How big is the Music Market?

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. Read More

What is the current Music Market size?

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

Who are the key players in Music Market?

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. Read More

Which is the fastest growing region in Music Market?

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

Which region has the biggest share in Music Market?

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

What years does this Music Market cover, and what was the market size in 2023?

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. Read More

What trends are shaping the future of the Global Music Market?

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 Read More

What are the key factors driving the Music Market?

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 Read More

Music Landscape Market Analysis | Industry Growth, Size & Forecast Report

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 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.