Is the music industry growing or shrinking?

The US recorded music industry saw total revenues rise by 9.2% in 2020 to $12.15bn on a retail basis. As previously predicted by MBW, that was up by over $1bn on the $11.13bn the market generated across all formats in 2019.

How much is the music industry worth in 2020?

In 2020, the total revenue of the recorded music industry amounted to 23.1 billion U.S. dollars. Streaming made up 56 percent of this figure, bringing in 11.9 billion dollars globally.

Is the music industry declining?

According to IFPI’s latest Global Music Report, worldwide recorded music revenues totaled $21.6 billion last year, up 7.4 percent from the previous year’s total of $20.2 billion. This marks the sixth consecutive year of growth for the global music industry after nearly two decades of gradual decline.

Is the music industry growing?

Universal and Sony’s recorded-music operations both saw annual growth in 2020, with Warner’s equivalent number staying flat on 2019. Midia’s numbers suggest that combined, the three major music companies lost a little global market share in the 12 months, falling from 66.5 percent in 2019 to 65.5 percent in 2020.

Who has the biggest music industry?

United States
The world’s largest recorded music markets are listed annually by the International Federation of the Phonographic Industry (IFPI)….2017.

How much does the music industry contribute to the economy?

Robert Stoner and Jéssica Dutra of Economists Inc. prepared a report on the music industry’s contribution to the United States economy. The report finds the music industry creates $170 billion in value annually to U.S. GDP, supports 2.47 million jobs across a wide range of professions, and accounts for $9.08…

How are music sales declining in the United States?

While both physical and digital album sales have fallen drastically throughout the years, this has been largely offset by the expanding reach and popularity of music streaming in the U.S.

How big is the music streaming industry in the US?

Streaming accounted for three-fourths of the total industry revenue in the US in 2018. More than 1.2 trillion songs streamed on-demand in 2018. On-demand streaming gained a positive 29.3% growth in 2019. Post Malone had the biggest first-week on-demand audio streams in 2019 with 365.4 million.

How many people go to music festivals per year?

According to the pre-pandemic music festival statistics, the largest music festivals had over two million visitors per year. Liking heavy metal music might be a sign of high intelligence. Worldwide album sales point that vinyl record sales are still going strong.