Market Size of Music Industry Landscape
| 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
*Disclaimer: Major Players sorted in no particular order |
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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.
