Niche Genres
$3.50
Payout per 1000 streams
E.g. Goth Punk, Phonk, Hyperpop
2024
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music economics report
2024
music economics report
2024
music economics report
2024
music economics report
Foreword
Our core mission is to expand financial opportunities for the independent music community.
We invest considerable time and resources in monitoring and analyzing the ever evolving landscape of royalty payouts by streaming services - the most important driver for income from music rights.
In this report, we share key insights from our research on the evolving dynamics of the music economy. Our focus, for now, is on recorded music income primarily in the US and the UK - we are actively working on expanding that further.
2024 key takeaways for independent artists
1
Earnings per stream are finally stabilizing after years of decline
2
YouTube is challenging Spotify's momentum in certain genres
3
Only 15% of songs that “go viral” on TikTok see increases in royalty payouts
4
Niche genres generate more earnings per stream than mainstream ones
Earnings per stream are finally stabilizing after years of decline
1
Earnings per stream are finally stabilizing
In 2024, 1,000 streams generated on average $3.41 - a decrease of less than 2% vs 2023.
After years of decline, earnings per stream seem to be stabilizing across the industry.
This is primarily driven by consumer price increases which are translating into higher royalty payouts, as well as the growing “wallet share” of YouTube (largely at the expense of Spotify).
Note: We restated historical figures versus our 2023 report due to a significantly larger data set, allowing for an analysis across more digital service providers (DSPs), geographies, and artists.
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US Dollars Earned for 1,000 Streams
Includes Spotify, Apple Music, YouTube, Amazon Music, TIDAL, Qobuz, Deezer, SoundCloud, and Pandora
Spotify’s payouts are holding down industry rates
US Dollars Earned for 1,000 Streams
DSP
2021
2022
2023
2024
Rationale
9.1
8.9
8.9
8.8
Amazon Music continues to pay the highest rates as services are bundled within Prime memberships.
6.6
6.3
6.4
6.2
Apple’s payouts remain strong due to their foothold in higher-price markets, and the lack of ad-supported tiers.
4.8
4.4
4.3
4.8
YouTube’s payout increases are driven by increases in subscription programs (versus ad revenues).*
3.2
3.1
3.0
3.0
Spotify continues to have low payout rates caused by high usage, geographical mix, reliance on discounted / free plans, and their Discovery Mode program.
*YouTube rates vary significantly across artists depending on underlying revenue source; the selected rate represents an average across independent artists in our study.
Note: All figures represent global payout rates. We restated historical figures versus our 2023 report due to a significantly greater data set (particularly for additional revenue streams for YouTube).
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Spotify is increasing consumer prices, but payout rates are still declining
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Spotify’s Discovery Mode program drives lower earnings per stream
The higher adoption of Spotify’s Discovery Mode program by independent artists is a key factor in lowering overall per stream payout rates.
Spotify began testing the program in 2020 and made it widely available in 2023. Artists who opt into it benefit from more algorithmic exposure - but have to accept a 30% reduction on payouts from the incremental streams.
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YouTube is challenging Spotify's momentum in certain genres
YouTube is gaining “wallet share” at the expense of Spotify
YouTube's growth is fueled by dramatic shifts in listening within Dance/Electronic music
YouTube's growth is evidenced by listening shifts in certain genres
- YouTube’s growth is particularly important for specific genres and audiences, while Spotify is losing momentum.
- In Electronic/Dance, YouTube grew its “wallet share” by 17 points in 2024 alone - while Spotify lost the same amount.
- Spotify remains the most important revenue driver for the genre - but such dramatic shifts are rapidly changing the landscape.
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Only 15% of songs that “go viral” on TikTok see increases in royalty payouts
TikTok alone cannot drive earnings growth
- TikTok is a critical promotional tool for independent artists - however it remains far behind all major platforms in terms of its payout rates.*
- TikTok activity must translate into higher streams across the major streaming platforms in order to drive earnings growth.
*TikTok payouts were per video creation, not per stream.
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2024
1k Streams Will Earn
$8.8
$6.8
$6.2
$4.8
$4.8
$3.2
$3.0
$0.5*
Only 15% of songs that “go viral” on TikTok achieve sustainable growth on major streaming services
- Even amongst the <1% of tracks that “go viral”1 on TikTok, only ~15% experience long-term streaming growth2 on other DSPs.
- There is not one specific genre that experiences this success - viral artists span genres, including Latin, Hip Hop, and Gospel.
1) Virality is defined as doubling TikTok video creations using that track within one month, with a minimum of 250K TikTok video creations.
2) Long-term streaming growth is defined as >30% increase in average Spotify streams over the pre-viral baseline, recorded 4 months after the viral moment.
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Niche genres generate more earnings per stream than mainstream ones
Niche genres pay 8% more on each stream than mainstream genres
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Mainstream Genres
$3.20
Payout per 1000 streams
E.g. Pop, Hip-Hop, Rap
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- Niche genres command higher payout rates due to more favorable free vs. paid user mix, less usage of Spotify’s Discovery Mode by artists in these categories and other aspects (even controlling for geographical variations).
More about duetti
Since we started operating in July 2022, Duetti has embarked on an ambitious journey to expand financial opportunities for artists.
In 2024, with an expanded portfolio and millions more invested, Duetti works with hundreds of artists across genres, fueling creativity and financial independence.
We help independent artists monetize and market their catalogs, navigate label and distribution options, and address questions and concerns about their current setups.
Got a financial puzzle? Reach out to
contact@duetti.co – we'd love to help
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“They’re not just about deals: they truly elevate our craft and support artist’s growth. I’m eager to see where this new chapter leads.”
- Midi Culture
Duetti partner since June 2024
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“Duetti is very artist friendly, their deals are flexible and suited to fit the creative.”
- Emily Rowed
Duetti partner since October 2024
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“Duetti has given independent artists the chance to make real money from their music and invest it into their career. They have shown great appreciation for art and understand its worth.”
- Kaylee Federmann
Duetti partner since April 2024
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“As an artist, independence is my top priority and Duetti supports that and really has a great vision for the future working alongside artist in a way both entities benefit moving forward.”
- Sensei D
Duetti partner since July 2024
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“Duetti has allowed me the freedom to invest in my future catalog without sacrificing my biggest hits…They’re the go-to for independent artists looking to build upon their vision.”
-$atori Zoom
Duetti partner since May 2024
“They’re not just about deals: they truly elevate our craft and support artist’s growth. I’m eager to see where this new chapter leads.”
- Midi Culture
Duetti partner since June 2024
“Duetti is very artist friendly, their deals are flexible and suited to fit the creative.”
- Emily Rowed
Duetti partner since October 2024
“Duetti has given independent artists the chance to make real money from their music and invest it into their career. They have shown great appreciation for art and understand its worth.”
- Kaylee Federmann
Duetti partner since April 2024
“As an artist, independence is my top priority and Duetti supports that and really has a great vision for the future working alongside artist in a way both entities benefit moving forward.”
- Sensei D
Duetti partner since July 2024
“Duetti has allowed me the freedom to invest in my future catalog without sacrificing my biggest hits…They’re the go-to for independent artists looking to build upon their vision.”
-$atori Zoom
Duetti partner since May 2024
“They’re not just about deals: they truly elevate our craft and support artist’s growth. I’m eager to see where this new chapter leads.”
- Midi Culture
Duetti partner since June 2024
“Duetti is very artist friendly, their deals are flexible and suited to fit the creative.”
- Emily Rowed
Duetti partner since October 2024
“Duetti has given independent artists the chance to make real money from their music and invest it into their career. They have shown great appreciation for art and understand its worth.”
- Kaylee Federmann
Duetti partner since April 2024
“As an artist, independence is my top priority and Duetti supports that and really has a great vision for the future working alongside artist in a way both entities benefit moving forward.”
- Sensei D
Duetti partner since July 2024
“Duetti has allowed me the freedom to invest in my future catalog without sacrificing my biggest hits…They’re the go-to for independent artists looking to build upon their vision.”
-$atori Zoom
Duetti partner since May 2024
“They’re not just about deals: they truly elevate our craft and support artist’s growth. I’m eager to see where this new chapter leads.”
- Midi Culture
Duetti partner since June 2024
“Duetti is very artist friendly, their deals are flexible and suited to fit the creative.”
- Emily Rowed
Duetti partner since October 2024
“Duetti has given independent artists the chance to make real money from their music and invest it into their career. They have shown great appreciation for art and understand its worth.”
- Kaylee Federmann
Duetti partner since April 2024
“As an artist, independence is my top priority and Duetti supports that and really has a great vision for the future working alongside artist in a way both entities benefit moving forward.”
- Sensei D
Duetti partner since July 2024
“Duetti has allowed me the freedom to invest in my future catalog without sacrificing my biggest hits…They’re the go-to for independent artists looking to build upon their vision.”
-$atori Zoom
Duetti partner since May 2024
“They’re not just about deals: they truly elevate our craft and support artist’s growth. I’m eager to see where this new chapter leads.”
- Midi Culture
Duetti partner since June 2024
“Duetti is very artist friendly, their deals are flexible and suited to fit the creative.”
- Emily Rowed
Duetti partner since October 2024
“Duetti has given independent artists the chance to make real money from their music and invest it into their career. They have shown great appreciation for art and understand its worth.”
- Kaylee Federmann
Duetti partner since April 2024
“As an artist, independence is my top priority and Duetti supports that and really has a great vision for the future working alongside artist in a way both entities benefit moving forward.”
- Sensei D
Duetti partner since July 2024
“Duetti has allowed me the freedom to invest in my future catalog without sacrificing my biggest hits…They’re the go-to for independent artists looking to build upon their vision.”
-$atori Zoom
Duetti partner since May 2024
“They’re not just about deals: they truly elevate our craft and support artist’s growth. I’m eager to see where this new chapter leads.”
- Midi Culture
Duetti partner since June 2024
“Duetti is very artist friendly, their deals are flexible and suited to fit the creative.”
- Emily Rowed
Duetti partner since October 2024
“Duetti has given independent artists the chance to make real money from their music and invest it into their career. They have shown great appreciation for art and understand its worth.”
- Kaylee Federmann
Duetti partner since April 2024
“As an artist, independence is my top priority and Duetti supports that and really has a great vision for the future working alongside artist in a way both entities benefit moving forward.”
- Sensei D
Duetti partner since July 2024
“Duetti has allowed me the freedom to invest in my future catalog without sacrificing my biggest hits…They’re the go-to for independent artists looking to build upon their vision.”
-$atori Zoom
Duetti partner since May 2024
That's a wrap on 2024!
If you are interested in discussing your catalog performance, distribution setups, and your financial future, we'd love to help.
Find us at Duetti.co
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Data sources & methodology
Duetti has invested heavily in cutting-edge tech and data systems, serving as the foundation for our work. We unite data from various sources, generating tailored pricing options and insights for our artist partners.
This report reflects our efforts, highlighting key trends for artists and their teams managing music income.
