Music

Global music industry revenue grows with consumer preference shifting towards subscription-based, rental services

Global music industry revenue is expected to grow at about 3.5% CAGR thru 2021, with growth driven by both the recorded music and the live music sectors. The most significant trend witnessed however, has to be the marked consumer shift away from purchasing and owning recorded music to showing an increasing preference for subscription-based, music-rental services. The five leading markets also all headed in the same direction.

Digital recorded music revenue will increase at about the same rate that physical recorded music revenue declines

Physical recorded music revenue continues to decline, with even long-stalwart German music fans now turning their backs on CDs in number, as consumers look to digital music to provide their audio entertainment. However, this decline in physical recorded music will be more than compensated for by revenue growth in the digital recorded music segment, driven by consumer uptake of music streaming services.

 

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