The recent Stranger Things-abetted popularity of '80s jams from Kate Bush and Metallica made for a fun story, but it also had us wondering: Is it possible that old music is crowding new music out of the marketplace? Is new music suffering as a result? Today, we can definitively say that the answer is yes. Music streaming is a growth industry that's continuing to do great, but according to a new music-business study, the consumption of new music is shrinking. Instead, old music is dominating the new stuff.
Music Business Worldwide reports on the results of this new mid-year report from Luminate, the market monitor formerly known as MRC Data/Nielsen Music. The report looks at a metric called total album consumption, which takes into account streams, downloads, and digital and physical music sales. According to Luminate, the consumption of new music -- defined as anything that came out within the last 18 months -- is down 1.4%, or about two million equivalent album-sales, compared to the first six months of 2021. This is during a time when total album consumption went up 9.3%. So it's not just the market share of new music that's going down; it's the actual consumption of the stuff.
By contrast, consumption of catalog music, defined as anything that's at least 18 months old, doing great; it's up 14% compared to last year. Thus far in 2022, catalog music accounts for 72.4% of the market, compared to 27.6% for new stuff. Even with hyped-up new releases from big stars like Drake, the Weeknd, and Kendrick Lamar, new records just aren't making the same kind of cultural impact.
There are a couple of other factors worth considering here. For one thing, a lot of the old music that's doing well isn't really that old; more than a third of that catalog consumption is of music that came out between 2017 and 2019. Also, streaming offers us a chance to see what people actually listen to, rather than just what they buy; in the pre-streaming era, these data collectors couldn't tell if you were just listening to the old records that you already owned. And old music has always been popular; the Beatles' 1 is still the biggest-selling album of the 21st century. Still, it's pretty striking that nostalgic consumption is completely overwhelming the hunger for anything new.
