Recorded Music

Recorded Music

Global Recorded Music Market to Reach US$60.3 Billion by 2030

The global market for Recorded Music estimated at US$27.7 Billion in the year 2023, is expected to reach US$60.3 Billion by 2030, growing at a CAGR of 11.8% over the analysis period 2023-2030. Digital Music, one of the segments analyzed in the report, is expected to record a 12.2% CAGR and reach US$44.9 Billion by the end of the analysis period. Growth in the Physical Music segment is estimated at 10.2% CAGR over the analysis period.

The U.S. Market is Estimated at US$7.5 Billion While China is Forecast to Grow at 16.0% CAGR

The Recorded Music market in the U.S. is estimated at US$7.5 Billion in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$13.1 Billion by the year 2030 trailing a CAGR of 16.0% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 8.8% and 10.3% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 9.4% CAGR.

Global Recorded Music Market - Key Trends and Drivers Summarized

Recorded music represents sound recordings that capture and store musical performances, allowing them to be heard repeatedly and distributed globally. The history of recorded music traces back to the late 19th century with the invention of the phonograph by Thomas Edison, which initially used cylindrical recordings. Over the decades, this industry has undergone significant transformations, shifting from vinyl records to cassette tapes, CDs, and eventually digital formats like MP3s and streaming services. Each phase brought about changes in distribution, consumption, and the economics of the music industry. Today, recorded music includes not only physical media but also digital downloads and streaming, with the latter now constituting the largest share of market revenue. This evolution reflects broader technological advancements and changes in consumer behavior, with a growing preference for digital access to vast libraries of music over owning physical copies.

The digital revolution has had a profound impact on the recorded music industry, dramatically reshaping how music is produced, distributed, and consumed. Innovations such as music streaming services like Spotify, Apple Music, and Amazon Music have become dominant, offering on-demand access to millions of songs, facilitated by internet connectivity. This shift has democratized music consumption, enabling a wider range of artists to reach global audiences without the need for traditional record deals or marketing machines. Furthermore, the rise of social media platforms has allowed artists to engage directly with fans, promote new releases, and gauge audience interest instantly and effectively. The analytics provided by digital platforms also offer unprecedented insights into listening habits, helping the industry to target audiences more precisely and tailor releases to meet changing tastes and trends.

The growth in the recorded music market is driven by several factors, including technological advancements, evolving consumer preferences, and innovative business models. Technology-related drivers include improvements in digital audio quality and the accessibility of music through mobile devices, making it possible for consumers to enjoy high-quality music anytime, anywhere. The proliferation of smart devices like voice-activated speakers has further integrated music consumption into daily life, expanding the contexts in which people listen to music. Consumer behavior has shifted towards subscription-based models, reflecting a preference for accessing a broad array of music rather than owning individual tracks or albums. Economically, the industry has adapted by developing diverse revenue streams that include not only music sales and streaming but also live performance royalties, merchandise, and brand partnerships. These trends underscore a vibrant sector that is continuously adapting to technological innovations and changing consumer demands, setting the stage for sustained growth in the years to come.

Select Competitors (Total 42 Featured) -

• Abbey Road Studios
• Avex, Inc.
• Bertelsmann SE & Co. KGaA
• Emperor Group
• GMM Grammy PLC
• Metropolis Studios
• Quad Studios
• RAK Studios
• Real World Studios
• Sonic Ranch Voyager 51, Inc.
• Sony Music
• Sunset Sound
• United Recording
• Universal Music Group N.V.
• Warner Music Group, Inc.;

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