Stratview Research has published a new report on the Music Recording Market, segmented by Genre (Rock, Hip Hop, Pop, Jazz, Others), Type (Music Publishing, Music Recordings), Application (Mechanical, Performance, Synchronization, Digital, Others), End-User (Individual, Commercial) and Region – COVID-19 Impact Analysis and Forecast to 2026. This report provides critical insights on the market dynamics and enables strategic decision making for the existing and new market players.
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.
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.
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This report studies the Music Recording Market and has segmented the market in a few ways, keeping in mind the concentration of all the stakeholders across the value chain. Following are the ways in which the market has been segmented in the report:
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).
Following are the key players 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)
- Songs Music Publishing (US).
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