Dublin, Feb. 09, 2021 (GLOBE NEWSWIRE) -- The "Music Market Landscape - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The global music market is expected to witness a CAGR of 8.5%
The music industry has reached at a global in a way it was never before. The global music community has never been more connected, and fans and artists alike are seizing the opportunities of this new era to enjoy and share the music they love.
The online platforms and social media like Youtube, has provided the upcoming artists opportunities to showcase and present their work to the world. The site is the second most popular social media platform and visited site after Google. The music market is significantly growing in the Asia-Pacific and Latin America region, as the artists are actively seizing the opportunities to break out to the global audience.
Additionally, the recording companies are extensively investing on music artists, with that the record labels has been the largest investors in the music ecosystem. According to IFPI, record labels invest over Usd 5.8 billion annually in artists through combined Artists & Repertoire (A&R) and marketing worldwide. Such increase in the investments are expected to continue in the forecast period, which is estimated to drive the music market growth.
As the market contains higher growth potential along with artists seizing the digital generation opportunity, the music foundations are also making efforts to be place to support their long-term development with sustainability.
Key Market Trends
Music Streaming to Witness the Largest Revenue Generation
- Along with the rapidly growing internet penetration across the globe, the digital trend has also gracefully adopted by the music industry. The physical music revenue is continuously declining, and online streaming platforms like Spotify, Apple Music, Youtube Premium, and Tindle have taken traction over the years. According to the press release by Spotify, their paid subscribers worldwide have reached 108 million by the second quarter of 2019, with a growth of over 8% from the previous one.
- The companies in the music businesses are extensively making strategic partnerships with the music recording player advanced online music streaming services. For instance, music-focused online service provider Napster has announced to enter into collaboration with Sony Music to launch its new 360 Reality Audio streaming format to consumer companies globally by 2020. This streaming platform Powered, will offer the companies a suite of solutions for music and media streaming, download infrastructure, applications, rights management, customer billing, royalty administration, and business intelligence.
- As discussed earlier, youtube being the second most visited website across worldwide, music streaming is one of the significant reasons for the same. After the song Despacito by the Latin American artist Luis Fonsi - Despacito gained the highest views on Youtube, it gave the music market in the region a boost of growth and investments. According to YouTube, the song has gained 6.39 billion views as of August 2019, followed by Ed Sheeran's Shape of you at 4.35 billion views.
Competitive Landscape
The music market is moderately consolidated because of the dominance by a few key companies in the market like UMG, Sony Music offering recording services and streaming service providers is estimated to continue to face strong competition in the market. These companies are continuously investing in making strategic partnerships and product developments to gain more market share.
Some of the recent developments by the companies are listed below.
- AMPED, the indie distribution division of Alliance Entertainment has announced to enter into an agreement to provide physical music distribution service foe veteran punk rock label Epitaph Records and its sister music recording company Anti-.
- Symphonic Distribution, a music recording company launched its new in-house label called sleev3s.
Key Topics Covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Growing Investment by the Record Companies
4.3 Industry Attractiveness - Porter's Five Force Analysis
5 MARKET SEGMENTATION
5.1 By Formats
5.1.1 Online Streaming
5.1.2 Digital (Except Streaming)
5.1.3 Physical
5.1.4 Performance Rights
5.1.5 Synchronization Revenues
5.2 Global Demographics for Music
5.3 Top 20 Music Artists
5.4 Top 10 Streaming Platforms
5.5 Geography
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 BMG Rights Management GmbH
6.1.2 Kobalt Music Group, Ltd.
6.1.3 Sony Music Entertainment
6.1.4 Sont ATV
6.1.5 Universal Music Group
6.1.6 Warner Music Inc.
6.1.7 Apple Inc.
6.1.8 TIDAL
6.1.9 Curb Records, Inc.
6.1.10 Deezer
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/yhgxbe