Music Market Size to grow by USD 70023.6 million between 2024-2028
According to a research report “ Music Market” by End-user (Individual, Commercial) Source (Recording, Live, Others) Geography (North America, Europe, APAC, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 70023.6 million, at a CAGR of 12.57% during the forecast period. In the contemporary music industry, digital music has emerged as a dominant revenue generator, accounting for approximately 60% of the recording segment's income. The primary driver behind this trend is the unparalleled convenience offered by digital music. Consumers can effortlessly access and download their preferred tracks via the Internet, eliminating the need to physically carry CDs and cassettes. The proliferation of mobile devices, such as smartphones and tablets, coupled with the widespread availability of high-speed Internet connectivity, is significantly boosting the adoption of digital music..
Browse market data tables, figures, and in-depth TOC on “Music Market” by End-user (Individual, Commercial) Source (Recording, Live, Others) Geography (North America, Europe, APAC, South America, Middle East and Africa) Global Forecast to 2028. Download Free Sample
By End-user, the Individual segment is projected to dominate the market size in 2024
The individual end-user segment is anticipated to lead the global music market expansion due to advancements in network infrastructure, specifically the proliferation of 4G and 5G services, which are reducing the cost of Internet access and enabling music streaming on mobile devices. This trend is reflected in the substantial increase in mobile data traffic, which is projected to continue growing significantly throughout the forecast period. The implementation of telecommunication standards like 4G and 5G is also crucial, as these networks empower individual users to access high-quality music from anywhere, anytime.
By Source, Recording segment is expected to hold the largest market size for the year 2024
The recording industry's primary sources of income include the production and dissemination of musical recordings, song publishing, and offering sound recording-related services. As per the International Federation of the Phonographic Industry (IFPI), the number of paid streaming subscription users surged to 523 million by the end of 2021, marking a significant year-over-year growth of approximately 18% or 80 million new subscribers. This segment's revenue expanded by 21.9% to reach USD12.3 billion in 2021, representing a substantial 47.5% share of the total industry revenue. Ad-supported streaming sales added USD4.6 billion to the industry's coffers in the same year.
North America is forecasted to hold the largest market size by region in 2024
In the North American music market, the US led with a significant market share in 2023, driven by double-digit growth fueled by robust streaming revenue. This growth can be attributed to the presence of numerous music publishers and streaming service providers, as well as the high disposable income of the US population. With a GDP per capita of USD63,593.4 in 2020, the US ranked among the top 10 countries globally, enabling consumers to invest in premium music streaming subscriptions.
The Music Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
The music market has undergone a significant transformation in recent years, moving from traditional sales of CDs and physical media to a digital economy dominated by streaming services and downloads. A bottom-up approach to understanding this market involves examining the various players and trends shaping the industry. In the games industry and social networking realm, in-app purchases and music integration have become common. Mobile apps and desktop applications have emerged as key platforms for music consumption, with the App Store and Google Play leading the charge. Music Streaming Services like Wynk Music, Tencent Music, Apple Music, and YouTube Music have disrupted the traditional recording industry, with Nielsen reporting that streaming now accounts for the majority of music consumption. Podcasts and playlist customization have also gained popularity. Digital platforms have enabled internationalization, allowing artists like Naezy and DIVINE to reach global audiences. The music community thrives on social media, with intelligent devices like smartphones and smart speakers enabling seamless music access. The live business remains a significant revenue source, with concerts and events driving revenue for artists and record labels. The music industry continues to evolve, with Bollywood and other regional music markets adapting to the digital age. Overall, the music market is a vibrant and dynamic part of the digital economy.
Market Research Overview
The music market is a dynamic and ever-evolving industry, shaped by various factors including consumer attitudes, level of digitization, and technological advancements. Trade associations and statistical offices provide valuable insights into market trends, while exchange rates impact international transactions. The music industry is experiencing an exponential trend towards digitization, with mobile broadband connections and smartphone users driving growth in mobile apps and desktop applications. Forecasting techniques, such as exponential trend smoothing and the S-curve function, help predict future trends. The bottom-up approach and modeling approach are used to forecast downloads, in-app purchases, and revenue in the games industry, social networking, and music streaming services. Key players in the music market include the Games Industry, Napster, SoundExchange, Sony Music, Financial Times, Ed Sheeran, Luis Fonsi, and Despacito. Business Intelligence tools like Nielsen provide royalty administration, customer billing, and rights management services, while strategic alliances with companies like Sky Wire Broadcast, Wireless Video Transmitters, and Video Switchers expand market reach. Millennials and the Podcast Genre are driving growth in the digital economy, with smart devices and Intelligent Devices like Amazon Music, Tencent Music Entertainment, Spotify, Record Labels, and Recording Companies offering song recommendations, playlist customization, and podcasts on their websites and digital platforms. The music industry continues to internationalize, with artists like Lauv, Saregama, Naezy, DIVINE, and Wynk Music reaching global audiences. The Royal Opera House, Apple Music, and Bollywood also contribute to the industry's diversity and innovation.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
