10 Entertainment Trends to Watch for in 2023: Insights for the Caribbean Music Industry

Lloyd Laing, Certifiedstreams™ Analyst -

The recent report from Luminate on the Top Entertainment Trends for 2023 is an insightful resource that sheds light on some of the key areas to watch out for in the coming years. Here are 10 trends that could have an impact on the Caribbean music industry:

1. The Consumption Renaissance According to Luminate's report, on-demand audio growth accelerated in the US last year, with 120B net new streams compared to 112B net new streams in 2021. This suggests that people are consuming more music than ever before, which could translate into more opportunities for Caribbean artists to gain exposure and expand their audience.
   
   
2. Fandom & Formats The report indicates that 31% of Gen Z wish artists provided more merch options so they can show their support for favorite artists. This could be an opportunity for Caribbean artists to create unique and creative merchandise that appeals to this demographic and helps them build a loyal fanbase.
   
   
3. Short Form Video Short form video clips are becoming an increasingly popular way for Gen Z to discover new music, with 64% of TikTok users using the platform for music discovery. Caribbean artists could potentially use this platform to reach a new audience and gain exposure.
   
   
4. Catalog vs Current The report suggests that consumption of current music titles (less than 18 months old) has decreased in comparison to catalog music. Caribbean artists should consider this trend and balance their releases to include both current and catalog music to maintain a strong presence in the streaming market.
   
   
5. Catalog Acquisitions Although interest rates have cooled down the artist catalog investment market, there were still notable transactions in the last 12 months for artists such as David Bowie, Neil Diamond, Sting, Justin Timberlake, Phil Collins, and Whitney Houston. Caribbean artists with an established catalog could potentially benefit from similar acquisitions.
   
   
6. Streaming Video On-Demand Content (Film & TV) The report indicates that super fans of superhero movies spend 78% more money on movie viewership compared to the average citizen. Caribbean artists could potentially create music that is featured in superhero movies or TV shows to gain exposure to a broader audience.
   
   
7. Hype vs Reality While NFTs have generated a lot of hype, the report suggests that only 4 out of 10 people who’ve heard of NFTs can correctly define them. Caribbean artists should be cautious before investing in NFTs and consider other means of revenue generation.
   
   
8. Music Industry Challenges Luminate's system has seen a significant increase in the creation of ISRCs (International Standard Recording Codes) since the beginning of 2020, which could indicate an increase in new music releases. Caribbean artists should stay up-to-date with the latest industry standards and consider using ISRCs to track their music releases and royalties.
   
   
9. Globalization According to the report, Latin was the fastest-growing genre in 2022 in Total On-Demand (audio+video streaming), compared to R&B/Hip-hop, Rock, Pop, Country, and Dance/Electronic. Caribbean artists should consider incorporating Latin influences into their music to appeal to this growing market.
   
   
10. The Power of Diverse Audiences The report suggests that advancing gender equality in the music industry could be achieved by providing equal pay, networking opportunities, and mentorship opportunities for women and gender expansive employees. Caribbean artists should consider supporting this movement and promoting diversity in the industry.
    
    

Overall, the trends highlighted in Luminate's report suggest that there are many opportunities for Caribbean artists to expand their audience and gain exposure in the global music industry. By staying up-to-date with the latest trends and incorporating them into their marketing strategies,