2024 in Music Business: A Year of Evolution, Disruption, and Opportunity
Albert Carter, M.Ed
Recording Academy Member | Music & Royalty Innovator | Managing Director & Founder | Educator | 1B+ Streams
If 2024 taught us anything, it’s that the music industry doesn’t just adapt—it thrives in the face of change. From technological leaps and global market expansions to high-profile legal battles and record-breaking achievements, this year was a masterclass in resilience and reinvention. Whether you’re an artist, executive, or fan, the events of 2024 shaped the way we create, consume, and value music. Let’s dive deeper into the major developments that defined the year and what they mean for the industry moving forward.
AI’s Music Takeover: Opportunity Meets Caution
Artificial intelligence officially claimed its place in the music industry this year. AI-driven tools weren’t just for headlines—they became part of artists’ daily workflows. Platforms like Endel produced AI-generated ambient soundscapes, while AIVA offered composers assistance in creating scores. On the fan side, AI-powered recommendation engines made music discovery faster and more tailored than ever.
But it wasn’t all smooth sailing. AI also sparked ethical debates. Who owns an AI-generated beat? Should a virtual artist be eligible for a Grammy? And how do we ensure human creativity remains at the forefront of this industry?
What It Means: AI is a tool, not a replacement. The key is balance—using AI to enhance creativity without erasing the human touch. This technology will become even more integrated into the industry, but its role must be carefully defined to protect both the artistry and the business.
Streaming Hits Milestones but Faces Scrutiny
Streaming platforms continued to dominate music consumption. Spotify led the charge, surpassing 600 million monthly active users, while Amazon Music and Apple Music introduced features like spatial audio and exclusive artist content to lure subscribers.
But as streaming revenues grew, so did the scrutiny. Artists, especially independent ones, voiced frustrations over low payouts. A viral campaign, #StreamFairly, gained traction, calling for transparency in how streaming royalties are calculated and distributed.
What It Means: Streaming isn’t going anywhere, but the system needs reform. In 2025 and beyond, we can expect intensified discussions around fair royalties, with platforms potentially rolling out new compensation models to quell the unrest.
Live Music Redefined the Artist-Fan Connection
After the pandemic-induced pause, 2024 solidified live music’s comeback—and then some. Major artists didn’t just tour; they created cultural phenomena. Taylor Swift’s Eras Tour and Beyoncé’s Renaissance World Tour didn’t just sell out—they became economic events, boosting local economies and breaking revenue records.
Meanwhile, smaller artists leaned into intimate performances and pop-up shows, reconnecting with fans in ways streaming simply can’t replicate.
What It Means: Live music is back as a cornerstone of the industry. It’s no longer just a revenue stream—it’s an essential part of the artist’s brand and story. Fans want experiences, not just performances, and artists are stepping up to deliver.
The Evolution of Regional Music Markets
The globalization of music hit new heights in 2024. Nigerian Afrobeats stars like Burna Boy and Tems continued to dominate charts worldwide, while K-pop’s influence expanded beyond its core fanbase. In the Middle East, artists like Balqees and Mohamed Ramadan shattered streaming records, proving that regional sounds can compete on a global stage.
What It Means: Streaming has broken down barriers, giving artists from underrepresented regions access to global audiences. For the industry, this is an opportunity to tap into diverse markets and foster collaborations that blend cultural influences.
TikTok’s Uncertain Future
TikTok remained the go-to platform for viral music discovery, but its legal challenges cast a shadow over the year. The threat of a U.S. ban sent shockwaves through the industry, prompting artists and marketers to rethink their reliance on the app.
What It Means: TikTok’s influence is undeniable, but its challenges highlight the importance of diversification. Artists need to spread their promotional efforts across multiple platforms while building direct connections with fans.
Copyright Battles Dominate Headlines
From Adele’s plagiarism case to high-profile disputes over sampling rights, copyright issues were front and center in 2024. The rise of remix culture and AI-generated music has only added complexity to an already intricate legal landscape.
What It Means: The industry needs to modernize its approach to copyright. As music creation becomes more collaborative and technology-driven, laws must evolve to reflect the realities of today’s creative processes.
The Rise of Direct-to-Fan Platforms
Platforms like Patreon, Bandcamp, and OnlyFans Music gained traction in 2024, offering artists a way to connect directly with their fans while monetizing their content. From exclusive releases to personalized merch, artists leaned into these platforms to supplement streaming revenue.
What It Means: The future of music is personal. Direct-to-fan platforms allow artists to build sustainable careers on their own terms, creating deeper, more meaningful connections with their audiences.
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The Role of the Metaverse in Music
Virtual concerts and NFT album releases became more common in 2024. Platforms like Decentraland and Roblox hosted events featuring top-tier artists, while NFTs provided new ways to sell music and merchandise.
What It Means: The metaverse is still in its early days, but it’s a space worth watching. As technology improves, virtual experiences could become a major revenue stream for artists willing to experiment.
The Push for Diversity and Inclusion
2024 saw a renewed focus on diversity in the music industry. Organizations like Women in Music and the PRS Foundation launched initiatives to support underrepresented creators, while major festivals prioritized inclusive lineups.
What It Means: Diversity isn’t just about representation—it’s about creating a richer, more vibrant music ecosystem. The industry’s embrace of diverse voices is a step in the right direction, but there’s still work to be done.
Key Partnerships That Shaped the Industry
1. Universal Music Group and Amazon Music
In a landmark agreement, Universal Music Group (UMG) renewed its global licensing deal with Amazon Music. This partnership focused on fraud prevention, artist-centric initiatives, and enhancing fan experiences through exclusive content.
Why It Matters: This deal reinforced UMG’s commitment to innovation in the streaming space. It’s also a reminder that tech companies and music giants must work hand-in-hand to shape the future of digital music.
2. Live Nation and Ticketmaster Stay Dominant
Despite ongoing controversies surrounding ticket pricing and resale policies, Live Nation and Ticketmaster remained the go-to platforms for live event ticketing. Their partnership with major artists like Taylor Swift and Beyoncé helped drive billions in revenue for the live music sector.
Why It Matters: While these companies faced scrutiny, their dominance underscores the importance of improving transparency and fairness in ticketing systems.
3. TikTok and Warner Music Group Collaboration
TikTok partnered with Warner Music Group (WMG) to explore new ways of licensing music and monetizing content on the platform. This partnership emphasized short-form video content as a key driver for music discovery.
Why It Matters: With TikTok at the forefront of music promotion, partnerships like this highlight the platform’s role as both a marketing tool and a revenue generator for artists.
4. Sony Music Invests in AI Startups
Sony Music Entertainment announced significant investments in AI startups, focusing on tools that enhance music production, metadata tagging, and playlist curation.
Why It Matters: Sony’s forward-thinking approach positions them as a leader in integrating cutting-edge technology into traditional music business models.
Record-Breaking Statistics from 2024
What 2024 Taught Us
The music industry is resilient, innovative, and ever-changing. This year reminded us that while challenges will always arise, so will opportunities to grow and adapt. Whether it’s harnessing AI, navigating streaming royalties, or embracing global sounds, the future of music is as exciting as ever.
At AudioSwim, we’ve been proud to support artists through these shifts. Our mission is to empower creators to thrive in this dynamic landscape, and 2024 only strengthened our resolve. Here’s to a groundbreaking 2025—let’s make it unforgettable.
Albert M. Carter Music Business Professional | Director of Business Development, AudioSwim