Luminate’s 2022 mid-year charts measuring the US music market, released last week, showed Disney dominance, a Bad Bunny boom, a strong second quarter for Sony Music and a slowdown in the vinyl market, among other information. And some of these trends are also reflected in the market valuation by genre, as indicated by Luminate, which shows strong leadership and gains for musical artists outside of the United States.
Overall, the total number of equivalent album units in the US music market has increased 9.3% so far in 2022 compared to the same period in 2021, with on-demand streaming having also increased by 11.6% over this period. And R&B/hip-hop led the way both as the top genre and as the one with the strongest volume growth, once again pacing the market. But while the top 10 established genres have remained unchanged since the middle of 2021, several trends suggest a shake-up of the status quo may be on the horizon. Here’s a look at the gender numbers halfway through 2022.
R&B/Hip-Hop stays on top
R&B/hip-hop may be seeing slower percentage growth than the other two major genres (up 6.3% from rock at 7.3% and pop at 8.3%), but it still tops all other genres in raw numbers year over year, which means that even though its share of the overall market has fallen from 28.4% in the middle of last year to 27.64% halfway through this year, he actually widened his lead at the top in terms of overall equivalent album units. It’s the only genre to top 100 million equivalent album units so far this year, and at 131.4 million, it’s not close. And while its total growth in on-demand streaming (up 6.2%) is lower than the overall market rate (11.6%), it remains by far the leader in the streaming sector, accounting for 29 .39% of all on-demand streams. in the United States in the first half of 2022, even as its share of streams declined from 30.87% last year – a figure that speaks more to the explosive growth of other genres (and the statistical difficulty of maintain growth percentages as volume increases) than any dip in the world of R&B/hip-hop.
Children’s music Encanto To bump
With the success of Encanto – the biggest album of the first half of 2022 – children’s music has seen the strongest year-over-year percentage growth so far (up 45.7%), although its growth is slowing a little over the year; it was up 58.4% in the first quarter compared to the same period last year. From January 1 to June 30, children’s music accounted for 1.54% of the total market, down from 1.15% in the middle of last year. Its growth in flow share is reflected in the same way: up 50% to 1.51% this year, compared to 1.12% last year. In fact, children’s music is the only genre to be up across all metrics: sales, streams, equivalent albums, and even digital track sales are all up at least 30% from a mid. to the other.
World music, rise of Latin music
World music (+26.4%) and Latin music both grew at a dazzling rate; Latin grew at such a rate (28.4%) that in absolute numbers, only R&B/Hip-Hop grew more, overtaking rock for the second highest growth in raw units, up 6.6 million compared to the same period last year. This is the second consecutive year of growth of more than 20% for Latin, which brings it to 6.25% of the total market, against 5.32% at this stage last year; and the second consecutive year of double-digit percentage growth in world music, bringing it to 2.2% of the market, from 1.9% at the midpoint of 2021. (The “world music” classification is generally a catch-all of non-Latin music genres originating outside the contiguous United States, and includes K-Pop and Afrobeats, among others.) Although each base genre measured is up at least one little year-over-year, only Latin, World, Children’s and New Age are growing at a faster rate than the overall market (9.3%) – and the top four genres all fell in percentage of the overall market.
A race for fourth place?
Country remains comfortably the No. 4 genre, although it is rapidly losing ground to Latin – and trends are closing the gap. The country went from a market share of 8.23% in the middle of last year to 7.83% mid-term this year, while Latin fell from 5.32% to 6.23% . And while the country is growing in equivalent album units (+4.0%) and overall on-demand streaming (+7.6%), these are both below industry growth metrics ( 9.3% and 11.6%, respectively). Genre album sales (down 19.8%) are also declining faster than the industry as a whole (down 8.7%). It has, at least, recovered after a slow start to the year: in the first quarter, the country represented only 7.41% of the overall market.
Latin, meanwhile, with a 6.25% market share, is up 28.4% in equivalent album units and 27.4% in on-demand streaming – both far outpacing the industry at large. And the decline in sales of albums of the genre (-3.4%) is less pronounced than the activity as a whole. Latin has already overtaken the country in on-demand streaming market share, rising from 6.72% midway through last year to 7.67% midway through this year, surpassing the country’s share of 7.32% in 2022 so far. Whether this is a Bad Bunny bump or a lasting trend is something to watch, but it’s worth noting that Latin was still up 25% in Q1 2022 compared to Q1 2022. 2021 – and that’s before Benito’s Un Verano Sin Ti has been freed.
The top five genres in the United States have remained stable for several years now and reflect overall listening volume nationwide: R&B/hip-hop, rock, pop, country and Latin, in that order. But looking at genres ranked by unit growth over the past year shakes up the rankings: R&B/hip-hop is still the growth leader, accounting for 19.43% of market upside in mid-2021, while rock and pop place at No. 3 and 4. Latin moves up to No. 2, while world music, at No. 7 overall, moves up to No. 5, overtaking country and dance / electronics (the latter is No. 6 overall). Collectively, these top five genres – R&B/hip-hop, Latin, rock, pop and world music – account for 68.78% of overall growth in the first six months of 2022.
— Rock dominates the sales format, even though it fell 6.7% in overall album sales from medium to medium: its 20.7 million albums sold in the first half of this year eclipse all other genres and account for 44.04% of all album sales. in the United States in the first half of 2022.
– Sales of physical albums in the comedy genre doubled mid-year compared to mid-year (up 99.5%) – and the reason for this is almost entirely due to the vinyl release of Bo Burnham’s Inside (the songs)his hit album from June last year which was released in mid-December 2021 format and has moved 44,000 physical copies (including 29,000 on vinyl) in 2022 so far.
— New age, as shown above, is growing faster than the market as a whole. While the genre’s market share is only 0.61%, consumption grew 12.8% year-over-year in equivalent album units and 16.5% in streaming at Requirement. So what drives growth? It’s a bit of a blur, but it seems like a lot of people listen to a lot of Enya, which accounts for about 6% of the genre’s total consumption.
– The core genre of world music increased its market share with big leaps in streaming and equivalent album units. But it also made a significant jump in sales of physical albums – likely due to their prevalence in K-pop – which rose 22.2% mid-year and now represents a significant share of the music market. physical media: 5.40%, down from 4.21% in mid-2021 and represents 4.61% of the overall sales market so far this year.
Source: Luminate, for the tracking period from December 31, 2021 to June 30, 2022.