Engagement with streaming drives growth of the global music market . Interestingly, the industry doesn’t include live music in its numbers on overall revenue. According to IFPI Global Music Report 2016,the industry generated $4.898 billion in 2015 and was ranked the largest music industry in the world. Having just about any music available at the tap of your finger or the click of your mouse is the new normal for listeners. At wholesale value, revenues rose 16% to $3.5 billion. This uptick in revenue puts the total industry revenue in 2015 at $15 billion, a 3.2% increase – the highest year-to-year growth in almost 20 years, according to a report out by IFPI. Streaming continued to be the dominant channel, reaching 50M subscribers and representing 75% of industry revenues. Future of Music Coalition | 2217 14th Street NW, 2nd floor, Washington, DC 20009 | (202) 822-2051. Nigerian music industry revenue to hit $50 mn by 2020 The revenue from recorded music in the Nigerian music industry has been projected to generate $50 million (about N18 billion naira) by 2020. The global recorded music industry is expected to close 2019 at roughly $20-$21 billion. Out of all of the sub-industries, the record business is by far the fastest growing part of the market. This rise in the music industry’s revenue is actually thanks to the same digital music phenomenon that contributed to the damage in the first place. As of 2015 digital music accounted for nearly half of all global revenue for the music industry, finally lapping physical revenue (from CDs, vinyl, etc.). In total, UK music fans spent £1.41bn ($1.80bn) on recorded music across all formats in 2019, up 7.1% on the previous year (2018)’s haul of £1.32bn. The Music Creators sector Source: RIAA. According to a new study from Pricewaterhouse Coopers (PwC), the live concert industry will experience significant growth during the next few years. It’s important to understand a few of the most recent changes to the business: If things progress in the same manner that they have for the last 10 years, we are poised to see digital, especially streaming, dramatically eclipse physical revenues, while performance rights and synchronization income will grow slowly but steadily. In the face of these changes, record label executives have redoubled their efforts to protect their artists and utilize whatever means possible to bring music to an expanding audience, proactively licensing music and creatively engaging with streaming and downloading opportunities for musicians. Fans still value the unique experience of seeing their favorite artist in concert enough to pay for it. We use cookies to understand how you use our site and to improve your experience. For example, Spotify, which boasts some 35 million songs available for listen, or SoundCloud and YouTube with their abundance of remixes, covers, and unique content, provide listeners an on-demand and sometimes pleasantly unpredictable experience that ones’ own fixed music library cannot. Record Industry in China. How can an artist profit from the rapidly evolving ways that fans consume music? On the one hand, apart from some nascent ideas around the smart speaker market, we have very little idea of that right now. CDs dropped below $1 billion in 2017 and brought in only $708 million last year, a far fall from their $13.2 billion peak back in 2000. The RIAA released its semiannual compilation of recorded music revenues this week. I am the founder of GiantSteps Media Technology Strategies, a consulting firm whose clients include content providers and digital media technology companies ranging from. IFPI, the organisation that represents the recorded music industry worldwide, today issued its annual Global Music Report. While streaming has rattled traditional record sales, it still generates revenue through per-stream royalties. The world's largest recorded music markets are listed annually by the International Federation of the Phonographic Industry (IFPI). The challenge for the industry is to figure out innovative ways to harness that revenue stream by converting users to paid subscribers to give the industry a real boost. But on the other hand, interactive streaming is recurring revenue, not one-time purchases, so it's not going to drop as fast as revenue from previous eras did when the next thing came along. With wider availability of smartphones and increased connectivity via the Internet, the industry worldwide has witnessed an influx of high-quality streaming services, like the aforementioned Spotify as well as Apple Music and Jay-Z’s Tidal, to name a few. In all, the music industry is continuing the trends we've seen over the past couple of years, well on its way to a new state of structural stability with interactive streaming on top. That makes for a revenue of $4.3 billion, according to research conducted by the group, which represents approximately 80 percent of the music industry’s overall revenue. There isn’t necessarily a reliable way to get hold of the latest stats and studies about the industry. User generated content is growing so rapidly that it will be worth US$6 billion to the global music industry by 2022, with rightsholders to share in $3.2 billion.. Click on the map for the growth figures in each region. That means that streaming now accounts for three-quarters of total industry revenue. Streaming services now account for 75% of total music industry revenue. All Rights Reserved, This is a BETA experience. CareersinMusic.comPO Box 43562Las Vegas, NV 89116United Statescim_mail( 'info', 'careersinmusic', 0, false ); This site and your information are secure. The total export revenue of the music industry was £2.7 billion and employment in the industry hit 190,935. Breaking down entertainment industries in the Global Entertainment and Media Outlook 2018-2022 report, PwC reveals live music revenue will increase at a compound annual growth rate (CAGR) of 3.3% heading into 2022. But the industry is missing out on fully exploiting this major revenue even as every consumer sees themselves as a content creator, according to The Rising Power of UGC report by UK’s MIDiA Research in partnership with Audible Magic. Year-over-year revenue growth of interactive streaming from paid and ad-supported subscription... [+] services. Nearly a billion listeners use free ad-supported services like YouTube or Spotify and Pandora’s free versions, generating only about half a billion dollars for industry. Revenue from those services is now 63% of overall industry revenue, and total subscribership has topped the 50 million mark. Chinese Music Industry Revenue by Source, 2017 Sources: IFPI, CAVCA, MCSC, The Daolu Cultural Industry Research Center. Taylor Swift is just one artist who famously removed her music from streaming sites because she claimed streaming services were hurting the industry. Opinions expressed by Forbes Contributors are their own. The growth rate has been declining for the past two years; meanwhile, the growth of ad-supported interactive streaming—primarily YouTube and Spotify's free tier—is headed for zero. Streaming music accounted for 80% of industry revenues. Years ago MP3 players and iTunes all but destroyed the traditional album, and more recently even permanent digital downloads began to see a dip in sales, down as much as 13% in 2013-2014. ... more than doubling overall recorded music revenues in the next 10 years. Digital revenue grew by 19.1% to USD 9.4 billion and accounted for over half (54% share) of the total recorded music industry revenue worldwide, according to IFPI. Musicians in the US received just 12% of the revenues their music generated in 2017, according to a report, though that figure is an improvement on the 7% they received in 2000. A graduate of the University of Southern California, he studied cognitive science and music industry. In 2014, he co-founded FindMySong, a popular online music collaboration platform. But while the methods of consuming music are evolving, one thing that has not changed is a fan’s desire to see her favorite artist perform live. The indu… Taylor Swift is just one artist who famously removed her music from streaming sites because she claimed streaming services were hurting the industry. Thomas Honeyman is a musician, music blogger, songwriter, and entrepreneur in Los Angeles, CA. The 7 Best (and Most Prestigious) Music Conservatories in America, Home Recording Studio Design: 5 Essential Steps to Build a Quality Studio, The 10 Best Music Schools (2020/2021): Attending College in the Age of COVID-19, Best Free VSTs for Home Music Producers in 2020/2021, Best Drum Machines for Making Beats in 2020/2021, Best USB Microphone for Live Streaming Music from Home. In total, the American music industry’s 2019 retail revenue was about $11.1 billion, up from $9.8 billion in 2018 and $8.8 billion in 2017. The record industry has seen a lot of change over the years. The era of interactive streaming is recorded music's fifth era, after vinyl, tape, CDs and downloads. The on-demand experience of hearing what you want when you want it – for a nominal monthly fee, or even for free! The total export revenue of the music industry was £2.9bn, up from £2.7bn in the previous year. His work has been published by Elite Daily and Hypebot. Meanwhile, paid downloads and CDs are continuing their slides into irrelevance. We can therefore use this number to estimate that the average music streaming subscriber in 2018 ($6.83bn / 255m subs) was paying $26.78 a year, or $2.23 per month. The music industry has had a gloomy outlook for more than a decade. The industry’s global paid streaming revenue haul was up 24.1% year-on-year, says IFPI – suggesting that it grew from approximately $6.83bn in 2018 to $8.48bn in 2019. Clearly, from the charts and stats above, permanent forms of music are on the decline, while more and more listeners are turning to streaming as their primary music source. now making up 43% of digital revenue, nearly neck-and-neck with downloads at 45%. I am adjunct faculty at NYU, where I teach Data Analysis in the Music Industry. That definition will put total revenue of the U.S. music market at whopping 43$ billion. These statistics show that music continues to be a firmly established part of our cultural fabric and a vital part of the economy. Instead, revenue generally refers to recorded music and its usages: downloads, streams, CDs, and/or songs played on the radio or in TV ads. The U.S. recorded music business generated $11.1 billion in revenue in 2019, according to the RIAA's annual year-end report, a 13% year-over-year increase from the $9.8 billion it reached in 2018. – draws big numbers of listeners which can mean big rewards to artists. The ranking is based on retail value (rather than units) each market generates respectively per year; retail value generated by each market varies from year to year. Employment in the UK music industry was a record 197,168 at the end of 2019. Industry Data. To that point, streaming is now the fastest growing portion of the market, jumping from just 8 million users in 2010 to 68 million in 2015. Instead of owning their music, listeners are more attracted to the idea of utilizing the web for its myriad music options that allow them to listen at will. Streaming has been a key driver in the market, up by 41.1%, with paid subscription audio streams up by 45.5%, according to IFPI. As this chart shows, the "hockey stick" growth year for interactive streaming was 2016, when revenues more than doubled over 2015. As CareersinMusic.com recently showed, there are a number of unconventional ways an artist can take advantage of the demand for live performances, like using video or Skype to play shows for limited audiences willing to pay top dollar for the intimate and exclusive experience. This raises the question of where recorded music will go next. This growth took place despite another painful year for physical product. Digital radio (Pandora, Sirius XM satellite radio and streams of AM/FM stations) is also returning to growth after stalling last year, exceeding the $1 billion mark in 2018 and adding another 12% of industry revenue. Digital sales – such as music streaming services and track downloads – now account for 45% of total global music revenue, compared to 39% for physical sales. In fact, CDs are on track to fall below vinyl by the end of this year—especially counting the used vinyl market, which is roughly equal to new vinyl in total revenue. Revenue sourced from the digital distribution of music is expected to grow from $882 million in 2019 to 1.44 billion by 2024. The headline figure: global recorded music revenues grew by 8.2% to $20.2bn in 2019, fuelled by streaming, which for the first time accounted for more than half of the total. The United States music industry generates billions of dollars every year and is home to many of the world's most renowned musicians. Total revenues grew 18% to $5.4 billion at retail in the first half of 2019. Interactive streaming, through services like YouTube, Spotify, Apple Music and Amazon Music Unlimited, is now dominating the industry even more than before. All other channels have been declining, especially digital […] Despite more traditional formats being down, streaming is up and its potential suggests good things for artists as well as the industry as a whole. According to the Recording Industry Association of America, over 70,000 different albums were released by the middle of … Published by Amy Watson, Nov 13, 2020 According to a 2020 study exploring the global music industry, worldwide live music sponsorship revenues will … By the time revenue from one era flattens and begins to decline, the industry has some idea of where the next wave of revenue is going to come from. Global music industry revenues totaled roughly $15 billion in 2015, while the live music equivalent totaled nearly double, at $29 billion. By continuing to use our site, you accept our use of cookies, revised. My background includes stints as an IT and digital media executive at traditional and new media companies as well as market strategist for the media industry at a major computer company. Growth in the music industry is due to increased consumption of digital music, particularly online streaming. There was a broad range of experience reflected, with over 41% of musicians and 33% of industry professionals having spent more than 10 years working in the industry. 8-tracks took a short-lived run at the dominance of vinyl, cassettes faded away as compact discs took the world by storm, and through it all, the music industry saw its revenue continue to climb. Live music is the one area of the industry’s revenue that remains reliable as a guaranteed source of cash. The Recording Industry Association of America states that the industry grew by 11.4% in 2016 reaching $7.7 billion. And the 2018 numbers give us a somewhat ominous clue: The growth of paid-subscription interactive streaming revenue is clearly slowing down. As this graphic demonstrates, Swift dramatically outclasses other artists (whose music remains available to stream) with the revenue from her 2015 tour alone, demonstrating that nothing seems to attract a fan like the live experience. But because live music is ramping up so fast, record labels have devised a way to get a cut of this revenue stream by brokering what are called “360 deals.” With this kind of deal the label profits from live as well as recorded music. In fact, it was 56.1% with $11.4bn of revenues. The Artist Revenue Streams site is powered by Wordpress. This includes personalizing content and advertising. Recorded music revenues, 2012-2018, $millions. The music industry is a bit of an enigma. Download revenue—mostly from Apple iTunes—is at just above $1 billion and dropping. The music industry still has time to figure out its next act. Please follow me on LinkedIn and Twitter (@copyrightandtec). In part this can be explained by the music industry’s success at adapting to the rapidly changing digital age. Industry watchers used to wonder whether consumers would embrace the monthly subscription model over physical products or "ownership" of permanent downloads. Overall, 298 musicians and music industry professionals shared insights through our surveys. The feeling of exclusivity that the live performance gives to the listener remains one of the most sought after of all premium content in the industry. Every year, we hear about revenue numbers as well as growth in streaming and vinyl sales, but other stats, like the number of active musicians in North America, are tougher to nail down. President, GiantSteps Media Technology Strategies, EY & Citi On The Importance Of Resilience And Innovation, Impact 50: Investors Seeking Profit — And Pushing For Change, Michigan Economic Development Corporation with Forbes Insights, semiannual compilation of recorded music revenues, roughly equal to new vinyl in total revenue, The era of interactive streaming is recorded music's fifth era, nascent ideas around the smart speaker market. This includes ticket… Read More . © 2020 Forbes Media LLC. It also means that the Australian music industry has enjoyed 5 yearsof consecutive growth between 2015 and 2019 – the last time this happened was between 1995 and 1999. Source: RIAA. You may opt-out by. 40 Years of Music Industry Sales. All of the above is good news for the industry, but what exactly does this mean for the artists? No one wonders about that anymore; instead, we wonder how much further streaming can grow. I am the founder of GiantSteps Media Technology Strategies, a consulting firm whose clients include content providers and digital media technology companies ranging from early stage startups to Global 500, as well as public policy entities related to copyright in the digital age. Under a more conservative approach, however, only a fraction of radio revenue will be included in the music industry in the form of royalty payments. Somewhat ironically within the physical market, vinyl – one of the more antiquated forms of recorded music – has seen a huge resurgence in past years. The UK music industry contributed £5.2 billion to the UK economy in 2018. As more listeners have access to smartphones, tablets, and other devices for listening — and as the technology improves, becomes more desirable, and more widely available globally – streaming, it seems, will continue to be the way forward for the industry. RIAA 2018 YEAR-END MUSIC INDUSTRY REVENUE REPORT In 2018, revenues from recorded music in the United States grew 12% to $9.8 billion at estimated retail value. The numbers for 2018 show that the industry is continuing on the growth path that started in … Ariana Grande. So, it appears the music industry is finally seeing a change for the positive. That streaming income grew by 22.9% in 2019, including a 24.1% increase in paid subscriptions, which is now 42% of the total. The RIAA released its semiannual compilation of recorded music revenues this week. That’s compared to the nearly $2 billion contributed by paid subscribers who number around 68 million at present. Although we’re talking fractions of pennies per stream, with the increased use of such services the revenue from streaming can at the very least displace lost payments from say, the decline of individual song downloads, as one study showed. However, the overall effect of this niche market on revenue is negligible –, In addition to digital and physical revenue streams, income from broadcast, online radio, and live performances – collectively called Performance Rights –. Below we’ll explain some of the more significant changes the industry has witnessed to help you understand how to navigate the new music landscape and reap the most benefits. © 2020 CareersInMusic.com | All Rights Reserved | Content may not be duplicated without express written permission. So, first things first: where is the money coming from now? Don’t forget about the revenue potential in live shows, and be sure to utilize technology to its full advantage when conceiving of ways to connect with listeners. Music industry revenues in the U.S. were up $1B in 2018 according to the 2018 Year-End Music Industry Revenue Report released last week by the Recording Industry Association of America (RIAA). As all financial data is given in US dollars annual rates of change for all countries other than the United States are heavily influenced by exchange ratefluctuations as well as by actual changes in revenue in local curr… The gain from these deals, however, is not reflected in the statistics since the “music industry” generally is not defined to include live shows. Streaming still has a way to go, however, before it can be credited with rescuing the flailing music industry. Global music industry revenues totaled roughly $15 billion in 2015, while the live music equivalent totaled nearly double, at $29 billion. Notably, streaming in particular is on the rise. Global growth by region. If these trends continue, we should see the upper limits of the music industry's new growth engine within the next couple of years, and the U.S. recorded music industry will end up somewhere in the $12 billion range, somewhat below its $14.6 billion peak from 1999, especially when adjusted for inflation. Music industry body the International Federation of the Phonographic Industry (IFPI) said revenue from paid subscriptions accounted for 37% of global music revenues last year. But, in 2016, things are beginning to look up. a meager 2% of industry revenues can be attributed to vinyl sales, make up about 14% of the industry’s overall revenue, proactively licensing music and creatively engaging with streaming and downloading opportunities for musicians. Frances Moore, chief executive of IFPI, said: “The Global Music Report we issued today covers results for 2019 and reflects the successful work and investment of music creators – from record companies to artists and beyond. The numbers for 2018 show that the industry is continuing on the growth path that started in 2016 after an 11-year slump: Overall growth was 13% over last year to $9.8 billion—off slightly from 2017's 17% growth over 2016 but healthy nonetheless. The annual revenue of the Australian recorded music industry currently sits over $555 million,with this figure being 5.5%up on the revenue posted by the industry in 2018. Before the Covid-19 pandemic struck, the UK music industry contributed £5.8bn to the UK economy in 2019, according to the Music By Numbers study published by UK Music. Is now 63 % of total industry revenue numbers give us a somewhat ominous clue: the growth in... Cultural fabric and a vital part of our Cultural fabric and a vital part of sub-industries... 11.4 % in 2016 reaching $ 7.7 billion were hurting the industry doesn ’ t include live in! Online music collaboration platform LinkedIn and Twitter ( @ copyrightandtec ) has a way go., where i teach Data Analysis in the next 10 years markets are listed annually by the International of. Show that music continues to be the dominant channel, reaching 50M subscribers and 75... 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