Musical Groups And Artists - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts (2024 - 2029)

Musical Groups And Artists - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts (2024 - 2029)

The Musical Groups And Artists Market size is estimated at USD 30.30 billion in 2024, and is expected to reach USD 43.60 billion by 2029, growing at a CAGR of 7.55% during the forecast period (2024-2029).

Key Highlights

• The rise of digital platforms and social media has empowered independent artists to produce and distribute their music without relying on traditional record labels. Independent artists can connect directly with their fans, retain creative control, and access various digital distribution channels.
• Collaborations between artists from different genres and backgrounds have become increasingly popular. Collaborative projects and features help artists expand their fan base, experiment with different styles, and create unique musical experiences.
• The music industry has become more globalized, with artists from different countries and cultures gaining international recognition. Streaming platforms have facilitated the discovery of music from various regions, leading to the popularity of genres such as K-pop, Latin music, and Afro beats on a global scale.
• Social media platforms have become essential tools for artists to promote their music, engage with fans, and build a strong online presence. Digital marketing strategies, including targeted advertising and influencer collaborations, play a crucial role in reaching and expanding the fan base.

Musical Groups And Artists Market Trends

Live Music Dominated the Market

• Live music is anticipated to be a key driver of the musical groups and artists industry. Prominent live music event organizers are prioritizing customer satisfaction and introducing various mobile applications to enhance accessibility and convenience for customers.
• Additionally, they provide services such as ticket sales, merchandise, and accommodation. Furthermore, event organizers are forming partnerships with online ticket providers, recognizing the prevalent use of smartphones among the youth for booking tickets to music events.
• The increasing penetration of 5G technologies is expected to further enhance the utilization of digital platforms in the music event market for tasks such as ticket booking, meal ordering, and hotel accommodation. These advancements are poised to significantly bolster the music industry and contribute to the overall growth of the musical groups and artists industry.

Digital Revenue of The Music Industry

• The digital music industry is primarily driven by increased digitization and widespread internet penetration. Key contributors to the music industry's growth include online music distribution by artists, advertising spending, and augmented sales resulting from the popularity of streaming services.
• Additionally, the rise in mobile-based music applications and the surge in subscription-based services play pivotal roles in fostering the expansion of musical groups and the artists industry.
• Despite these positive trends, the industry faces significant challenges, particularly in terms of privacy and data security concerns associated with the use of online platforms and ticket vendors.

Musical Groups And Artists Industry Overview

The music groups and artists market is highly competitive. With the decline in physical album sales, artists have diversified their revenue streams. They rely on income sources, including streaming royalties, merchandise sales, brand partnerships, sponsorships, and fan-supported platforms such as Patreon and crowdfunding. The major players are BMG Rights Management GmbH, Kobalt Music Group, Ltd., Sony Music Entertainment, Universal Music Group, and Warner Music Inc..

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support