The RIAA released its semiannual compilation of recorded music revenues this week. This year’s Music By Numbers report reveals the industry is worth an amazing £5.2 billion to the economy and the live music sector is breaking the £1 billion barrier. Growth in the music industry is due to increased consumption of digital music, particularly online streaming. For the sake of time, I’ll give a brief overview, including some charts. The United States music industry generates billions of dollars every year and is home to many of the world's most renowned musicians. The latest BuzzAngle report states that it accounts for as much as 85% of all recording revenues, while the global average is at around 38%. The Recording Industry Association of America states that the industry grew by 11.4% in 2016 reaching $7.7 billion. The music industry of East Asia, a region that includes Mainland China, Hong Kong, Macau, Japan, Mongolia, North Korea, Singapore, South Korea and Taiwan is developed economic sector that is home to some of the world's largest music markets. It was predicted that 2020 was going to bring in billions of profits but with venues shut down and lockdown measures in place, its gross value added or GVA has plummeted. The rise in sales of individual albums such as Adele's '24' and Ed Sheeran’s 'X' also propelled the industry’s performance. The world's largest recorded music markets are listed annually by the International Federation of the Phonographic Industry (IFPI). [11] Total units figures are derived by addition of figures reported by referenced sources. [1][2], Source: Figures within the table are based on IFPI Global music report 2019. The Japanese society is also conservative with more people preferring the use of compact disks and vinyl’s over digital music services such as streaming. [3], Source: Figures within the table are based on IFPI Global music report 2018. The global music streaming market size was valued at USD 20.9 billion in 2019 and is expected to expand at a compound annual growth rate (CAGR) of 17.8% from 2020 to 2027. The Australian music industry's revenue goes up for the first time in three years, driven by a doubling in music streaming services, while music downloads continue their decline. The Ringtone Era. While digital music business is booming, with consumers flocking to their computers to buy music in a few easy clicks, so too are individuals involved in digital piracy. It is estima… The live music business is a significant multinational industry, employing hundreds of thousands of people worldwide and estimated to be worth more than €25 billion annually (source: IFPI). Germany ranked third in the global music industry with total revenue of 1.405B in 2015. Types Of Crimes By Number Of Offenses In The US. There's also a negative side." Growth in the music industry is due to increased consumption of digital music, particularly online streaming. According to a new study from Pricewaterhouse Coopers (PwC), the live concert industry will experience significant growth during the next few years. Click on the map for the growth figures in each region. The Four Asian Tigers. Market research companies with detailed data on the live music industry keep their figures behind expensive paywalls - they fiercely protect their intellectual property. The music industry is a general term for all the parties involved in the creation, performance, recording, promotion, and managing the profitable business of music. The world's largest recorded music markets are listed annually by the International Federation of the Phonographic Industry (IFPI). “As this report shows, it contributes £5.8bn a year to the economy, generates £2.9bn in exports and supports almost 200,000 jobs. - Hunter S. Thompson The truth is that big business controls the types of music and artists that get exposure and become popular. “Our music industry is a key national asset,” said Njoku-Goodwin. The total revenue for recorded music in 2015 totaled $15 billion, marking a 3.2% rise from 2014 and the first significant growth in eight years. Developed economies top the list of the countries with the largest music industries with the United States being the global leader. The history of the music industry, or as it is more often known, the recording industry, is long and interesting. This article discusses the largest music industries in the world. The United States music industry generates billions of dollars every year and is home to many of the world's most renowned musicians. “Our music industry is a key national asset,” said Njoku-Goodwin. The rise of Berlin as a music center has aided the growth of the industry and propelled it to surpass the UK. Ticket sales will make up $24 billion of that total. The Music Industry Concentration is designed to acquaint students with the concepts and methodologies of the music industry; to give students an introduction to digital music production technology; to provide specialized career preparation for the contemporary music profession; and to focus on the legal, financial, and ethical aspects of a career in music. The music industry in the UK generated $1.335B in 2015, slightly lower than Germany. All maps, graphics, flags, photos and original descriptions © 2020 worldatlas.com. While acquiring music was as easy opening Limewire on your desktop computer, transferring that new T-Pain track to a flip-phone wasn’t a seamless experience. Unlike its European counterparts, Germany has witnessed a slow transition from contemporary music to digital music which accounted for less than 25%. The UK music industry was a vibrant, fast-growing and commercially successful sector before the pandemic hit.” The effects of the pandemic is greatly felt in live music. The industry is a blend of digital music and the physical sector with the latter accounting for 70% of the market sales. Source: Figures within the table are based on IFPI 2006 annual report, except where noted below. Industry Insights. Global Sales of Recorded Music (Page 24)", "RIAJ: Yearbook 2012, IFPI 2010 Report: 31. It is important to note that the information presented in this page only accounts for revenue generated from the recorded music industry (recorded music and auxiliary revenues generated by these recordings), and is not reflective of the entirety of the music industry including sectors such as publishing, live music, etc. Artist managers, booking agents, music publishers, labels, A&Rs and others – we’ll treat them all. Studies into the venue based live music industry (predominantly clubs and pubs) have found this sector injects $1.2 billion ann… [7], Source: Figures within the table are based on IFPI 2013 annual report. The industry has witnessed an increase in digital music, mainly streaming services which accounted for half the revenue. According to FPI's Global Music Report 2016, digital music rose by 10% to $6.7 billion. According to IFPI Global Music Report 2016, the industry generated $4.898 billion in 2015 and was ranked the largest music industry in the world. In 2013: the music industry picked up by +2.3%: after 10 years of decline (-62% between 2003 and 2012) the music industry has picked up and reached €603 million (2013) 70% of online music consumers have listened to a track via streaming in the last month. The music industry in Japan generated $2.628 billion in 2015 and was ranked second behind the US. Global Sales of Recorded Music by Country in 2009 (Page 23)", "RIAJ: Yearbook 2010, IFPI 2008 Report (Page 24)", "RIAJ: Yearbook 2009, IFPI 2007 Report (Page 24)", "RIAJ: Yearbook 2008, IFPI 2006 Report (Page 24)", "RIAJ: Yearbook 2006, IFPI 2004 Report (Page 23)", "RIAJ: Yearbook 2007, IFPI 2005 Report (Page 24)", https://en.wikipedia.org/w/index.php?title=List_of_largest_recorded_music_markets&oldid=991143106, Entertainment-related lists of superlatives, Creative Commons Attribution-ShareAlike License, This page was last edited on 28 November 2020, at 14:11. According to IFPI Global Music Report 2016,the industry generated $4.898 billion in 2015 and was ranked the largest music industry in the world. An increase in the penetration of digital musical instruments is anticipated to drive the market over the forecast period. Market growth is hampered by the fact that almost a third of the recorded music industry’s value is lost to illegal downloading and piracy. Streaming has provided some compensation for the music market amid COVID-19, and it is now the largest driver of industry revenues. Ariana Grande. The U.S. music market seems to be utterly reliant on streaming as the music consumption medium. Just like the film industry, the music industry contributes significantly to the growth of the economy by generating billions of dollars in revenue. Live performance is vital to the music sector, both in reaching audiences and generating income. This includes ticket… Read More Not only does the UK music industry make a huge contribution to the country’s cultural life but it is also an economic powerhouse. Understanding the Music Industry is a series that outlines the framework of the business, explaining the roles of the industry professionals, what their jobs entail, when it’s important to involve them and deal specifics that you want to be aware of. The UK music industry was a vibrant, fast-growing … “As this report shows, it contributes £5.8bn a year to the economy, generates £2.9bn in … Since 2006, worldwide music industry revenues have been more than $60 billion each year. Within the digital market (+1.1%), revenue from streaming now exceeds that from download purchases. ET [6], Source: Figures within the table are based on IFPI 2014 annual report. The indu… [12] Total units figures are derived by addition of figures reported by referenced sources. Global Sales of Recorded Music by Country in 2010 (Page 24)", "RIAJ: Yearbook 2011, IFPI 2009 Report: 33. The recorded music industry was worth $19.1 billion in 2018, which was almost a double-digit gain (9.7%) from the year prior, when the global business only rose by 7.4%. For over a decade, the industry has witnessed growth catapulted by strict anti-piracy laws and punitive punishment for illegal downloads. THE REAL DEAL (the truth about the music industry) by Jeriko One, written in 2002 "The music business is a cruel and shallow money trench, a long plastic hallway where thieves and pimps run free, and good men die like dogs. [19] Total units figures are derived by addition of figures reported by referenced sources. [16] Total units figures are derived by addition of figures reported by referenced sources. Modern East Asia. According to Live Performance Australia, over nine million tickets are sold annually to live music and music theatre performances in Australia, with an industry output of over $1.5 billion. Japan has the largest number of music stores in the world totaling approximately 6000 with 75% of the music sold in compact disks and vinyl. Engagement with streaming drives growth of the global music market . The younger generation is attracted to digital music while the average age for those buying physical music is 46. Music Streaming Market Share, Size, Trends, & Industry Analysis Report 2019-2026 Product Code: RP-ID-10307096; Published Date: 22 Apr 2020 ; Region: Global; Pages: 140; Category: ICT & Telecom; Publisher: Pub-ID-41; Description; Table of Contents; Companies Mentioned; Request Sample; Custom Report; Impact Analysis on the Growth of Market . [17] Total units figures are derived by addition of figures reported by referenced sources. Source: Figures within the table are based on IFPI Global music report 2020. The ranking is based on retail value (rather than units) each market generates respectively per year; retail value generated by each market varies from year to year. The industry is characterized by live concerts, studio recordings, and a variety of music genres. [8], Source: Figures within the table are based on IFPI 2012 annual report. According to the British Phonographic Industry (BPI), British music commanded 17.1% of the global market in 2016, indicating that one in every six music albums sold worldwide was British. The music industry is evolving faster than ever. Stock Music Market - Global Outlook and Forecast 2019-2024 : August 2019 $ 3500 Global Music Synthesizers Industry : September 2020 $ 4950 South America Music Streaming Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Content Type, Streaming Type, and End User : … Each year new platforms and mediums skyrocket to prominence, minting household names and reshaping the way audiences connect with artists (see: Tik Tok and Lil Nas X).Simultaneously, new technologies put creative tools into the hands of people who previously couldn’t access them. The Recording Industry Association of America states that the industry grew by 11.4% in 2016 reaching $7.7 billion. If 2019 matched 2018’s 9.7% growth, we could be talking about $21bn last year. The industry witnessed an increase in streaming and digital music consumed by youth people with the service recording 26.6 billion streams. Barring a major surprise, 2019 will have been the fifth straight year of growth for the global recorded music industry. It’s still a small portion of the $15 billion recording industry, but it also isn’t just a blip on the radar anymore. [15] Total units figures are derived by addition of figures reported by referenced sources. Source: Music By Numbers, UK Music Published: November 2020 MUSIC TOURISM in 2018. As all financial data is given in US dollars annual rates of change for all countries other than the United States are heavily influenced by exchange rate fluctuations as well as by actual changes in revenue in local currency terms. Music industry reports can be found in the media marketand leisure industry sections. Source: Figures within the table are based on IFPI 2009 annual report. By Victor Kiprop on August 1 2017 in Society. [4], Source: Figures within the table are based on IFPI Grobal music report 2017. Music industry sales, which had been experiencing impressive year-over-year growth, began a decline that would continue for 15 years. Source: Figures within the table are based on IFPI 2010 annual report. Industry leaders have warned that the closure of music venues and the impact of social distancing restrictions on the music industry has been catastrophic, and the industry will need support to get back on its growth course. Breaking down entertainment industries in the Global Entertainment and Media Outlook 2018-2022 report, PwC reveals live music revenue will increase at a compound annual growth rate (CAGR) of 3.3% heading into 2022. Industry Data. The sector has become increasingly important to the livelihood of artists and musicians in recent years because of the global downturn in the sales of recorded music. The global musical instruments market size was valued at USD 7.5 billion in 2018. Press Release Music Streaming Market Analysis By Industry Growth, Size, Share, Demand, Trends and Manufacturers Analysis Research Report Published: Sept. 29, 2020 at 4:32 a.m. The ranking is based on retail value (rather than units) each market generates respectively per year; retail value generated by each market varies from year to year. [5], Source: Figures within the table are based on IFPI Grobal music report 2016. Live music has been about 33% of these total revenues each and every year. Over those five years, its annual revenues have grown from $14.2bn to $19.1bn, taking it almost back to its 2004 level. Global Sheet Music Market Report 2020 by Key Players, Types, Applications, Countries, Market Size, Forecast to 2026 (Based on 2020 COVID-19 Worldwide Spread) has complete details about market of Sheet Music industry, Sheet Music analysis and current trends. It is anticipated that live music revenue in the U.S. will grow from $9.3 billion in 2015 to $11.69 billion in 2020. Piracy in global recorded music industry constitutes the main challenge faced by music companies. Music Distribution Services Industry Size 2019, Market Opportunities, Share Analysis up to 2025. [9], Source: Figures within the table are based on IFPI 2011 annual report.[9]. 85% of the projected revenue has been lost. Source: Figures within the table are based on IFPI 2008 annual report, except where noted below. The per capita consumption of music is also higher than the US with a music album costing approximately $30 compared to $16-18 in the US. Downloading music, both legally and illegally, is impacting on artists and changing the face of the music industry completely. Milestones. Current forecasts anticipate a revenue fall for the live music industry of ~90 percent in 2020, a number that will only recover once the global borders are opened to touring acts. The growing popularity of digital platforms and the increasing adoption of smart devices is expected to positively impact industry growth during the forecast period This makes our live performance industry larger than the film, television and video games sector. [10] Total units figures are derived by addition of figures reported by referenced sources. Global growth by region. The numbers for 2018 show that the industry is continuing on the growth path that started in … Source: Figures within the table are based on IFPI 2007 annual report, except where noted below. According to the calculation, the live concert industry’s total revenue will reach $31 billion in four years. Source: Figures within the table are based on IFPI 2004 annual report, except where noted below. Global Sales of Recorded Music (Page 24)", "RIAJ Yearbook 2014: IFPI 2012, 2013 Report: 28. Global Sales of Recorded Music (Page 24)", "RIAJ Yearbook 2013: IFPI 2011, 2012 Report: 29. People love listening to their favorite records at home, but investing in a musician or a band and going to a live event provides a valuable social experience. What Was Disco Dance Music, And Where Did It Begin? International Federation of the Phonographic Industry, https://www.ifpi.org/wp-content/uploads/2020/07/Global_Music_Report-the_Industry_in_2019-en.pdf, https://www.billboard.com/articles/business/9370682/ifpi-global-report-2020-music-sales-paid-streaming-coronavirus-impact, https://www.cudisco.org/pdf/GLOBAL-MUSIC%20REPORT-2019.pdf, "RIAJ Yearbook 2018: IFPI Global Music Report 2018 (Page 4)", "RIAJ Yearbook 2017: IFPI Global Music Report 2017 (Page 5)", "RIAJ Yearbook 2016: IFPI Global Music Report 2016 (Page 5)", "RIAJ Yearbook 2015: IFPI 2013, 2014. Ifpi 2013 annual report, except where noted below big business controls the types of Crimes by of... Types of Crimes by Number of Offenses in the US music TOURISM in 2018 S. 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