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Based on Technavio's market sizing methodology, the recorded music market size is predicted to surge to USD 21.40 billion from 2021 to 2026 at a CAGR of 13.27%.
This recorded music market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. The recorded music market report also offers information on several market vendors, including Aditya Music Pvt. Ltd., Atlantic Recording Corp., Beggars Group, Bertelsmann SE and Co. KGaA, DAIICHIKOSHO CO. LTD, Master Music Ltd, Naxos Digital Services Ltd, PSI Capital Inc., Reel Note Studios, RP Sanjiv Goenka Group, Sony Group Corp., Super Cassettes Industries Ltd., Tips Industries Ltd., Universal Music Group, Virgin Group Holdings Ltd., Vivendi SE, and Warner Music Group Corp among others.
This report extensively covers recorded music market segmentations by the following:
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Based on our research output, there has been a positive impact on the market growth during and post COVID-19 era. The increasing preference for on-demand music services is notably driving the recorded music market growth, although factors such as illegal downloads and piracy may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the recorded music industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Recorded Music Market Driver
One of the key factors driving growth in the recorded music market is the increasing preference for on-demand music services. The presence of factors such as a rise in the number of devices supporting digital media, coupled with increased internet penetration and access speed, has provided consumers with a wide range of options to access media content at any time and from anywhere. The growing integration of cloud computing features in smartphones offers numerous benefits to users and is likely to affect revenue globally. Consumers are attracted to music on-demand services, mainly due to the free subscription services offered by most of the market players. In addition, several music streaming applications allow consumers to personalize their preferences and content. Furthermore, various developments in wired and wireless technologies and telecommunication standards such as 3G, 4G, and 5G have resulted in improvements in internet bandwidth, thus ultimately increasing the adoption of music on-demand services across the world.
Key Recorded Music Market Trend
The increasing preference for music streaming services is a recorded music market trend that is expected to have a positive impact in the coming years. The number of consumers opting for paid subscription services for streaming music increased, crossing 520 million customers globally. There are 18% new subscribers opting for music streaming services every year worldwide. Globally, the development of wired and wireless technologies and telecommunication standards such as 3G, 4G, and 5G has resulted in an improvement in internet bandwidth, thereby supporting the adoption of music streaming services across the world. To increase the subscription of paid music streaming services, Pandora and YouTube are experimenting with different options. For instance, these companies are increasingly including advertisements in free music streaming services, compelling customers to shift from free music streaming services to add-free paid subscription models, which, in turn, is contributing to the growth of the global recorded music market during the forecast period.
Key Recorded Music Market Challenge
The illegal downloads and piracy will be a major challenge for the recorded music market during the forecast period. Only a few countries in Europe, such as the UK, France, and Germany, have proper piracy laws. In countries such as Portugal, the Netherlands, and Spain, copyright piracy is rampant. In some countries, the downloading of copyrighted works is allowed for personal use. For instance, in Switzerland, the laws prohibit third parties from monitoring peer-to-peer networks. However, it is illegal to upload a file for torrenting. With rapid changes in the business model of the music industry, especially the shift to digital music, it has become very difficult to curb piracy. The growing base of internet users has increased the possibility of pirated physical and digital copies of music being made available online. Thus, piracy is a challenge for the global recorded music market.
This recorded music market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global recorded music market as a part of the global movies and entertainment market within the global media and entertainment sector. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the recorded music market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the recorded music market encompasses successful business strategies deployed by the key vendors. The recorded music market is fragmented and the vendors are deploying growth strategies such as trying to come up with innovative solutions and product offerings, which are more diverse, and engage a large section of the audience to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The recorded music market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the recorded music market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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34% of the market's growth will originate from APAC during the forecast period. Japan is the key market for recorded music in APAC. Market growth in this region will be faster than the growth of the market in other regions.
The rising adoption of music streaming services in countries such as China and India will facilitate the recorded music market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
The outbreak of COVID-19 in 2020 had a negative impact on the regional recorded music market. The pandemic resulted in numerous deaths in China and other nations, prompting lockdowns in the region. However, in 2021, due to the availability of COVID-19 vaccines and the large-scale vaccination drives carried out by the governments of countries in APAC, the media and entertainment industries gradually resumed to normal. Therefore, the operations of the recorded music market returned to normal, which contributed to the growth of the market and is likely to continue growing during the forecast period.
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The recorded music market share growth by the digital segment will be significant during the forecast period. Streaming includes a variety of services, such as ad-supported services like Vevo and YouTube, as well as the ad-supported tiers of services like Spotify, streaming radio services like Pandora and SiriusXM, and premium subscription services like Spotify Premium and Apple Music. The paid streaming service segment is likely to witness a high growth rate during the forecast period because of a steady rise in the number of paid subscribers.
This report provides an accurate prediction of the contribution of all the segments to the growth of the recorded music market size and actionable market insights on post COVID-19 impact on each segment.
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Recorded Music Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2021 |
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Forecast period |
2022-2026 |
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Growth momentum & CAGR |
Decelerate at a CAGR of 13.27% |
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Market growth 2022-2026 |
$ 21.40 billion |
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Market structure |
Fragmented |
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YoY growth (%) |
17.3 |
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Regional analysis |
Europe, North America, APAC, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 34% |
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Key consumer countries |
US, Japan, UK, Germany, and France |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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Key companies profiled |
Aditya Music Pvt. Ltd., Atlantic Recording Corp., Beggars Group, Bertelsmann SE and Co. KGaA, DAIICHIKOSHO CO. LTD, Master Music Ltd, Naxos Digital Services Ltd, PSI Capital Inc., Reel Note Studios, RP Sanjiv Goenka Group, Sony Group Corp., Super Cassettes Industries Ltd., Tips Industries Ltd., Universal Music Group, Virgin Group Holdings Ltd., Vivendi SE, and Warner Music Group Corp |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Type
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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