Music streaming

Morgan Stanley study compares radio and music streaming audiences

A research note from wealth management firm Morgan Stanley compares listening to American radio to consuming music streaming services.

Research shows that 36% of Americans listen to AM / FM radio, followed by 11% who listen to satellite radio company SiriusXM. iHeartRadio only recorded a fractional listening of around 2% in Morgan Stanley research.

Music streaming services are Pandora (6%), Spotify (10%) and Apple Music (4%).

The Youtube video service, which offers many hours of music, recorded 12% of the listening time.

SiriusXM’s listening share increased after an advertising blitz in recent months, while major music services declined slightly.

The most significant result of the research, which aims to encourage investment, is the gap between age groups.

People over 65 listen mainly (57%) to music on the radio, while young listeners aged 18 to 29 spend only 14% of their time listening to the radio.

TSL is down for broadcast radio and increasing for Youtube and Spotify, according to research from the US financial firm.

Despite the bundling of Apple Music in all iPhones, it has yet to reach critical mass.

The situation in Australia is very different from that of the United States. There is no satellite radio in Australia, but there is digital terrestrial radio (DAB +), which has enabled broadcast radio to increase its share in the free digital segment and expand the offerings of formats more widely than free radio in the United States. Australian figures are available here and check out our regular survey coverage here.

The investment note with the numbers was reported by a tech finance reporter Philippe Elmer-DeWitt in his blog last month which was skeptical of some of Morgan Stanley’s rankings.

In another report on music consumption in the United States, MRC data, a music research company associated with Billboard The magazine reports that overall music consumption increased by 11.3% in 2021, due to continued growth in audio streaming. 2021 was also “a pivotal year for vinyl and a change of guard for catalog vs. current music consumption”. Read our related report here.


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