Press release
Emerging Trends Influencing The Growth Of The Music Recording Market: Changing Consumer Preferences And Revenue Trends Hinder Industry Growth
Music Recording
What Is the Projected Growth of the Music Recording Market?
The industry of music recording has seen substantial growth over the past few years. Its market size is projected to increase from $60.73 billion in 2024 to $65.45 billion in 2025, with a compound annual growth rate (CAGR) of 7.8%. The significant growth during the past period is due to various factors such as distribution platforms, business models in the music industry, promotion and marketing of artists, copyright and intellectual property laws, along with cultural and genre trends.
The market size for music recording is predicted to see a significant surge in growth in the upcoming years, expanding to a value of $84.73 billion by 2029, with a compound annual growth rate (CAGR) of 6.7%. This growth during the forecast period is expected due to factors like the prevalence of streaming, development of specialized markets, integration of blockchain and decentralized distribution, along with advancements in virtual and augmented reality and direct-to-fan engagement. Key trends predicted during this period are partnership with other sectors, the use of artificial intelligence in music creation, technological advancements, emphasis on high-resolution audio and the rise of virtual concerts.
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What Are the Different Music Recording Market Segments?
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 Are the Primary Drivers Shaping the Music Recording Market?
The surge in music access via mobile platforms has significantly risen in recent years, a trend expected to persist into the foreseeable future, thereby fueling the growth of the music recordings market. This surge is primarily propelled by increased internet penetration coupled with an uptick in smartphone and tablet usage, particularly in emerging nations. For example, in 2023, the International Federation of the Phonographic Industry (IFPI), a non-profit recording industry based in the UK, reported that the total streaming market, encompassing subscription and ad-supported services, experienced growth of 67.0%, rising from 65.5% the previous year. Consequently, the demand for music content via mobile platforms is projected to positively influence the market during the projected period.
Which Companies Are Leading 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 Are the Major Trends Shaping the Music Recording Market?
The progress of the music recording market is predicted to stall due to shifts in consumer behaviour and revenue. Many legal firms are feeling the pinch of enhanced operational expenses, such as wages and technological advancements. As data from Camoin Associates, an American non-government organisation, showed in February 2024, vinyl records during the first six months of 2023 made up 72% of all physical music revenue in the US, greatly overshadowing CDs by earning $632.4 million compared to CDs' $236 million.
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What Are the Top Revenue-Generating Geographies 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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Music Recording Market?
2. What is the CAGR expected in the Music Recording Market?
3. What Are the Key Innovations Transforming the Music Recording Industry?
4. Which Region Is Leading the Music Recording Market?
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