The global music market is expected to record a value of US$70.02 billion in 2025, progressing at a CAGR of 3.39%, for the duration spanning 2021-2025. The factors such as accelerating number of paid streaming subscribers, rising adoption of smartphones, expanding music consumption, growing popularity of digital music streaming platforms and growing integration with social media platforms are expected to drive the market. However, the market growth would be challenged by declining ARPU of digital music platforms, availability of pirated channels and privacy issues. The market is anticipated to experience certain trends like improved mobile networks (4G & 5G Technology), mounting penetration of the internet and advancements in technology.
According to type, the global music market can be bifurcated into recorded music, streaming, music publishing and others such as live music and broadcast. Further, the recorded music market can be split into streaming (subscription & ad supported), physical, download & other digital and others, on the basis of format. Whereas, depending on the category, the global music streaming market can be categorized into subscription and ad-supported. The global music streaming market, on the other hand, can be divided into digital, performance, synchronization and mechanical, in terms of category.
The fastest growing recorded music market is the U.S. on account of rising smartphone penetration, increasing number of paid subscriptions to on-demand streaming services, growing music consumption on account of changing tastes and preferences of consumers and growing investment of record companies for digitization. However, the market experienced a slow growth in 2020, due to the COVID-19 pandemic, which resulted in limiting studio recording and shutting down live music sector and other operations of the recorded music market across the region.
Scope of the report:
• The report provides a comprehensive analysis of the global music market segmented on the basis of type and region.
• The major regional and country markets (the U.S., Japan, the U.K., Germany, China and Rest of the World) have been analyzed.
• The market dynamics such as growth drivers, market trends and challenges are analyzed in-depth.
• The competitive landscape of the market, along with the company profiles of leading players (Sony Group Corporation, Bertelsmann SE & Co. KGaA, Vivendi SE, Spotify Technology S.A., Warner Music Group Corp. and Kobalt Music Group, Ltd.) are also presented in detail.
Key Target Audience:
• Music Producers & Composers
• Music Publishers
• End Users (Media & Entertainment Industry, Streaming Apps & Live Concerts)
• Government Bodies & Regulating Authorities