubled its physical sales number in the United States through mid-year, it wouldn’t have reached the top 10 on South Korea’s chart.
Universal Music Group has elevated Manusha Sarawan to oversee its efforts and market-leading label roster across southern and eastern Africa. In her new Johannesburg-based role as managing director, Southern and East Africa, Sarawan will continue to work closely with Adam Granite, UMG’s evp of market development, who said she was “ideally suited” for the role. Sarawan was […]
In January, three months before Reservoir Media put rap group De La Soul’s first six albums on streaming services for the first time, the company began taking pre-orders for reissues of classic albums like 3 Feet High and Rising and De La Soul is Dead, as well as De La Soul merchandise. The rap legends’ recordings came to Reservoir Media through its 2021 acquisition of Tommy Boy Music. Negotiations with Tommy Boy owner Tom Silverman over taking the albums to streaming services had stalled in 2019 over a royalty dispute — but not only did Reservoir quickly hash out a deal with De La Soul to reintroduce the world to its Tommy Boy catalog, it also planned a marketing campaign with the group to create exclusive merchandise and launch a slate of LPs, CDs and cassettes.
Selling directly to De La Soul’s biggest fans has meant 30% of its physical product sold worldwide has gone through the group’s website, wearedelasoul.com, says Rell Lafargue, Reservoir Media COO/president. In the process, Reservoir was able to tap into a consumer group of rising importance in today’s music business: superfans. “Twenty percent of wearedelasoul.com customers are repeat customers in just the first six months of the store opening,” says Lafargue, “and we see superfans fill their carts with multiple copies and color variants of vinyl, shirts, hoodies and more at check out.”
De La Soul fans are part of a trend shaping the U.S. music business in 2023: Superfans’ purchases of CDs, LPs and cassettes to help support their favorite artists helped drive increases in all physical formats in the first six months of the year, according to Luminate’s 2023 midyear report released Wednesday (July 12).
Luminate says 15% of the general population is made up of superfans — a group of passionate music consumers with a propensity for discovering new music, connecting with artists on a personal level and being part of a community, or “fandom,” that artists provide. They’re valuable, too: Superfans spend 80% more money on music each month than the average U.S. music listener.
While the average consumer may subscribe to a streaming service, stream for free or listen to the radio, superfans purchase physical formats like it’s 1999. Buyers of CDs, vinyl LPs and cassettes are 128% more likely to be super fans, according to Luminate. They also skew young. U.S. millennials and Gen Z music listeners spend 22% and 13% more on music than the average music listener.
The power of superfans helps explain why U.S. physical album sales improved drastically in the first half of the year. Vinyl LP sales were up 21.7% through June 30 — well above the 1% gain in the prior-year period — and CD album sales grew 3.8%, a huge improvement from the 10.7% decline a year earlier.
Direct-to-consumer sales increased 20% to 4.4 million units, with vinyl sales specifically improving 25% to 3.6 million units and CD sales growing 15% to 1.7 million. Over 60% of direct-to-consumer sales are current releases — defined as titles 18 months or younger. That number rises to 75% for direct-to-consumer sales for both CDs and cassettes.
Golda Bitterli, vp of sales at Revelator, maker of a technology platform for labels and distributors, attributes the trend to the fans’ access to artists online, particularly on social media. “Fans are becoming more active participants in the artist’s career, including involvement in the creative process like we see on TikTok, as well as direct access to artists through platforms like Telegram,” she says. “This gives the fan a greater sense of connection and stock in the artist’s career and leads to more consumption through streaming, downloads, ticket sales and more.”
K-pop superfans are in an entirely different category. According to Luminate, K-pop fans spend 75% more on music than the average U.S. music listener, with much of that spending going to physical products. K-pop fans are 46% more likely to have purchased a CD in the last 12 months, while almost a quarter have purchased a cassette in the past 12 months.
K-pop superfans are on a different level of fandom than the typical fan, organizing and supporting their favorite artists at levels rarely seen elsewhere in music. They buy multiple copies of albums, snap up merchandise and purchase the clothing artists are seen wearing on social media, says Kristine Kim, GM of Korea for business-to-business platform Surf Music. In Korea, fans will even rent out cafes to gather with other fans and purchase billboards to wish their favorite artists a happy birthday. “The investment, the time investment, the energy that they put in — emotionally, physically — and the money that they put in, it’s pretty incredible,” says Kim.
In the United States, superfans’ influence can be seen in the uptick in album sales in the first half of the year. K-pop albums, usually made available in multiple versions and formats so superfans can buy more than one copy, accounted for six of the top 10 physical albums and 16 of the top 50 physical albums, according to Luminate. The only artist to outsell K-pop artists Tomorrow X Together, Stray Kids, TWICE and Seventeen was Taylor Swift, who replicated the K-pop approach by offering over 20 different versions of her album Midnights.
For the upper strata of superfans, buying albums goes beyond merely collecting items or listening to music. “What drives these fandoms and CD sales is they just want to support the artists,” says Kim.
Republic Records jumped out to a huge lead early on in the market share rankings this year among current releases (those released within the past 18 months), and maintained a 12.46% current share across the first half of the year — more than four points higher than the next-closest label, Interscope Geffen A&M (8.08%). But […]
At the midyear mark of 2023, there’s one over-arching theme: so far, it’s the year of Morgan Wallen. The artist’s album One Thing At a Time is the most-consumed album of the year so far by far, racking up 3.312 million equivalent album units in the U.S. since its March release, while its single “Last Night” gobbled up the most U.S. on-demand audio streams of the year so far, with 588.7 million.
That helps explain a huge leap in country music market share so far this year, with the genre growing to 8.36% of the U.S. market, from 7.83% at the halfway point last year. Overall, in terms of current consumption units — those derived from albums released within the past 18 months — country music increased by 4.5 million equivalent album units over the same period in 2022, the highest among all 15 genres tracked by Luminate in 2023 so far.
But that’s just one of the big takeaways derived from combing through the data six months into this year. Here are four other observations from the first half of 2023.
Why is Rock so big? Catalog.
Overall, rock has grown most of any genre year over year in consumption units, with 11.2 million more units in 2023 over 2022. That growth, however, is almost entirely from catalog — 10.3 million of it, compared to 900,000 units of growth from current releases. It’s the second-largest growth metric among genres in terms of catalog, just behind R&B/hip-hop in raw numbers (11.2 million), though because R&B/hip-hop actually declined in current releases (more on that later), rock saw the biggest overall growth in unit terms.
It’s a testament to the enduring value that exists in classic rock recordings — and a reason those catalogs continue to be valued, bought and sold at such high figures — and helps explain why it still represents such a large part of the market, despite rock not generally being represented in the highest echelons of the charts. Rock’s catalog share of 23.31% is behind R&B/hip-hop’s 27.15% in the rankings, but is much higher than that of pop (12.91%) and country (7.69%), the next two genres in share.
Courtesy Photo
Consider the rankings in terms of current share: rock (10.32%) slides to third place, behind pop (10.69%) and barely ahead of country (10.16%), with Latin coming in fifth at 7.84%. And its current unit growth year over year of 900,000 is significantly behind country (4.5 million), world music (3.3 million) and Latin (2.5 million), although at least it’s still growing, while R&B/hip-hop and pop is not.
R&B/Hip-Hop: The Elephant In the Room
The drumbeat has been growing louder over the past year when it comes to what, exactly, is going on with R&B/hip-hop from a market share perspective. But despite concern that the genres’ grip on the public consciousness is getting diluted, a few things have remained consistent: it remained the largest genre in consumption units, it was still growing the most in raw numbers (if not percentage-wise), and R&B and hip-hop artists were continuously topping the charts dictating the culture.
Some of that dominance, however, has begun to slip. There is the biggest one — in the first half of the year, no hip-hop album had yet topped the Billboard 200, a distinction that finally ended in the first week of the third quarter with Lil Uzi Vert’s Pink Tape this week. And in terms of year over year unit growth, R&B/hip-hop slipped to second at 13.01% of the market’s growth, behind rock (17.71%) and just ahead of country (12.35%). And as consumption overall grew by 13.4%, R&B/hip-hop remained stagnant at 6.3% — the same mark it had at the midway point of last year. Still, it’s been a weird year; R&B/hip-hop actually accumulated more growth in raw units in the first half of 2023 (8.3 million) than in the first half of 2022 (7.8 million).
Yet there are signs for concern — and not necessarily just because of gains in other genres. R&B/hip-hop’s overall market share has slipped from 27.64% halfway through 2022 to 25.92% halfway through 2023, more than a point and a half. Its share of on-demand streaming has dropped from 29.39% to 27.31% — more than two percentage points. Overall album sales growth — huge for rock (45.85%) and pop (30.99%) — was just 2.53%, though growth at all in that metric is still positive. Even more concerning are its current numbers, which we’ll get to in a second. So, with R&B/hip-hop’s market share at its lowest point since 2018, is it just a cyclical, first-half blip due to domination by the likes of Morgan Wallen and Taylor Swift so far this year? Or something deeper?
Current Share Tells the Story of the First Half
The three genres that experienced the biggest growth over the first half of 2023 also tell the story of the first six months of the year, and they’re undeniable on several metrics. In terms of overall percentage growth year over year, World Music — which encompasses ex-U.S. genres like K-Pop and Afrobeats — was up 42.5%; Latin was up 21.9%; and Country was up 21.1%. Each managed to grow their overall share of the market significantly over the same period last year: Country, the fourth-biggest genre, rose from 7.83% to 8.36%; Latin, in fifth, grew from 6.25% to 6.72%; World, in seventh, grew from 2.20% to 2.76%. In comparison, the top three genres — R&B/Hip-Hop, Rock and Pop, in that order — all ceded share of the market at least somewhat year over year.
Looking at the current share illustrates where those gains came from. The country genre came in 4.5 million units higher than at the same point in 2022, boosting its current share from 7.98% to 10.16%. world music added 3.3 million units, vaulting over dance/electronic into sixth with a 5.22% share of the current market, up from 3.29% at this time last year. And Latin added 2.5 million units over last year’s total, increasing from 6.86% to 7.84% this year.
The flip side of that is the current percentage drops from the other leading genres. Current R&B/hip-hop share fell from 27.50% halfway through 2022 to 22.62% this year, an almost 5% decline, and dropped 8.0% in consumption units year over year. Pop slid from 12.87% to 10.69% in share, dropping 7.1% in consumption units year over year. Rock’s slip in share was more modest (10.83% to 10.32%), but also still fell, though its unit count actually grew (the slide in share is due to larger gains elsewhere). It’s a reflection of how the first half of the year has gone in terms of impactful releases in the market.
World Music’s Growth Isn’t Slowing Down
World music now accounts for 2.76% of the overall market in the U.S., up from 2.20% at the midway point last year. It’s not huge, but by percentage, it’s far and away the fastest-growing genre (up 42.5% year over year) in the industry; by raw consumption unit growth, it’s sixth-highest, having increased by 4.4 million units over its midyear 2022 mark. And it’s up by huge percentages in just about every metric: overall album sales (71.3%), physical album sales (76.4%) and on-demand streaming (38.2%) growth all far outstrip the industry overall.
Some of this is just a function of how percentages work: a smaller number that’s growing quickly will naturally have a higher percentage growth than a larger number that, while growing at a larger volume, is growing at a slower rate. But these percentages continuing getting higher, not smaller: in 2020, it grew 8.0% over 2019; in 2021, the metric was 18.9%; in 2022, it was 26.4%. From the first half of 2019 through the first half of 2023, world music is up 131.3%.
So far this year over midway through 2022, K-pop consumption is up 154.9%, and Afrobeats consumption is up 143.8%. They’re still small in terms of actual consumption numbers — K-pop’s numbers compare most directly to those of children’s music for the first half of the year, for example — but they no longer exist in the realm of the potential. The industry has spent the past few years pouring money and resources into these areas and hoping to boost these artists in the States. The metrics are no longer about what the future may look like: it’s here now.