Music Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Global Music Market is Segmented by Revenue Generation Format (Streaming, Digital (except Streaming), Physical Products, Performance Rights, Synchronization Revenues) and Geography (North America (United States, Canada), Europe (Germany, UK, France, Italy, and Rest of Europe), Asia Pacific (India, China, Japan, South Korea, and Rest of Asia-Pacific), Latin America (Brazil, Mexico, and Rest of Latin America), and Middle East and Africa). The Market Sizes and Forecasts are Provided in Terms of Value (USD) for all the Above Segments.

Music Market Size

Single User License


Team License


Corporate License


Book before:
Music Market Summary
Study Period 2019 - 2029
Market Size (2024) USD 30.70 Billion
Market Size (2029) USD 45.65 Billion
CAGR (2024 - 2029) 8.54 %
Fastest Growing Market Asia-Pacific
Largest Market North America

Major Players

Music Market Major Players

*Disclaimer: Major Players sorted in no particular order


Need a report that reflects how COVID-19 has impacted this market and its growth?

Single User License


Team License


Corporate License


Book before:

Music Market Analysis

The Music Market size is estimated at USD 30.70 billion in 2024, and is expected to reach USD 45.65 billion by 2029, growing at a CAGR of 8.54% during the forecast period (2024-2029).

  • The music industry has reached a new level of internationalization. The international 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.
  • Throughout the projected period, it is anticipated that the use of intelligent devices will increase along with the increased penetration of digital platforms. Music streaming services include websites that let users watch music videos, listen to audio, and subscribe to podcasts. Due to functions like automatic playlist customization, song recommendations, and hassle-free connectivity on apps and browsers, these platforms are becoming more and more popular. Additionally, these portals' expanding podcast genres fuel the market's expansion.
  • Online and social media platforms such as YouTube have allowed aspiring artists to showcase and present their work to the world. After Google, the site is the second most popular social media platform. The music market is significantly growing in Asia and Latin America, as artists are actively seizing the opportunities to break out to a global audience.
  • Additionally, recording companies are investing extensively in music artists, with record labels being the largest investors in the music ecosystem. According to the IFPI, record labels invest over US$ 5.8 billion in artists yearly through Artists & Repertoire (A&R) and marketing worldwide. Such an investment increase is expected to continue in the forecast period, estimated to drive the music market's growth.
  • As the market expands and artists seize the digital generation opportunity, music foundations are making efforts to be in a position to support their long-term development with sustainability.
  • The COVID-19 outbreak forced lockdowns in most nations to stop the virus from spreading. Due to this, music streaming services like Spotify, Tencent Music Entertainment, and Amazon Music saw increased subscriber numbers. Moreover, there was a rise in subscribers using live streaming on websites like YouTube and Instagram. Video content was already streamed more frequently than audio content in the United States. However, the pandemic greatly increased its appeal. Therefore, COVID-19 significantly helped the growth of the music streaming sector.

Music Market Trends

Music Streaming to Witness the Largest Revenue Generation

  • With the rapidly growing internet penetration across the globe, the music industry has gracefully adopted the digital trend. Physical music revenue is continuously declining, and online streaming platforms like Spotify, Apple Music, Youtube Premium, and Tindle have gained traction over the years. For instance, the world's largest music streaming service, Spotify, claimed 195 million paid users in the third quarter of this year, exceeding forecasts and up from 188 million paid or premium customers in the previous quarter.
  • Shortly, it is projected that the growing use of smart devices and the widespread acclaim of several cutting-edge digital platforms will benefit the sales of music and streaming services. The podcast genre is growing in popularity among millennials, which is good for the market. This is because more podcasters now talk about unresolved global problems.
  • Companies in the music industry are forming extensive strategic alliances with music recording players and advanced online music streaming services. For instance, a wide variety of PTZ camera series, video switchers, and wireless video transmitters have all been introduced, according to Sky Wire Broadcast. The new selection is an addition to Sky Wire Broadcast's current offerings for the current year. 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.
  • Youtube is the second-most-visited website worldwide. One of the major reasons for this is music streaming. After the song Despacito by Latin American artist Luis Fonsi (Despacito) received the most views on YouTube, it boosted the region's music market's growth and investments. According to YouTube, the song has gained 7.85 billion views this year, followed by Ed Sheeran's Shape of You at 5.72 billion views.
Music Market: Share of music streaming subscribers worldwide in the 1st quarter of 2021, by company

United States to Dominate the Market

  • The increased revenue of recorded music has driven the music market in the United States in the last year due to an increasing number of paid subscriptions. According to the report by the music association in the country - RIAA, Thirty-two percent of all music streaming customers had a Spotify subscription in the first quarter of this year, which is nearly twice as many as those who had an Amazon Music subscription.
  • One of the important elements expected to fuel demand for music markets and streaming services in this region is the existence of numerous well-known businesses there, including Pandora Media, Inc., Google LLC, Apple, Inc., and, Inc.
  • Other elements likely to encourage growth in this area are the accessibility of connected devices, fixed broadband speeds and coverage, and an established digital payment system. Many service providers likewise make sizable investments in creating cutting-edge platforms for use in automobiles.
  • Additionally, the regional companies are setting examples by achieving continuous revenue growth. For instance, Universal Music Group reported strong profitability for the second quarter with almost USD 2.7 billion in revenue, an increase of 17.3% year over year in constant currency, and a percentage gain that lasts for the whole first half of the current year.
  • Moreover, the streaming music service providers in the country are strategically competing by launching bundle packs. Financial Times has mentioned that Apple may merge its Apple Music and Apple TV with its video streaming services launch and offer a bundle pack at USD 13 per month. With this launch, Apple has planned to generate over USD 50 billion in revenue annually by the last year, giving heavy competition to its rival Spotify.
  • Such competition and investment by music recording companies are expected to continue in the forecast period, boosting the country's music market.
Music Market: Recorded music industry revenue in the United States from 2016 to 2021, (in billions)

Music Industry Overview

The music market is moderately consolidated because of the dominance of a few key companies, like UMG and Sony Music, offering recording services. Streaming service providers are estimated to continue facing strong market competition. These companies continuously invest in strategic partnerships and product developments to gain more market share. Some of the recent developments by the companies are listed below.

October 2023: Downtown Music Publishing (DMP) announces a global music publishing agreement with Outer Voice Music Publishing (OVMP), the newly formed arm of The Outer Voice Company, founded by artists JAM & Philly. The global administration deal will include JAM & Philly's well-received singles on the Outer Voice label imprint, "Photographs" and "Blind," and all songwriter credits signed within the two-year term. Downtown Music Publishing will be working collaboratively with JAM & Philly and the Outer Voice Music Publishing team in a shared commitment to drive impactful exposure, promotion, and awareness for South Asian songwriters and their catalog. Both companies will be administering works globally, procuring sync placements, and creating original composition opportunities for a wide-ranging roster of songwriters across the South Asian diaspora.

September 2023: Muso.AI says it has ingested over 1.4 million post-distribution credit modifications from rightsholders, artists, and collaborators.The company notes that partners like SoundExchange and Napster use its verified credits. The focus of the collaboration with Rimas Publishing will be around Muso.AI’s 24-hour analytics, which the latter company says departs from the conventional track-and-album approach, and instead centers on companies, catalogs, and individual profiles. 

Music Market Leaders

  1. BMG Rights Management GmbH

  2. Kobalt Music Group, Ltd.


  4. Universal Music Group


*Disclaimer: Major Players sorted in no particular order

Music Market Concentration
Need More Details on Market Players and Competitors?
Download Sample

Music Market News

  • August 2023 : Big Bang Music has entered into a strategic agreement with Sony Music Publishing (SMP). This collaboration entails SMP taking charge of the worldwide administration and promotion of Big Bang Music’s repertoire, aiming to amplify the exposure of their music across the global landscape. The partnership is anticipated to boost the publishing and royalty earnings of artists and songwriters while attaining a more extensive global audience via sync opportunities and global songwriter collaborations. The agreement covers administration, synchronization, and catalog promotion of the Indie music label’s repertoire.
  • In April 2023, Sony Music Entertainment UK announced the relaunch of the legendary record label Epic Records UK. Epic Records UK will likely relaunch as a frontline label, operating alongside other iconic Sony Music labels, including RCA, Columbia, and Ministry of Sound, with the ambition to champion global music and British culture. The announcement coincides with Epic Records's anniversary, which will celebrate 70 years of recorded music in 2023.

Music Market Report - Table of Contents


    1. 1.1 Market Definition and Scope

    2. 1.2 Study Assumptions




    1. 4.1 Market Overview

    2. 4.2 Industry Stakeholder Analysis

    3. 4.3 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.3.1 Bargaining Power of Suppliers

      2. 4.3.2 Bargaining Power of Consumers

      3. 4.3.3 Threat of New Entrants

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry


    1. 5.1 Market Drivers

      1. 5.1.1 Growing Investment by the Record Companies

      2. 5.1.2 Increasing the travel and tourism industry will fuel market expansion.

      3. 5.1.3 Increased use of online music streaming to boost the market.

    2. 5.2 Market Challenges

      1. 5.2.1 The confidentiality and security of user databases might impede business expansion.

    3. 5.3 Impact of COVID-19 on overall music market.


    1. 6.1 Revenue Generation Format

      1. 6.1.1 Streaming

      2. 6.1.2 Digital (Except Streaming)

      3. 6.1.3 Physical Products

      4. 6.1.4 Performance Rights

      5. 6.1.5 Synchronization Revenues

    2. 6.2 Geography

      1. 6.2.1 North America

        1. US

        2. Canada

      2. 6.2.2 Europe

        1. Germany

        2. UK

        3. France

        4. Italy

        5. Rest of Europe

      3. 6.2.3 Asia-Pacific

        1. India

        2. China

        3. Japan

        4. South Korea

        5. Rest of Asia-Pacific

      4. 6.2.4 Latin America

        1. Brazil

        2. Mexico

        3. Rest of Latin America

      5. 6.2.5 Middle East and Africa


    1. 7.1 Company Profiles

      1. 7.1.1 BMG Rights Management GmbH

      2. 7.1.2 Kobalt Music Group, Ltd.


      4. 7.1.4 Sont ATV

      5. 7.1.5 Universal Music Group

      6. 7.1.6 WARNER MUSIC INC.

      7. 7.1.7 Apple Inc.

      8. 7.1.8 TIDAL

      9. 7.1.9 Curb Records, Inc.

      10. 7.1.10 Deezer

    2. *List Not Exhaustive


**Subject to Availability
You Can Purchase Parts Of This Report. Check Out Prices For Specific Sections
Get Price Break-up Now

Music Industry Segmentation

The music industry comprises the people and businesses that make money by writing songs and other musical works, producing and marketing recorded music and sheet music, and staging concerts, as well as the agencies that support, educate, advocate for, and provide music makers.

The Music Market Landscape is divided into Revenue Generation Formats (Streaming, Digital (except streaming), Physical Products, Performance Rights, and Synchronization Revenues) and Geographies (North America (United States, Canada), Europe (Germany, United Kingdom, France, Italy, and Rest of Europe), Asia Pacific (India, China, Japan, South Korea, and Rest of Asia-Pacific), Latin America (Brazil, Mexico, and Rest of Latin America), and the Middle East and Africa).

The market sizes and forecasts are provided in terms of value in USD for all the above segments.

Revenue Generation Format
Digital (Except Streaming)
Physical Products
Performance Rights
Synchronization Revenues
North America
Rest of Europe
South Korea
Rest of Asia-Pacific
Latin America
Rest of Latin America
Middle East and Africa
Need A Different Region Or Segment?
Customize Now

Music Market Research FAQs

The Music Market size is expected to reach USD 30.70 billion in 2024 and grow at a CAGR of 8.54% to reach USD 45.65 billion by 2029.

In 2024, the Music Market size is expected to reach USD 30.70 billion.

BMG Rights Management GmbH, Kobalt Music Group, Ltd., SONY MUSIC ENTERTAINMENT, Universal Music Group and WARNER MUSIC INC. are the major companies operating in the Music Market.

Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).

In 2024, the North America accounts for the largest market share in Music Market.

In 2023, the Music Market size was estimated at USD 28.08 billion. The report covers the Music Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Music Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Emerging trends in the Global Music Market are a) Artificial Intelligence in music creation c) Increased use of analytics to predict consumer trends c) Rise of immersive music experiences through virtual reality are discussed

Key factors driving the Music Market are a) Technological advancements b) Increasing digitalization c) Growth in music streaming services d) Evolving consumer preferences towards on-demand music

Music Industry Report

The global music market growth is driven by technological advancements and shifting consumer preferences, with streaming services leading the market due to their convenience and accessibility. The rise of digital technology has transformed the music landscape, enabling artists to reach global audiences via platforms like Spotify, Apple Music, and social media channels such as Instagram and TikTok. These platforms enhance artist-fan engagement through interactive features and personalized content. The music market is also experiencing significant growth in the live music segment, driven by consumer demand for immersive experiences at concerts and festivals. Geographically, North America holds a substantial market share, while Asia and Latin America are rapidly growing markets. Emerging trends include the integration of virtual reality and artificial intelligence, reshaping consumer interaction and prompting continuous innovation. Despite challenges like piracy and the decline of physical music sales, the industry presents opportunities for growth through strategic partnerships and technological innovation. For detailed insights into the music market size, download a free PDF sample of the industry analysis from Mordor Intelligence™ Industry Reports.

80% of our clients seek made-to-order reports. How do you want us to tailor yours?

Please enter a valid email id!

Please enter a valid message!

Music Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)