How Has The Music Recording Market Size Evolved Historically?
The music recording market has seen considerable growth due to a variety of factors.
• The size of the music recording market has seen significant expansion in the past few years. The market, which is valued at $60.73 billion in 2024, is predicted to rise to $65.45 billion in 2025, indicating a compound annual growth rate (CAGR) of 7.8%.
Factors contributing to this growth during the historic period include distribution platforms, innovation in the business models of the music industry, strategies for artist promotion and marketing, laws regarding copyright and intellectual property, along with trends in culture and genre.
What are the Forecasted Growth and Key Factors of the Music Recording Market?
The music recording market is expected to maintain its strong growth trajectory in upcoming years.
• Anticipated to witness robust growth in the imminent years, the music recording market is predicted to expand to $84.73 billion by 2029, with a compound annual growth rate (CAGR) of 6.7%.
The projected growth in this time frame can be traced back to various factors such as the dominion of streaming services, the rise of specialized markets, the advent of virtual and augmented reality experiences, blockchain and decentralized distribution systems, and direct fan engagement. Key trends expected during this forecast period incorporate cross-industry collaborations, use of artificial intelligence in music creation, technological advancements, emphasis on high-resolution audio, and the development of virtual concerts.
What Factors Are Driving Growth In The Music Recording Market?
The inclination towards music accessibility on mobile devices has seen a significant surge lately, and this pattern seems set to persist, consequently fueling the growth of the music recordings market. This growth is primarily fueled by an increase in internet usage and the proliferation of smartphones and tablets, particularly in developing nations. For example, the International Federation of the Phonographic Industry (IFPI), a UK-based non-profit recording industry, reported in 2023 that the total streaming market, encompassing subscription and ad-supported services, had expanded to 67.0%, up from 65.5% the previous year. Therefore, the elevated demand for music content via mobile platforms is anticipated to have a beneficial impact on the market throughout the forecast period.
How Is the Music Recording Market segmented?
The music recording market covered in this report is segmented –
1) By Type: Record Production, Music Publishers, Record Distribution, Sound Recording Studios
2) By Application: Mechanical, Performance, Synchronization, Digital, Other Applications
3) By End-User: Individual, Commercial
4) By Genre: Rock, Hip hop, Pop, Jazz, Other Genres
Subsegments:
1) By Record Production: Studio Recording, Live Recording, Mixing and Mastering Services
2) By Music Publishers: Songwriting and Composition, Licensing and Rights Management, Music Catalog Administration
3) By Record Distribution: Physical Distribution (CDs, Vinyl), Digital Distribution (Streaming Services, Downloads), Retail and Online Sales
4) By Sound Recording Studios: Professional Recording Studios, Project Studios, Mobile Recording Units
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What New Trends Are Influencing the Music Recording Market?
The anticipated changes in consumer habits and revenue patterns are projected to impede the growth of the music recording industry. Elevated operating expenses such as payroll and technological advancements have squeezed the profit boundaries for numerous law firms. As per Camoin Associates, a non-governmental organization in the United States, in February 2024 vinyl records accounted for 72% of all hard-copy music earnings in the first half of 2023, vastly exceeding CDs by bringing in $632.4 million as opposed to CDs' $236 million.
Who Are the Key Players in the Music Recording Market?
Major companies operating in the music recording market include:
• Sony Corp.
• Capitol Studios
• Bertelsmann SE & Co KGaA
• Universal Music Group
• Warner Music
• Quad Studios
• EastWest Studios
• BMG Rights Management GmbH
• GMM Grammy Public Company Limited
• Abbey Road Studios
• Metropolis Studios
• Henson Recording Studios
• Avex Inc.
• PolyGram N.V.
• Emperor Entertainment Group
• Electric Lady Studios
• Blackbird Studio
• Sunset Sound Recorders
• Ocean Way Recording
• United Recording Studios
• Record Plant
• Associated Independent Recording
• Real World Studios
• Sonic Ranch
• Studios 301
• The Village Studios
• Epic Records
• Virgin Records
• Avatar Studios (Power Station)
• RAK Studios
What Is The Most Dominant Region In The Music Recording Market?
Asia-Pacific was the largest region in the music recording market in 2024. Western Europe is expected to be the fastest growing region in the forecast period. The regions covered in the music recording market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
