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The music industry is made up of independent artists and large corporations. These players earn revenue from the production, creation, making, and composing of new songs. Furthermore, there are other avenues such as hosting live concerts.
In this article, you’ll learn almost everything you need to know about music industry statistics for 2021.
Without delay, let’s get started!
From 1999-2014, the global music industry saw piracy online lead to a fall in revenues of 40%
In due time, 2019 to be exact, revenues from the music industry reached $20 billion!
The 2019 RIAA Music Revenue Year-End Report noted that U.S. music revenues climbed from just $2.6 billion in 2008 to $9.7 billion in 2019.
Coupled with The International Federation of the Phonographic Industry (IFPI) who report that streaming revenues alone increased by a CAGR of 42%.
The most popular digital music platforms include streaming services and mobile apps. Notably these include:
All though there is a long way to go, many musicians embrace these platforms in the hope that they will bring the change we need to see. Since their creation, such services have already done a remarkable job of fighting piracy.
Check out more about the breakthroughs from Music Industry Trends From H1 2020.
The United States is the highest contributor of artists in the music industry.
Artists from different regions of the country have earned themselves places in the highest of the CPP ranks making the country hold the highest share in the music market.
The 2019 study on the top 30 playlists of Amazon Music, Apple Music, Deezer, and Spotify classified the songs into their respective genres…
They found that ‘Pop‘ was the leading genre, in each playlist, of the five platforms, making up more than 25% of each of the playlists.
The US alone makes a total revenue of $43 billion a year from the music industry, of which only $5 billion or 12% goes to the artists.
Production, distribution, handling record labels, streaming, radio companies, and many other intermediaries lie between artists and listeners.
Here are some careers to pursue in the music business:
Love top-10 lists? Get more Top-10 articles from digpu.com.
The current pandemic has brought hundreds of different industries around the world to a standstill.
Undoubtedly the music business has been hit hard.
While successful musicians have faced an enormous amount of reduced revenue, many new entrants into the industry have really faced career-threatening losses.
A primary source of earning for such musicians is live shows, maybe in the local fair, or at some club.
However, since social distancing is now strictly established, such events are banned.
And may continue to be for a long time!
Again, the teams and backups of famous musicians also did not have their main source of revenue, as artists often accepted online invitations while concerts and tours were canceled.
The music industry continues to work diligently with artists and consumers to provide a sophisticated musical experience. One of the newer and more popular trends is the inclusion of artificial intelligence in music creation and presentation since a hefty amount of time needs to be invested in music creation.
In terms of the consumer, the music industry places a great deal of emphasis on user preferences. Various streaming platforms work on user preferences and improved algorithms to choose the music of other artists based on data collected on user activities.
The huge potential of this industry is beyond belief. Through consumer support and technological integration, music can be shaped for the greater good of the community. If you find the article interesting you can check out more about the Music industry Trend Statistic.
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Six String Tips provide high quality, meticulously researched articles on music filled to the brim with helpful tips and hints for everyday people of any knowledge level.