Technavio analyzes that the Recorded Music Market is expected to grow at a CAGR of 20.6% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 38868.3 million.There are various factors that contribute to the growth of the market. The recorded music industry is witnessing a significant shift towards on-demand music services. Consumers are increasingly preferring the convenience and flexibility of streaming platforms over traditional methods of purchasing and owning physical media. This trend is driven by the availability of vast music libraries, personalized recommendations, and affordable subscription models. On-demand music services have disrupted the market, offering unparalleled access to music and transforming the way we consume and engage with it.
The Recorded Music Market is undergoing a significant transformation, with mobile music revolutionizing the industry through music streaming services. Auto-Tune applications and the NFT revolution are also contributing to this shift. The digital segment, which includes ad-supported platforms like Vevo and YouTube, premium subscription services such as Spotify Premium and Apple Music, and streaming radio services like Pandora and SiriusXM, is experiencing remarkable growth. As of 2022, there are over 520 million paid subscribers worldwide, a considerable increase from the 443 million in 2021. This trend began in 2014 and is particularly prominent in the US, one of the largest markets for subscription services. Mechanical and digital engraving have given way to vocalized voice and instrumental melody streaming, making music more accessible than ever before. The digital segment's growth rate is expected to remain robust during the forecast period.
Know which region is leading the market growth by requesting a sample report
Recorded Music Market Segmentation
As per our research findings, here are some of the key competitors that are leading the industry
Find out what is trending in the market by accessing the free PDF report
The Recorded Music Market encompasses various elements of the music industry, including Music Recording, Record Production, Music Publishers, and Record Distribution. Sound Recording Studios play a crucial role in creating and producing genres such as Rock, Hip Hop, Pop, Jazz, and more. Digital formats like Mechanical Engraving and Digital Engraving have replaced traditional methods like CD Records and Optical Sound Records. Artist Promotion is key, utilizing Sound Waves from Vocalized Voice and Instrumental Melody, along with Sound Effects. Publishing includes Music Publishing and Soundtracks. The market continues to evolve, focusing on Carbon Neutrality and Recreational Activities.
The global movies and entertainment industry encompasses businesses involved in advertising, broadcasting, cable and satellite, publishing, film and television production, distribution, and screening, as well as music recording, production, publishing, distribution, and online streaming. This sector includes revenue from companies engaged in the creation and sale of media, entertainment, and interactive media and services. Key genres within the music industry include rock, hip hop, and pop, which are produced in record studios and distributed through various channels. The market size is determined by the combined revenues of these entities.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
Safe and Secure SSL Encrypted
One user only.
Quick & easy download option
Unlimited user access (Within your organization).
Complimentary Customization Included
*For Enterprise license, go to checkout page
Get the report (PDF) sent to your email within minutes.
