The pandemic impacted the music and live entertainment industry in different ways.
Content that could be consumed at home saw increases in revenue, while content types typically consumed on the go (radio) or in-person saw negative impacts.
With things about as back to normal as possible post-pandemic, VIP+ has taken a deep look across the music industry — podcasts, radio, streaming music and live events — to assess what the key trends are in the wake of COVID-19.
Podcast and Digital Media Revenues Keep Increasing
Podcast and digital media keep trending up, with year-on-year increases seen every time companies report. A pivotal issue here is that many of the major podcast providers do not currently break out revenues made from the medium, with analysts able to glean indicative trends but a far from complete industry picture.
The most popular podcast source, based on the “Demographic Divide” consumer survey fielded for VIP+ by consumer insights experts GetWizer, is YouTube, followed by Spotify, Apple and Pandora. Of note is that fact that general podcast listeners account for half of the surveyed sample, with the other half saying they didn’t listen to a podcast. It may be the market is beginning to cap out, with domestic growth slowing overall.
Radio Is at a Crossroads
First, the good news. Two-fifths of U.S. consumers 15 or older say they like to listen to the radio. But a similar proportion say that streaming services are better than the radio, with 1 in 10 extremely pessimistic about the future of radio. These respondents skew younger, suggesting radio is facing a long-term issue with gaining new listeners to maintain audience numbers.