Music Recording Market Report

Market Insights

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.

Figure: Music Recording Market Size, 2020-2026 (USD Billion)

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What is a music recording?

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

Key players operating in the Music Recording Market are-

• Universal Music Group (US)
• Sony Music Publishing (US)
• Warner Music Group Corp. (US)
• BMG Rights Management GmbH (Germany)
• Kobalt Music Group (US)
• Songs Music Publishing (US).

Market Dynamics

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.

Segment Analysis

Application Trends

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.

Regional Trends

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).

COVID-19 Impact on Music Recording Market

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.

Critical Questions Answered in the Report

• What are the key trends in the global Music Recording market?
• How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in the next five years?
• What is the impact of COVID-19 on the global Music Recording market?
• What are the key strategies adopted by the major vendors to lead in the global Music Recording market?
• What is the market share of the top vendors?

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Target Audience

Here is the list of the group of customers that the music recording market hopes to have the greatest opportunity to convert-

• Music recording manufacturers
• Music recording suppliers
• Music recording distributors
• Organizations
• Government bodies

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