Traditional Music Market Size, Share & Trends Analysis Report By Type (Live Music Events, Tangible Recording Formats), By Region, And Segment Forecasts, 2022 - 2028

Traditional Music Market Size, Share & Trends Analysis Report By Type (Live Music Events, Tangible Recording Formats), By Region, And Segment Forecasts, 2022 - 2028

Traditional Music Market Growth & Trends

The global traditional music market size is projected to reach USD 30.49 billion by 2028, registering a CAGR of 14.4% from

2022 to 2028 according to a new report by Grand View Research, Inc. The growing popularity and acceptance of listening to

traditional music formats across the globe are accelerating market growth. Moreover, the increasing population of youth

worldwide has resulted in younger revelers across the globe who are seeking live performance experiences propelling the

market growth in the forecast period. Furthermore, the increasing demand for music concerts and festival events in emerging

economies is expected to accelerate the market growth during the forecast period.

Moreover, a lockdown situation has been observed during the COVID 19 pandemic, and it showed a negative impact on the

traditional music market due to several restrictions from the government in various countries. In addition to this, many

companies have either postponed the music events to next year or canceled the concerts. Furthermore, the physical recording

of the music was also paused for some time by the recording companies. Additionally, the increasing investment in traditional

music after the ease of several restrictions is expected to boost the market growth in the forecast period.

Live events and music festivals are gaining huge popularity among the generation Z and Millennials which is fueling the

market growth. Big-ticket sponsorships are obtained due to this increasing popularity and they provide high support to these

events hence propelling the market growth. Furthermore, numerous artists are being launched and they gain their audience by

performing in live events as well as launching records which is further driving the market expansion over the forecast

period.

The live music events segment is expected to register the highest CAGR of 19.2% during the forecast period from 2022 to 2028.

The increasing spending on live music events and festival concerts by the people will boost the market growth over the

forecast period. Moreover, the growing popularity of physical events among viewers across the globe is expected to accelerate

market growth. Furthermore, the increasing demand for organized series of concerts for celebrating various festivals has

significantly accelerated the growth of this segment.

North America dominated the market with a revenue share of more than 35% in 2021. The growing penetration of physical

recorded music and live events is accelerating the market growth in this region. Furthermore, the increasing investments in

artists and infrastructure development and networks globally by the various companies is projected market growth over the

upcoming years. Additionally, the increasing adoption of live music concerts in the U.S. is boosting the market growth over

the forecast period.

Traditional Music Market Report Highlights

• Asia Pacific held a considerable share of over 20% in 2021 and is anticipated to expand at a considerable CAGR of

13.3% from 2022 to 2028 due to increasing live events and concerts in the region.

• Live music events segment is expected to foresee the fastest growth, with a CAGR of 19.2% during 2022 to 2028 due to

rising number of viewers.

• Tangible recording formats segment held the second-largest market in share in 2021, contributed more the 35% of the

total revenue. This share is due to the growing number of music listeners through the physical recorded.

• Europe is expected to witness the second-fastest growth, with a CAGR of 14.9% in the forecast period. The growth is

owing to the growing spending on traditional music.Please note The report will be delivered in 2-3 business days upon order notification.