MusicWatch has unveiled the 22nd edition of its Annual US Music Study, providing an in-depth analysis of the music purchasing and listening landscape across the United States, highlighting exciting news for radio’s enduring popularity, even in the face of streaming.
A record-setting number of Americans, totaling 109 million, have now subscribed to paid music services, a figure that swells to 136 million when including SiriusXM and Amazon Prime music listeners.
Despite the surge in digital and streaming platforms, broadcast radio actually gained listenership in 2023. The medium has demonstrated resilience, particularly in the in-car listening segment where it remains the preferred choice for 69% of listeners. This figure helps underscore the importance of maintaining a key dashboard presence, both through increased content and legislation like the AM For Every Vehicle Act.
One more note for radio – musically, Hip-Hop is now officially America’s favorite genre, surpassing Classic Rock for the first time.
As for the rest of the US recorded music market, which has welcomed an additional 10 million “buyers” in 2023, spending on recorded music saw a 7 percent increase from the previous year, propelled by rising investments in streaming subscriptions, vinyl, and CDs.
Yet, the report suggests there is still “more juice to squeeze” from potential subscription growth, particularly by targeting younger demographics such as Gen Z and converting them from free to paid services.
