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Top Entertnment Trs for 2023: Insights from Luminate CEO Rob Jonas
Last week, Luminate’s CEO, Rob Jonas, delivered a captivating presentation at the South By Southwest conference in Austin, Texas. Entitled Top Entertnment Trs for 2023: What the Data Says, Jonas delved into critical topics ranging from music consumption patterns to film and TV industry insights.
Key Insights
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Music Consumption Renssance:
- After reaching a milestone of one trillion streams, US On-Demand Audio witnessed its highest growth since 2018, with an impressive 120 billion net new streamsup from the previous year's 112 billion.
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The Power of Fandom and Formats:
- A significant finding revealed that Gen Z fans wish for more merch options from their favorite artists to express support.
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Short Form Video Phenomenon:
- Gen-Z is heavily influenced by music discovery via Short Form Video clips on platforms like TikTok, with 64 of users discovering new tracks this way. This makes it the leading source for this generation's music exploration.
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Catalog vs Current Content Shift:
- The consumption share for current music titles defined as those less than 18 months old by Luminate has seen a notable decline of nearly 11 compared to 2019 levels.
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Catalog Acquisitions in the Spotlight:
- Interest rates' rise has slowed down artist catalog acquisitions over $5 billion, which was an active tr in 2021. However, there have still been significant transactions involving notable artists like David Bowie, Neil Diamond, Sting, Justin Timberlake, Phil Collins, Whitney Houston, and others.
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Film TV Streaming Power:
- Super fans of superhero movies are not just passionate about the content but sp an impressive 78 more on movie viewership compared to average citizens.
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Navigating Hype vs Reality in Technologies:
- With approximately half 50 of the US population aware of NFTs, it's intriguing that only 4 out of every 10 people who've heard about them can correctly define what they are.
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Challenges and Innovations in Music Industry:
- As of December 2022, nearly half 46 of all ISRCs in the Luminate system were created post-2020, indicating rapid growth within the music industry.
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Globalization of Latin Entertnment:
- Latin music saw the fastest growth across genres last year when compared to categories like RBHip-Hop, Rock, Pop, Country, and DanceElectronic in Total On-Demand streaming audio+video.
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Advancing Ger Equality:
- Key initiatives for promoting ger equality in the music industry identified by respondents include: increased representation of women on streaming platforms' top charts; development programs specifically med at female artists to foster their growth; and the integration of ger-sensitive policies within record labels.
Rob Jonas's presentation highlighted several trs that are reshaping entertnment landscapes across different sectors. From music consumption patterns evolving alongside technological advancements to film industry insights indicating changes in fan engagement, these trs offer valuable insights for stakeholders looking to navigate the future of the entertnment industry.
This comprehensive overview not only showcases the dynamic nature of consumer preferences but also underscores the importance of innovation and adaptation as key drivers for success.
This article is reproduced from: https://luminatedata.com/blog/top-entertainment-trends-for-2023-what-the-data-says/
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