State of the music video economy Balancing act
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20,000-foot view: The rise of short-form video, and the resulting shift in value from music videos to music in videos, have upended the music video space. This report unpacks the growth of short-form, the resulting decline in YouTube weekly active user penetration, and the impact on both artist marketing and advertising revenue. It also explores the rise of consumer creation and audio modification, and its potential as a revenue stream, concluding with recommendations for marketing and business development teams to rethink music video strategy. Our first major update to MIDiA’s ‘State of the YouTube Nation’ series since 2020, it is a definitive guide to the landscape for music in video, now and in the future.
Key data and insights included in this report:
- Consumer data on the popularity of YouTube for watching music Videos, YouTube Music, YouTube Premium, as well as short-form video services such as TikTok, YouTube Shorts, and Instagram Reels
- Analysis and data on the shift in consumption patterns on YouTube
- Breakdown of YouTube’s subscription and advertising model
- Data on the top performing YouTube and TikTok channels by subscribers and the most viewed YouTube music videos
- Analysis on the ongoing impact of short form video on the music video ecosystem
- Recommendations on building effective music video strategies for the future
All survey data is based on MIDiA Research Q4 2023 Consumer survey fielded in the US, UK, Australia, Canada, Germany, France, Sweden, South Korea, and Brazil. Data includes breakdowns by age, gender, music video services, YouTube content consumption, and social media usage.
Table of contents:
- Number of words: 5694
- Number of pages: 24
- Number of infographics: 9 (14 incl. appendix)
Figure 1: The YouTube ecosystem
Figure 2: YouTube’s Billion Views Club
Figure 3: YouTube genre growth
Figure 4: Primary content watched on YouTube, by age cohort
Figure 5: The impact of short-form on YouTube WAUs
Figure 6: WAU age distribution, by platform
Figure 7: Is the music genre really TikTok's engagement powerhouse?
Figure 8: The impact of audio modification impacted on content variety
Figure 9: The future music video strategy
Implications
Companies and brands mentioned in this report: Alphabet, Audiomack, Bella Poarch, Beyoncé, Billie Eilish, BTS, Canal KondZilla, DreamTrack, Dua Lipa, Ethel Cain, Google, HYBE, Instagram, Instagram Reels, Jack Settleman, Jungle, Lizzy McAlpine, Loren Gray, Lyor Cohen, MTV, mxmtoon, Netflix, Pex, Rednex, Robyn, Spotify, SZA, Taylor Swift, thuy, TikTok, T-Series, Universal Music Group, YouTube, YouTube Music, YouTube Premium, YouTube Shorts, The Weeknd, Weverse