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Music Recording Market Report
The Music Recording Market is expected to grow from USD 54.3 billion in 2020 to USD 73.0 billion by 2026 at a CAGR of over 5.1% during the forecast period.
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Music recording can be defined as a physical record of a musical performance that can be played back or reproduced. The music recording market comprises the revenues from publishing music, from the production and distribution of musical recordings, or from providing sound recording and related services earned by entities such as organizations, sole traders, and partnerships in the music recording industry.
Key players operating in the Music Recording Market are-
The growth of the global music recording market is primarily driven by easy access to music on mobiles, laptops, or tablets. Increasing usage of smartphones coupled with access to high-speed internet is likely to drive the growth of the music recording market at a significant rate during the review period. Additionally, surging demand for new and high-quality music recordings is likely to create lucrative opportunities for the players operating in the global market in the coming years.
Based on application, the market has been segmented into mechanical, performance, synchronization, digital, others. The mechanical segment accounted for the largest market share in 2020 and is projected to register significant CAGR during the review period. The digital segment is likely to grow at a healthy CAGR in the coming years due to easy internet access coupled with growing digitalization.
Geographically, the market in Asia-Pacific accounted for the largest market share in 2020 and is expected to register significant CAGR during the review period. The market growth can be attributed to the increasing use of smartphones and rising consumer interest in music in the developing countries especially China and India coupled with expanding populace and rising per capita disposable income. The market in North America is expected to be driven by the presence of key market players in the US such as Universal Music Group (US) and Sony Music Publishing (US).
The covid-19 outbreak posed significant challenges for the music industry across geographies. It impacted the growth of the music recording market negatively as the imposition of lockdown resulted in trade restrictions. However, the reopening of economies and ease in lockdown measures bolstered the market growth.
Here is the list of the group of customers that the music recording market hopes to have the greatest opportunity to convert-
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Music recording manufacturers, Music recording suppliers, Music recording distributors, Organizations, Government bodies are the target audience in the music recording market.
Universal Music Group (US), Sony Music Publishing (US), Warner Music Group Corp. (US), BMG Rights Management GmbH (Germany), Kobalt Music Group (US), and Songs Music Publishing (US) are among the key players in the music recording market.
Easy access to music on mobiles, laptops, or tablets is the prime factor driving the growth of music recording market.
Asia-pacific accounted for the largest share in the music recording market in 2020.
The mechanical segment is expected to register significant growth in the music recording market in the coming years.
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