Musical Groups & Artists in the US - Industry Market Research Report

Get loud: Industry profit will stabilize as operators start touring again

Musical groups and artists have struggled in the last few years, as a decline in revenue was exacerbated by the outbreak of COVID-19. The pandemic strongly affected the industry and its ability to generate revenue from performances during this time. A sharp decline of revenue in 2020 occurred as attendance at large events became a health risk. The pandemic led many states to prohibit large gatherings like concerts, but the introduction of the vaccine in 2021 allowed for artists to resume performing live. Revenue generated from live events recovered significantly in 2021, but revenue continue to grow through the 2023. Overall, revenue declined at a CAGR of 2.8% to $7.1 billion over the years to 2023, including an anticipated increase of 0.9% in 2023.

This industry is composed of musicians, recording artists and songwriters that produce music professionally, either in front of a live audience, in a recording studio or both. Musicians in this industry may earn revenue from songwriting, producing or recording, but they primarily operate as performers. This industry excludes musical theater, opera and other professions involved in the creation of records, such as engineers.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.