The number of music streams for 2023 has reached a trillion dollars in record time. Latin pop and K-pop artists are big reasons for this

LOS ANGELES (AP) — Is non-English music the future? music industry? maybe.

the global music industry Streams surpassed 1 trillion at the fastest pace, ever, in a calendar year, Luminate’s 2023 Midyear Report found. The number was reached in three months, a month faster than in 2022.

Global flows increased by 30.8% compared to last year, reflecting the level of The increasingly international music market.

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Puerto Rican musician Rao Alejandro has always had an eye on the future – taking familiar genres and turning them into something new.

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A Taylor Swift re-recording of “Speak Now (Taylor Version)”, is the third album in Swift’s plans to re-record her first six songs, after her catalog was purchased by music manager Scooter Braun.

says Jaime Marconette, Luminate’s senior director of music insights and industry relations.

“Moreover, the share of Spanish-language music out of the top 10,000 has grown by 3.6% since 2021, while the share of English-language music has decreased by 4.2% at the same time,” he says.

This is reflected in Luminate’s 2023 Midyear Best Albums chart, where bad bunny Spring 2022 album “Un verano sin ti” It still cracked the Top 10 a year later (the chart factors in a combination of album sales, on-demand audio/video sales, and digital track sales). When “top albums” are determined exclusively by physical and digital sales, K-pop dominates, occupying six of the top 10 spots.

“K-pop fans are, unsurprisingly, some of the most ardent fans across physical forms,” ​​says Marconette.

Luminate found that K-pop fans are 69% more likely to buy vinyl and 46% more likely to buy CDs than the average American music listener in the next 12 months. One in four K-pop fans have purchased a cassette tape in the past 12 months.