Music Recording Global Market Report 2024 : Market Size, Trends, And Global Forecast 2024-2033
Music Recording Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
LONDON, GREATER LONDON, UNITED KINGDOM, November 8, 2024 /EINPresswire.com/ -- The Business Research Company’s Early Year-End Sale! Get up to 30% off detailed market research reports—limited time only!
The music recording market is steadily growing, expected to increase from $55.44 billion in 2023 to $59.59 billion in 2024, reflecting a CAGR of 7.5%. Growth factors include the evolution of distribution platforms, changing business models in the music industry, artist promotion, copyright laws, and cultural trends.
How Big Is the Global Music Recording Market Expected to Grow, and What Is Its Annual Growth Rate?
The market is projected to experience strong growth, expected to reach $78.94 billion by 2028, at a CAGR of 7.3%. This growth is attributed to the dominance of streaming services, the emergence of niche markets, the incorporation of virtual and augmented reality experiences, blockchain applications, and direct engagement with fans. Key trends include cross-industry collaborations, AI-driven music creation, technology evolution, and a focus on high-resolution audio.
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What Is Driving the Growth of the Music Recording Market?
Access to music through mobile platforms has seen substantial growth in recent years, a trend that is expected to continue in the forecast period, thereby driving the music recordings market. This increase is primarily fueled by rising internet penetration and the proliferation of smartphones and tablets, especially in emerging markets. In 2021, there was a remarkable 65% increase in music streaming accounts. Consequently, the demand for music content on mobile platforms is anticipated to positively impact the market during the forecast period.
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Which Leading Companies Are Driving The Growth Of The Music Recording Market Share?
Major companies operating in the market report are Sony Corp., Capitol Studios, Financière de l'Odet, Bertelsmann SE & Co KGaA, Universal Music Group, Warner Music, Hasbro Inc., Quad Studios, EMI Records Ltd., EastWest Studios, BMG Rights Management GmbH, GMM Grammy Public Company Limited, Abbey Road Studios, Metropolis Studios, Henson Recording Studios, Avex Inc., FUJI MEDIA HOLDINGS INC., PolyGram N.V., Emperor Entertainment Group, Pathé Records, 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 Key Trends Driving The Growth Of The Music Recording Market Size?
Many music recording companies are offering auto-tune applications, allowing singers to enhance their vocals and achieve pitch-perfect sounds. Auto-Tune is an audio processing software that measures and alters pitch in vocal and instrumental recordings, correcting inaccuracies while preserving the emotional content of the performance. Notable studios like Abbey Road Studios in London and Capitol Studios in Los Angeles utilize auto-tune software to refine vocal recordings, add special effects, and achieve a polished sound.
How Is the Global Music Recording Market Segmented?
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
Asia-Pacific: The Leading Region in the Music Recording Market
Asia-Pacific was the largest region in the market in 2023. Western Europe is expected to be the fastest growing region in the forecast period. The regions covered in the market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is the Music Recording Market?
The music recording market generates revenue from producing and distributing musical content, including recordings, publishing, and sound production services.
The Music Recording Global Market Report 2024 from The Business Research Company includes the following key information:
Market size data for both historical and future periods
Analysis of both macro and microeconomic factors that have impacted the market over the past five years
Regional market analysis covering Asia-Pacific, China, Western Europe, Eastern Europe, North America, the USA, South America, and the Middle East and Africa
Country-specific market analysis for Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA.
Overview of the Global Music Recording Market Report: Trends, Opportunities, Strategies, and More
The Music Recording Global Market Report 2024 from The Business Research Company is an extensive resource that delivers insights into music recording market size, music recording market drivers and trends, music recording market major players, music recording competitors' revenues, music recording market positioning, and growth across geographies. This report provides valuable in-depth insights into potential opportunities and strategies. Companies can utilize the information presented to target segments with the greatest growth potential.
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