With it being easier than ever before to share music, more and more people are using streaming services to release their work - according to the report.
According to We Rave You, Luminate found that from the first quarter of the year, 10.8 million songs have been uploaded — which is over half the amount that was released in total in 2018 (16.4 million tracks).
With this growth in mind, the data predicts that there could be 43 million new tracks posted to Spotify alone by the end of the year.
These uploaded tracks also amount to the growing presence of AI-created tracks as Luminate measured these stats as ISRCs (International Standard Recording Code), also known as music audio files.
Luminate also found that globally, on-demand audio streams are claimed to grow by 23% each first quarter of every year.
Data in the report suggests that on-demand audio in the US alone has risen by 14.2% with genres such as Latin, country and world music growing the fastest.
Earlier this year, Spotify became the first music service to surpass 200 million paid subscribers, after hitting 205 million on December 31, 2022.
This marked a 14% increase from the previous year, as outlined in its annual earnings release, The Verge reported.
[Via: We Rave You]
Becky Buckle is Mixmag's Multimedia Editor, follow her on Twitter