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Music Industry News 2024
by Alex Cosper

Recent Music Trends for Musicians to Analyze

Music instructor and advanced musician Rick Beato explains some of the trends that have impacted the Billboard charts in recent years. He looks at data reflecting the decline of hip hop and the increase of rock and country entries since the pandemic.

2024 Grammys Show Sees Audience Uptick from Last Year

The 66th Annual GRAMMY Awards Show was broadcast on CBS and held at Arena in Los Angeles on February 4, 2024. The event was hosted by Trevor Noah, who has done the job on three earlier occasions. While SZA enjoyed the most nominations with 9, the top award winner of the night was Phoebe Brdigers, who took home 4 awards.

Not including streaming data from Paramount+, the broadcast was seen by over 17 million viewers, according to Nielsen. The 2023 event, by comparison, drew an audience of 12.5 million views. Below are some of the key awards given out.

RECORD OF THE YEAR: Miley Cyrus, Kid Harpoon, Michael Pollack - "Flowers"
ALBUM OF THE YEAR: Taylor Swift, Jack Antonoff, Serban Ghenea - Midnights
SONG OF THE YEAR: Billie Eillish, FINNEAS - "What Was I Made For?"
BEST NEW ARTIST: Victoria Monet
BEST POP SOLO PERFORMANCE: Miley Cyrus - "Flowers"
BEST POP VOCAL ALBUM: Taylor Swift - Midnights
BEST ROCK ALBUM: Paramore - This Is Why
BEST ROCK SONG: Boygenius - "Not Strong Enough"
BEST R&B ALBUM: Victoria Monet - Jaguar II
BEST R&B SONG: Songwriters SZA, Leon Thomas III, Babyface - "Snooze"
BEST RAP ALBUM: Killer Mike - Michael
BEST RAP SONG: Songwriters Future, Andre 3000, James Blake - "Scientists & Engineers"
BEST COUNTRY ALBUM - Lainey Wilson - Bell Bottom Country
BEST COUNTRY SONG - Chris Stapleton, Dan Wilson - "White Horse"
BEST JAZZ VOCAL ALBUM - Nicole Zuraitis - How Love Begins
BEST JAZZ INSTRUMENTAL ALBUM - Billy Childs - The Winds of Change

Recording Artists Who Died in 2024

Pop vocalist and TV star David Soul died January 3, 2024 at age 80
Pop singer/songwriter Melanie (Safka) died January 23, 2024 at age 76
Country artist Toby Keith died February 4, 2024 at age 62
Alternative rock artist Mojo Nixon (Neill McMillan Jr) died February, 7, 2024 at age 66

Indie Music Show Ari's Take Interviews AI Music Engineer

Ari Herstand's popular indie music business podcast Ari's Take on YouTube posted an interview on January 16, 2024 with a software engineer who is marketing AI-generated "wellness music." The video lives up to its title, raising the question, "Is AI Taking Royalties from Musicians and Composers?" The AI recording artist interviewed is Oleg Stavitsky, co-founder of sound wellness firm Endel. He defends his work as high-quality sound, although he admits his firm has uploaded thousands of tracks over a few years, which is something humans typically aren't capable of producing.

Rick Beato Explains the Downfall of Rock Music

Music expert Rick Beato, one of the most popular music coaches on YouTube, released a video January 9, 2024 called "How Corruption and Greed Led to the Downfall of Rock Music." He and his music industry friend Jim Barber explain how the Telecom Act of 1996 triggered a destructive wave to both the radio and music industries. It reduced regional influences to broadcasting and put programming power in the hands of the few. It's an insightful conversation that identifies how corporate decision-making altered the course of rock music.

Audacy Files Chapter 11 Bankruptcy

Radio group Audacy has seen its stock price steadily fall into the pennies in recent years, even after the stock went through a recent reverse split. On January 3, 2024, the Wall Street Journal reported the company would soon announce a bankruptcy filing. Several media outlets then reported on January 8 that Audacy was filing for bankruptcy protection to lower its $1.9 billion debt.

The company was once worth billions when it borrowed money to acquire CBS Radio in 2017, but at the start of the new year it has a market capitalization of under $1 million. Audacy, according to the report, is expected to file for Chapter 11 restructuring with the help of lenders. Formerly known as Entercom, the company was originally founded by Joseph Field in 1968.

Two Female Stars Abandon Music Industry

Female recording artists Britney Spears and Iggy Azalea both announced the first week of 2024 they were leaving the music industry. Spears posted on Instagram she'll "never return to the music industry," as she has not recorded a new album since 2016. "When I write," her post explained, "I write for fun or I write for other people." She went on to claim she's written over 20 songs for other artists the past few years and prefers ghostwriting. Meanwhile, the same week Iggy Azalea announced she has discontinued work on her next album so she can focus on other creative interests.

See 2023 Music News

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