Market

Streaming video, social media, and gaming are helping to enable new business models and reshaping media and entertainment. But the real story for 2023 is that these three sectors are increasingly becoming more interdependent as part of a broader and richer media and entertainment ecosystem. Successful companies will likely develop strong visions that span these sectors and pull their entire industries forward.

The Music Market size is expected to grow from USD 28.29 billion in 2023 to USD 42.62 billion by 2028, at a CAGR of 8.54% during the forecast period (2023-2028).

The music industry has reached a new level of internationalization. The international music community has never been more connected, and fans and artists alike are seizing the opportunities of this new era to enjoy and share the music they love.

• Throughout the projected period, it is anticipated that the use of intelligent devices will increase along with the increased penetration of digital platforms. Music streaming services include websites that let users watch music videos, listen to audio, and subscribe to podcasts. Due to functions like automatic playlist customization, song recommendations, and hassle-free connectivity on apps and browsers, these platforms are becoming more and more popular. Additionally, these portals' expanding podcast genres fuel the market's expansion.

• Online platforms and social media platforms such as YouTube have made it possible for aspiring artists to showcase and present their work to the world. After Google, the site is the second most popular social media platform. The music market is significantly growing in Africa, Asia and Latin America, as artists are actively seizing the opportunities to break out to a global audience.

• Additionally, recording companies are investing extensively in music artists, with record labels being the largest investors in the music ecosystem. According to the IFPI, record labels invest more than US$ 5.8 billion in artists each year through Artists & Repertoire (A&R) and marketing worldwide. Such an increase in investments is expected to continue in the forecast period, which is estimated to drive the music market's growth.

• As the market expands and artists seize the digital generation opportunity, music foundations are making efforts to be in a position to support their long-term development with sustainability