People Are Listening to Music More than Ever Before

Not only are individuals consuming more music, but they are accessing it in more ways, according to the International Federation of the Phonographic Industry.

 

People are listening to more music than ever before, thanks to the continued growth of streaming services, according to a report from the International Federation of the Phonographic Industry (IFPI).[1]  The report highlights how individuals globally are consuming music.

Listening to More Music

IFPI surveyed 43,000 internet users in 26 countries about their music listening habits. They found that fans spent 20.7 hours per week listening to music in 2023, up from 20.1 hours in 2022. Streaming remained the dominant way that music was consumed. 

Engagement over those hours was as follows:

Audio streaming	32%
Video streaming	31%
Radio	17%
Purchased music	9%
Live Music	4%
Other	7%

 

Streaming Dominates Music Consumption

Some 73% of survey respondents say they listen to music through licensed audio streaming services. On average, they spent 7% more time listening to subscription audio streaming services in 2023 versus 2022. 

Reasons they gave for subscribing to a streaming service included:

• No advertisements interrupting the music
• I can listen to what I want when I want
• Access to millions of songs

 

Fan’s Feelings Toward Artificial Intelligence

Of the respondents, 89% are aware of artificial intelligence (AI). However, 80% feel that human creativity remains essential to the creation of music. Music fans also support the need for guardrails on AI, including restrictions on using an artist’s voice without their permission or using AI to clone or impersonate an artist.

 

Music Provides the Soundtrack of Our Lives

The report also found that people listen to music while engaging in a wide range of activities. 50% said that they listened to music in their cars, 45% while commuting to work or school, 41% while relaxing or unwinding, 39% while doing housework, and 33% while exercising.

 

Music Drives the Radio

Most people listened to the radio for its music content. 76% of respondents listened to the radio for the music, 67% tuned into their favorite radio station because of the music it plays, and 63% said that without music, they wouldn’t listen to the radio.

 

There’s Still a Market for Physical Music

While streaming dominates, there are still individuals who purchase music on physical mediums. 13% of respondents purchased a CD in the last month, 9% a vinyl record, and 5% a cassette.

 

The Appeal of Music

Music continues to appeal to people globally, and new technologies have broadened its reach, allowing more people to access it more frequently.

 

How May Individuals Gain Exposure to Companies in the Global 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 the global music industry.

 

---

[1] All data sourced from: Engaging with Music 2023, IFPI December 2023