We could be dubbed as the ultimate spoilt-for-choices music generation, literally! A single day of music releases in this era is greater than the entire calendar year of 1989. This is per a report by Music Radar that intends to look into the current state of “music creation economy”. It also probes into subscription models with added inputs from Spotify’s former Chief Economist, Will Page.
More music is being released today (in a single day) than was released in the calendar year of 1989. And more of that music is being done by artists themselves, meaning there’s even more demand for music production software
will page, former Chief Economist – spotify
The same report by Music Radar also cites a study by business analyst, MiDIA. It reveals that there was a 12% boost in the number of music creators between 2021 and 2022, rising to 75.9 million. MiDIA also forecasts that the number of music creators around the globe will swell considerably. It predicts an increase to 198.2 million people by 2030. This is figuratively more than double that of 2022.
A past study by music data analysis company Luminate supports these increasing dynamics. The study discovered 120,000 new tracks being uploaded to streaming services every day (as of 2023). Luminate said that this unanimously surpasses the figure of 93,400 the previous year. They also anticipated more than 43 million tracks being added to Spotify and other streaming sites by the end of 2023.
Not many people realize that AI has already been a major contributor to this content oversupply. Most of this AI content on DSPs comes from the prior generation of AI, a technology that is not trained on copyrighted IP and that produces very poor quality output with virtually no consumer appeal
Lucian Grainge, CEO – Universal Music Group
