Music Recording Market Characteristics
The music recording industry consists of the revenues from the production and distribution of musical recordings, from publishing music, or from providing sound recording and related services earned by entities (organizations, sole traders and partnerships) that are in the music recording industry.
Competitive Landscape of the Competitive Landscape of the Music Recording Market
Major players in the global music recording industry include Universal Music Group, Sony Music, Warner Music.
Music Recording Market Size
The music recording industry size is expected to reach $65 billion by 2022, significantly growing at a CAGR of around 4.5% during the forecast period. The growth in the music recording industry market is due to increasing investments in entertainment industry and rapid globalization.
However, the market for music recording industry is expected to face certain restraints from several factors such as streaming services and piracy issues.
Music Recording Market Segmentation
The global music recording market is further segmented based on type and geography.
By Type - The music recording industry market is segmented into record production, music publishers, record distribution, sound recording studios. Among these segments, the record production accounts for the largest share in the global music recording industry.
By Geography - The global music recording industry is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, North America accounted for the largest share in the global music recording market.
Trends in the Music Recording Market
Wearable technology such as gloves and jackets are being used by artists during live performances. Wearable technologies are accessories such as clothing, headgear and gloves etc. These devices are self-equipped to connect with machines without human intervention. Devices such as Sound Brenner Pulse help performers stick to a rhythm. This is also equipped with exercises to enhance artists’ rhythm, speed, accuracy and endurance. Other technology variants such as Drumpants, MI.MU are also widely used in the music recording industry.
Potential Opportunities in the Music Recording Market
With increase in internet and mobile penetration, the scope and potential for the global music recording industry is expected to significantly rise in the forecast period.