Top 10 Takeaways From BuzzAngle Music 2017 U.S. Year-End Report
First of all thanks to Kristin Westcott Grant for this article.
Third time's the charm, and there is nowhere to go but up. This was the essence of the BuzzAngle Music 2017 U.S. Report, which highlighted the music industry’s third consecutive growth year. The report was published by Jim Lidestri, CEO of Buzz Angle Music, one of the foremost data aggregation and information platforms in the North American music market. Here are my top 10 takeaways from the 2017 U.S. Report.
1. Deep Catalog Music Drives More Than Half of Total U.S. Music Consumption
Deep Catalog represents songs and albums that have been released over three years ago. BuzzAngle Music reports that across the spectrum of album and song consumption, Deep Catalog accounts for 51.2% of all listening. New releases - songs that are eight weeks old or less - represent only 9% of total song consumption. Based solely on listening habits, this suggests how challenging it is for newer musicians to build a habitual fan base.
2. Recorded Audio Streams Rose From 250 billion in 2016 to 377 billion in 2017
In 2017, BuzzAngle Music reported a total of 377B streams, an increase of 50.3% from last year. In addition, more music fans are now paying for their listening time while subscription streaming has risen from 76% to 80%. This large growth spike furthers Goldman Sachs’ projections that streaming will drive over $34 billion dollars’ worth of total revenue for the music business by 2030.
3. Rock Music Drives 20% Rise in Vinyl Sales While Leading Total U.S. Album Listening
Vinyl now comprises 10.4% of all physical album sales. In total, in 2017, the Rock genre made up 53.9% of all vinyl sales. The top-selling vinyl album of the year was Guardians of the Galaxy: Awesome Mix Vol. 1, with over 64,175 vinyl albums sold. Harvest Moon by Neil Young was the best-selling album and vinyl album on Black Friday at independent music stores. Overall, the rock genre was the most popular genre when measuring total U.S. album consumption, making up 22.2% of all U.S. listening.
4. Lil Pump, Post Malone and Drake Drive U.S. Streams During Holiday Season
The week of December 15th was the largest streaming week of the year. It marked the first time that total U.S. streams surpassed 14 billion for a single week. Post Malone was the number one streamed artist during the holiday season in the United States with 638.7 million streams. Drake was positioned at number two with 483.2 million streams. Gucci Gang by Lil Pump was the most streamed video in the U.S. during the holiday season, reaching 135.1 million video streams.
5. Despacito is the Most Streamed Song of 2017, While Latin Genre Sees Growth Spike
Luis Fonsi and Daddy Yankee’s hit entitled, Despacito,helped solidify Latin-pop crossover and mass-popularity in the U.S., reaching approximately 1.1 billion streams. The track’s continued success throughout the year was spurred by the release of a remix, featuring Justin Bieber. Overall, the Latin genre saw a 23.2% rise of total album consumption and a 25.9% rise in total song consumption between 2016 and 2017.
What is Total Album & Song Consumption?
Total Album Consumption = Album Sales + (Song Sales/10) + (Song Streams/1500)
Total Song Consumption = Song Sales + (On-Demand Streams/150)
The industry uses a single measure to calculate how a specific title is performing. Since revenue dollars are not public, consumption is calculated based on units sold. The industry uses one album sale as the base unit and then uses weighting factors for song sales and song streams to provide a blended measure of performance. These album and song consumption formulas are listed above.
6. Ed Sheeran & Taylor Swift Drive Top Album Sales in the U.S. with No Grammy Nomination
Ed Sheeran and Taylor Swift were the only two artists in 2017 to surpass 1 million album sales, including digital album downloads and physical albums sold. Swift’s album entitled reputation, sold 1,899,722 albums, while Ed Sheeran’s album ÷, pronounced “divide,” sold 1,042,255 albums. Unfortunately, however, neither album was nominated for Top Album of the Year Award at the 2018 Grammys. Current nominations include Childish Gambino, Jay-Z, Kendrick Lamar, Lorde, and Bruno Mars.
7. In 2017, 90.9% of Jazz Music Consumed is from Online Streaming
Worth noting in the BuzzAngle Music Report is a graph that breaks down the percentage of album sales, song sales and total streams by genre. Interestingly out of all Jazz music consumed in the United States in 2017, cd’s, vinyl, and digital downloads only made up 9.1%, while 90.9% of all Jazz music consumed occurred on streaming platforms.
8. BuzzAngle Highlights Eighteen Past, Present U.S. Music Legends Lost in 2017
This year saw the tragic passing of past, present music icons, including but not exclusive to: Lil Peep, Chris Cornell, Chester Bennington, Christopher Wong, Prodigy, Gregg Allman, J. Geils, Chuck Berry, Joni Sledge, Al Jarreau, Tom Petty, Fats Domino, Malcolm Young, Mel Tillis, Della Reese, David Cassidy, Pat DiNizio, and Kim Jong-hyun.
9. On Average, U.S. Listeners listen to 162 minutes of music per day
Based on a U.S. survey run in 2017, which analyzed the media consumption habits of over 3,006 people, listening to music was the second most popular media type at 83%. Viewing content on social media succeeded as the primarily consumed medium at 87%.
10. Urban Music Accounted for 32% of all U.S. Streams in 2017
Half of the Top 1,000 songs streamed in 2017 was Urban. Rap and Hip Hop made up 40%, while R&B comprised 10%. Drake led the charge in the Urban takeover, having been the only artist to break six million streams in one year, two years in a row. Artist, Future, was a close second at 4.2 billion streams. Worth mentioning in this category is Kendrick Lamar’s single, Humble, which was the must audio-streamed song in 2017 with over 555.2 million streams.