Music Recording Market 2023 | Size, Top Trends, Growth, Share, Key Drivers | Sony Corp, Universal Music Group, Warner Music, Financière de l’Odet, Avex Inc.

The Music Recording Global Market Report 2023 by The Business Research Company, provides music recording market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.

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As per the findings presented in The Business Research Company’s Music Recording Global Market Report 2023, there was a noteworthy expansion in the market, witnessing a rise from $51.52 billion in 2022 to $54.84 billion in 2023, demonstrating a commendable Compound Annual Growth Rate (CAGR) of 6.4%. However, the trajectory of global economic recovery from the ongoing COVID-19 pandemic faced disruption due to the Russia-Ukraine war, particularly in the immediate aftermath. This conflict triggered a series of economic repercussions, encompassing sanctions on numerous nations, an upswing in commodity prices, and disruptions in supply chains. Consequently, these factors contributed to inflation across a spectrum of goods and services, significantly impacting various markets worldwide. Looking ahead, the music recording sector is poised for sustained growth, projecting an anticipated increase to $69.06 billion in 2027, maintaining a robust CAGR of 5.9%. This foresight underscores the industry’s resilience and potential for future expansion, notwithstanding the prevailing global challenges.

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The music recording market is segmented:

1) Music Recording Market By Type: Record Production, Music Publishers, Record Distribution, Sound Recording Studios

2) Music Recording Market By Application: Mechanical, Performance, Synchronization, Digital, Other Applications

3) Music Recording Market By End-User: Individual, Commercial

4) Music Recording Market By Genre: Rock, Hip hop, Pop, Jazz, Other Genres

Top Major Players

Sony Corp

Universal Music Group

Warner Music

Financière de l’Odet

Avex Inc.

The landscape of music consumption has witnessed a remarkable surge in accessibility through mobile platforms, a trend poised to persist in the foreseeable future, thereby catalyzing the trajectory of the music recording market. This surge is chiefly propelled by the escalating rates of internet penetration and the proliferation of smartphones and tablets, particularly in burgeoning economies. Notably, 2021 witnessed a substantial uptick, with a staggering 65% surge in music streaming accounts. Consequently, the heightened demand for music content via mobile platforms is anticipated to exert a favorable influence on the market dynamics throughout the projected period, signifying a transformative shift in the industry’s paradigm.

The music recording market report table of contents includes:

1. Executive Summary

2. Report Structure

3. Music Recording Market Characteristics

4. Music Recording Market Product Analysis

5. Music Recording Market Supply Chain

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20. Music Recording Market Competitive Landscape

21. Key Mergers And Acquisitions In The Music Recording Market

22. Market Background: Film And Music Market

23. Recommendations

24. Appendix