The Music Market size is expected to grow from USD 28.29 billion in the current year to USD 42.62 billion by the next five years, registering a CAGR of 8.54%.
The music industry has reached a new level of internationalization. The international music community has never been more connected, and fans and artists alike are seizing the opportunities of this new era to enjoy and share the music they love.
The music market is moderately consolidated because of the dominance of a few key companies, like UMG and Sony Music, offering recording services. Streaming service providers are estimated to continue facing strong market competition. These companies continuously invest in strategic partnerships and product developments to gain more market share. Some of the recent developments by the companies are listed below.
In April 2023, Sony Music Entertainment UK announced the relaunch of the legendary record label Epic Records UK. Epic Records UK will likely relaunch as a frontline label, operating alongside other iconic Sony Music labels, including RCA, Columbia, and Ministry of Sound, with the ambition to champion global music and British culture. The announcement coincides with Epic Records's anniversary, which will celebrate 70 years of recorded music in 2023.
Symphonic Distribution paid USD 37 million for Streaming Promotions in August 2022. It is made clear by Symphonic Distribution that streaming promotions will continue to exist independently. The latter will utilize Symphonic's infrastructure to expand its business and services while continuing to provide its services to artists and labels worldwide.
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