Dublin, Sept. 22, 2023 (GLOBE NEWSWIRE) -- The "Music Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)" report has been added to ResearchAndMarkets.com's offering.
The global music market is poised for a substantial upswing, with projections indicating significant growth from USD 28.29 billion in 2023 to a commanding USD 42.62 billion by 2028.
This upward trajectory is fueled by a robust Compound Annual Growth Rate (CAGR) of 8.54% during the forecast period from 2023 to 2028.
In an era marked by unprecedented internationalization, the global music industry is experiencing an unparalleled level of connectivity within the international music community. Music enthusiasts and artists alike are seizing the boundless opportunities presented by this newfound connectivity to share and enjoy the music they love on a global scale.
Key Highlights:
Intelligent Devices and Digital Platforms to Drive Growth
Throughout the forecast period, the adoption of intelligent devices is expected to surge, aligning with the increasing penetration of digital platforms. Music streaming services, encompassing platforms that offer music videos, audio streaming, and podcast subscriptions, are gaining immense popularity.
Features such as automated playlist customization, song recommendations, and seamless connectivity across apps and web browsers are contributing to the widespread appeal of these platforms. Furthermore, the expansion of podcast genres within these platforms is propelling market growth.
Online Platforms Empower Aspiring Artists
Online platforms and social media networks, notably YouTube, are empowering aspiring artists to showcase their work on a global stage. YouTube, the second most popular social media platform globally, has emerged as a vital channel for artists to connect with a worldwide audience.
This trend is particularly pronounced in the Asia-Pacific and Latin American regions, where artists are leveraging digital platforms to break into the international music scene.
Record Labels Boost Artist Investments
Recording companies are making substantial investments in music artists, with record labels serving as the primary investors in the music ecosystem. According to the International Federation of the Phonographic Industry (IFPI), record labels collectively invest over USD 5.8 billion in artists each year through Artists & Repertoire (A&R) and marketing efforts on a global scale. This surge in investments is expected to persist throughout the forecast period, further driving the growth of the music market.
Sustainability and Long-Term Development in Focus
As the music market expands, music foundations are actively striving to support the sustainable long-term development of artists. Sustainability initiatives are gaining prominence as stakeholders work to ensure the music industry's longevity.
COVID-19 Boosts Music Streaming Sector
The COVID-19 pandemic, marked by widespread lockdowns in many nations to curb the virus's spread, led to a surge in music streaming services' popularity. Platforms like Spotify, Tencent Music Entertainment, and Amazon Music witnessed a substantial increase in subscriber numbers.
Concurrently, live streaming on websites such as YouTube and Instagram experienced heightened user engagement. This surge in video content consumption, surpassing audio content in the United States, was further accelerated by the pandemic, significantly bolstering the music streaming sector's growth.
Music Market Trends: Music Streaming Takes Center Stage
As global internet penetration continues to grow, the music industry has seamlessly embraced the digital revolution. Traditional physical music sales are on a decline, with online streaming platforms like Spotify, Apple Music, YouTube Premium, and Tindle gaining widespread traction.
For instance, Spotify, the world's largest music streaming service, reported an impressive 195 million paid users in the third quarter, exceeding expectations and marking an increase from the previous quarter's 188 million premium subscribers.
The proliferation of smart devices and the enthusiastic adoption of cutting-edge digital platforms are poised to drive music and streaming services sales. The burgeoning popularity of podcasts among millennials further contributes to market growth. Notably, music industry players are forging strategic alliances with music recording entities and advanced online music streaming services, fostering innovation and expanding service offerings.
United States Emerges as Dominant Force
The United States has emerged as a formidable force in the global music market, driven by increased revenue from recorded music and a growing number of paid subscriptions. Recent reports from the Recording Industry Association of America (RIAA) indicate that Spotify, a leading music streaming service, claimed 32% of all music streaming customers in the first quarter, nearly doubling the number of Amazon Music subscribers.
Competition and Innovation Drive Growth
Competition among streaming music service providers is intensifying, with companies exploring bundling options to attract and retain subscribers. Apple, for example, plans to merge Apple Music and Apple TV with its video streaming services launch, offering a bundled package at USD 13 per month. This strategic move aims to generate over USD 50 billion in annual revenue, presenting a formidable challenge to rivals like Spotify.
As the music market continues to expand, recording companies are expected to intensify their competition and investment efforts, fortifying the country's music market.
Music Industry Overview
The global music market showcases a moderate level of consolidation, with a handful of key companies dominating the recording services landscape. Streaming service providers face stiff competition, prompting continuous investments in strategic partnerships and product enhancements to secure a larger market share.
A selection of companies mentioned in this report includes
- BMG Rights Management GmbH
- Kobalt Music Group, Ltd.
- SONY MUSIC ENTERTAINMENT
- Sont ATV
- Universal Music Group
- WARNER MUSIC INC.
- Apple Inc.
- TIDAL
- Curb Records, Inc.
- Deezer
For more information about this report visit https://www.researchandmarkets.com/r/3io6ov
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