While the Music and Radio sectors have converged in some respects, this doesn’t mean that digital music and radio are competing with one another aggressively. This article examines the unique strengths of these sectors and how they are impacting trends within the E&M landscape.
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A major tipping-point was passed in 2015 when digital recorded music revenue exceeded physical for the first time. However, digital downloads are under growing pressure from streaming, as consumers shift away from owning music and towards paying to access it through providers such as Spotify and Apple Music. Driven by digital growth, total global music revenue will rise at a 2.1% CAGR to US$47.7bn in 2020.
Given the decline in recorded music sales in recent years, artists are now more dependent on earnings from live music performance than ever before. This shift from recorded music to live has changed the economics of the industry, with record companies extending their revenue streams to include live performance, and concert promoters expanding into artist management. Total live music revenue will rise at a 3.0% CAGR through 2020.
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