Having passed the halfway mark in 2023, almost past the summer season full of festivals and musical events, it can be said that the music industry has returned strongly this year. Although normality already seemed to be perceived in 2022, this year the resurgence of the world of music has been consolidated. As the economist and specialist in the music sector, Albert Guivernau, points out in a statement to EFE, “2022 was a year of recovery for this type of events and, just with the first months of this year, 2023 points to record numbers.” . According to data from the Live Music Yearbook , in 2022 the live music industry exceeded the turnover in ticket sales compared to 2019, 459.2 million euros above 382.5 million, and the forecasts of the sector suggests that in 2023 it will be surpassed buy sound cloud plays fast.
Against the backdrop of this dynamic landscape, several trends are shaping the course of the music industry in 2023:
1. THE TRIUMPHANT RETURN OF CONCERTS AND FESTIVALS
After a few complicated years, pandemic and post-pandemic, 2023 is leading the way in festivals and concerts. Although 2022 had good data and more than 900 festivals were held and an economic impact estimated at more than 400 million euros, it is anticipated that these data will be exceeded this year. Without going any further, the Estadi Olímpic, the Palau Sant Jordi and the Sant Jordi Club have 140 events scheduled during 2023 and with them 1,400,000 visitors, double that of 2022. According to Barcelona City Council, this represents 60 % more concerts than in 2022.
2. ARTIFICIAL INTELLIGENCE
From AI to generate melodies to the personalization of recommendations within the music industry. AI is driving the industry to new horizons and is leaving a significant mark on music creation and distribution this year. And with it the debate around copyright and legality.
3. MUSICAL TRENDS FROM TIKTOK
The music platform is the undisputed queen of trends, from the discovery of new music to the promotion of emerging artists, TikTok becomes an essential virtual showcase for the industry. Currently it is the application that sets musical trends, it is the social network with the largest number of users and is recognized as the favorite place to discover music.
4. THE RENAISSANCE OF VINYL
Vintage has been in fashion for years and vinyl is in fashion. Vinyl records have seen a surprising resurgence in the digital age. So far in the semester of 2023 internationally, according to Luminate, vinyl record sales have increased by 21.7%, with 23.6 million units sold, compared to 19.4 million in 2022. This return to nostalgia and authenticity has attracted a diverse audience of all ages.
5. TRANSFORMATION IN THE WAY YOU LISTEN TO MUSIC
The way we consume music is undergoing a metamorphosis towards the ephemeral. Artists are adopting the strategy of releasing singles frequently to keep their audience’s attention and avoid the saturation that can result from full-length releases. In addition, 2023 is being the year with the highest consumption of streaming music. The first six months of 2023 have seen 3.3 billion song streams on streaming services around the world, an increase of 30.8% from the 2.5 billion in the first half of 2022, according to the most recent report from Luminate about the music industry.
8. EPHEMERAL BUT IMPACTFUL SUCCESSES
The trend of short, but intense songs is gaining ground. Artists seek to capture the quick, emotional attention of audiences in a world full of distractions. Fleeting songs, short-lived but intense. According to the world, only 3 of the 10 most listened to songs on Spotify in 2022 exceed 3 minutes, there is also passive listening, the majority of songs that are discovered are through the algorithm’s playlists and recommendations.
6. THE FUSION OF GENRES
Music is breaking traditional genre barriers and creatively fusing styles. Musical diversity is on the rise, reflecting a more inclusive world and an audience more receptive to experimentation.
7. THE SUCCESS OF LATIN AND K-POP
Urban, Latin music and the K-Pop phenomenon continue to resonate globally. Everything related to Spanish and Latin, beyond reggaeton, now also traditional, is triumphing on lists that were previously only headed by English-speaking artists. On the other hand, compact disc sales have increased by 3.8%, mainly driven by K-Pop groups, demonstrating the expansion of these genres to international markets.
9. ELECTRONICS ON THE RISE
Electronic music, especially techno, is experiencing a boom in popularity. Their innovative and atmospheric rhythms are attracting a diverse audience in search of new sonic experiences.
10. NFTS: THE FUSION OF MUSIC AND TECHNOLOGY
The NFT market is converging with music, allowing artists to transform their work into unique digital assets. This trend challenges traditional norms and redefines the interaction between artists and their fans.
In the background of the 10 trends that outline the direction of the music industry this year, the growing dominance of the virtual world over the physical one is clear once again. In this scenario, streaming emerges as the undisputed king of music consumption, although live music is also experiencing a promising stage. However, the prominent presence of Artificial Intelligence, TikTok and NFTs reaffirms this paradigm shift, illustrating how technology and creativity converge to shape the new musical era.