Trapital Report 2023

This is our second annual report! The pandemic is behind us, and so are the zero interest rate phenomena that came with it. Fortunately, that has led to better opportunities, important trends, and we broke them all down in this year’s report.

Trapital Report 2023

Preview Report

Our free report with an overview on trends in music streaming, live music, generative AI’s impact, audience insights, investing trends, and more.

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Trapital Report 2023

Full Report (Premium)

Our full report with deeper analysis on engaging superfans, revenue trends, country music’s moment, breaking through all the noise.

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Here’s a preview on one of the key parts of the report!

Why hip-hop and R&B dominate streaming but not live music

The most popular genre on streaming is hip-hop and R&B. Despite the two genre’s decline in share of revenue for the second straight year, it’s still the most-streamed genre.

But the dynamic is flipped in live music. Hip-hop and R&B account for less than half the share of its streaming revenue. Meanwhile, pop and rock are most popular in live, and much more in line with their streaming performance.


Streams don’t necessarily correlate to ticket sales. There are plenty of legacy acts who don’t stream well but still tour in stadiums. Meanwhile, there are several young artists who can top the streaming charts but struggle to sell out their shows.But there’s an additional challenge for hip-hop and R&B.

Age

Hip-hop and R&B are younger genres with younger fanbases. Rappers didn’t consistently tour on a global arena level until the 2000s. The live audience skews much older than streaming. Live music also tracks more with U.S. demographics. Black people, who over-index on hip-hop and R&B, account for 12% of population.

Historical and racial bias

Concert promoters were hesitant to promote rap due to “safety concerns,” even though rock concerts often had worse violence. These setbacks had compounding effects. It takes several tours to develop global fanbases.

Development

Due to Age and Historical bias, there was less time spent developing hip-hop and R&B artists to be strong touring acts. Many popular hip-hop and R&B acts still rely on festival runs and nightclub appearances.

Price and willingness to pay

Live music ticket prices and costs are rising. Streaming is a cheaper way to experience music. Hip-hop and R&B music festivals, like Lovers & Friends, Day N Vegas, and Rolling Loud are an economical way to see these acts, but there’s a tradeoff for acts who solely rely on festivals instead of their own tours.

For more breakdowns and insights, you can check out our full report below.

Trapital Report 2023

Preview Report

Our free report with an overview on trends in music streaming, live music, generative AI’s impact, audience insights, investing trends, and more.

Download
Trapital Report 2023

Full Report (Premium)

Our full report with deeper analysis on engaging superfans, revenue trends, country music’s moment, breaking through all the noise.

Buy Now