Country Music Is Having Its Day
The biggest album last year did not belong to Taylor Swift or Beyonce, but rather, it was country music star Morgan Wallen’s ‘One Thing at a Time,’ according to entertainment data and insights company Luminate.[1] Country music was one of the fastest-growing music genres of 2023. What may be propelling country’s popularity? How may investors gain exposure to country music?
Country Music’s Popularity Surged in 2023
Country music’s on-demand audio (ODA) streaming grew by 23.7% in 2023 compared to 2022 to reach over 20 billion streams, according to Luminate. This made it the third-fastest music genre, behind the World and Latin genres.[1]
The growth in country music’s popularity is being driven by younger listeners, particularly Gen-Z and Millennials.[1]
Country music’s appeal is also growing outside the U.S. It was one of the fastest-growing music genres in many countries, including Australia, New Zealand, Ireland, the United Kingdom, and Norway.[1]
Morgan Wallen – A Microcosm of Country Music’s Renewed Popularity
Morgan Wallen had the biggest album of 2023, which sold the equivalent of 5.4 million copies. It was the biggest charted album in eight years. His single, ‘Last Night,’ was number one on the Billboard chart for 16 weeks. This was the first time a male solo country artist hit number one in mainstream pop.[2]
Wallen’s success mirrored country music in general. The genre reached a level of mainstream popularity and financial power not seen in decades, according to music executives.[2]
Country’s success has music companies sending executives to Nashville, the center of country music since the 1920s, to scope out talent.[2]
Why Country’s Sudden Popularity
What may be driving country’s sudden popularity?
Lagged Response to Streaming Technology
Country music listeners historically have been slower to adapt to new technologies, typically lagging by three to five years. Country fans may be catching up to the surge in streaming activity that has occurred in the past decade.[2]
More Inclusive
Recently, music stars like Beyonce and Lana del Rey released country music albums. Beyonce became the first black female artist to achieve a number-one country song. The genre also includes artists such as transgender country musician Ryan Cassata, who noted, “Certain country artists are taking back the genre for queer people, trans people, and all minorities.”[3]
Their Stories Are Our Stories
At its core, country music is about good storytelling. The stories in country music are relatable to many people. The incredible stories country music tells are what makes the genre so relatable for every type of listener and enable it to engage broad audiences around the world.
How May Individuals Gain Exposure to Companies in the Country Music Industry?
The MUSQ Global Music Industry ETF (MUSQ)
The MUSQ Global Music Industry ETF (MUSQ) seeks to provide investment results that, before fees and expenses, correspond to the total return performance of the MUSQ Global Music Industry Index (MUSQIX). The MUSQIX Index is designed to provide exposure to global, publicly traded companies and royalty funds with a core business interest in the global music industry.
MUSQ may provide individuals with an attractive vehicle to gain exposure to companies in the country music genre.
[1] Luminate Year-End Music Report 2023, Luminate, January 2024
[2] Nicolaou, Anna, Why Country Is Now the Hot Genre in the Music Industry, Financial Times, 3/14/24
[3] Dunn, Billie Schwab, Country Music’s Popularity Is at an All-Time High, Newsweek, 3/2/24
MUSQ Global Music Industry Index ETF is offered by prospectus. Carefully consider the investment objectives, risks, charges, and expenses. This and other important information can be found in the MUSQ ETF prospectus, which should be read carefully before investing and can be obtained by visiting https://musqetf.com or by calling 1-855- MUSQ-ETF(687-7383).
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