Music Recording Global Market Report 2024

The music recording market size has grown strongly in recent years. It will grow from $55.44 billion in 2023 to $59.59 billion in 2024 at a compound annual growth rate (CAGR) of 7.5%. The growth observed in the historical period can be attributed to various factors, including the emergence of distribution platforms, evolving business models within the music industry, enhanced artist promotion and marketing strategies, the influence of copyright and intellectual property laws, as well as shifts in cultural and genre trends.

The music recording market size is expected to see strong growth in the next few years. It will grow to $78.94 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. Forecasted growth is driven by the dominance of streaming platforms, the rise of niche markets, the advent of virtual and augmented reality experiences, the integration of blockchain and decentralized distribution, and direct-to-fan engagement strategies. Major trends in the forecast period encompass collaborations with other industries, the use of AI in music creation, technological advancements, emphasis on high-resolution audio, and the emergence of virtual concerts.

The accessibility of music through mobile platforms has witnessed a significant surge in recent years, and this trend is anticipated to persist in the forecast period, thereby propelling the music recordings market. This upward trajectory is primarily attributed to the increasing internet penetration and the proliferation of smartphones and tablets, especially in emerging economies. Notably, there was a 65% surge in music streaming accounts in 2021. Consequently, the heightened demand for music content via mobile platforms is poised to positively impact the market in the forecast period.

The continuous growth in the music industry is expected to drive the expansion of the music recording market in the coming years. Encompassing a spectrum from major record labels and radio stations to independent labels and smaller venues, the music industry comprises all entities involved in producing, recording, creating, and promoting music. Music recording plays a pivotal role in various facets of the music sector, including music creation, production, distribution, marketing, and even in musical instruction and performance. For instance, in March 2023, the Australian Recording Industry Association (ARIA) reported that wholesale income from recorded music reached $609.6 million in 2022, marking a 7.4% increase compared to $567.8 million in 2021. This underscores the role of rising music industry growth in propelling the music recording market.

The outbreak of COVID-19 acted as a significant restraint on certain segments of the music recording market in 2020, as global lockdowns disrupted businesses. The pandemic, characterized by flu-such as symptoms, led to a decline in economic activity and restricted the movement of goods and services. While many sectors were negatively impacted, some media markets remained unaffected or even benefitted, transmitting content remotely through digital channels. The music recording market is expected to recover from this unprecedented event across the forecast period, given its categorization as a 'black swan event,' unrelated to ongoing or fundamental weaknesses in the market or the global economy.

Several music recording companies are now providing auto-tune applications, enabling singers to enhance their vocals and achieve a flawlessly pitched sound. Auto-Tune, an audio processing software, is utilized to measure and modify pitch in vocal and instrumental music recordings and performances. Its primary function is to correct minor inaccuracies when singers deviate from the intended pitch while preserving the emotional essence of the performance. Renowned music recording studios such as Abbey Road Studios in London and Capitol Studios in Los Angeles offer auto-tune software, enabling vocal tuning, incorporation of special effects, and achieving a pitch-perfect sound for singers.

Major companies are actively engaging in strategic collaborations to better cater to the needs of their clientele. An exemplar of this trend is the collaboration between Universal Music Group N.V. and Curio, a partnership designed to enhance fan engagement and leverage cutting-edge technology. Universal Music Group (UMG) and Curio have formed a strategic partnership, allowing UMG to utilize Curio's technology, relationships, and fan interaction networks to develop and launch NFT (non-fungible token) projects featuring its global roster of artists and labels. In February 2022, Universal Music Group, a Netherlands-based music corporation, announced this collaboration with Curio to create NFT fan packages for its brands and artists. UMG, as the first major music company to adopt Curio's technology as an exclusive platform for licensing artwork, audio recordings, and audio-visual material globally, aims to leverage Curio's innovative technology and fan engagement networks to introduce future NFT projects. This collaboration offers enhanced flexibility and scalability for issuing authentic fan-centric memorabilia tailored for each project. Curio, based in the United States, is a non-fungible token (NFT) platform.

Major companies operating in the music recording market report are Sony Corp., Capitol Studios, Financière de l'Odet, Bertelsmann SE & Co KGaA, Universal Music Group, Warner Music, Hasbro Inc., Quad Studios, EMI Records Ltd., EastWest Studios, BMG Rights Management GmbH, GMM Grammy Public Company Limited, Abbey Road Studios, Metropolis Studios, Henson Recording Studios, Avex Inc., FUJI MEDIA HOLDINGS INC., PolyGram N.V., Emperor Entertainment Group, Pathé Records, Electric Lady Studios, Blackbird Studio, Sunset Sound Recorders, Ocean Way Recording, United Recording Studios, Record Plant, Associated Independent Recording, Real World Studios, Sonic Ranch, Studios 301, The Village Studios, Epic Records, Virgin Records, Avatar Studios (Power Station), RAK Studios.

Asia-Pacific was the largest region in the music recording market in 2023. Western Europe is expected to be the fastest growing region in the forecast period. The regions covered in the music recording market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the music recording market report are Australia; China; India; Indonesia; Japan; South Korea; Bangladesh; Thailand; Vietnam; Malaysia; Singapore; Philippines; Hong Kong; New Zealand; USA; Canada; Mexico; Brazil; Chile; Argentina; Colombia; Peru; France; Germany; UK; Austria; Belgium; Denmark; Finland; Ireland; Italy; Netherlands; Norway; Portugal; Spain; Sweden; Switzerland; Russia; Czech Republic; Poland; Romania; Ukraine; Saudi Arabia; Israel; Iran; Turkey; UAE; Egypt; Nigeria; South Africa.

Primary types in the music recording industry encompass record production, music publishers, record distribution, and sound recording studios. Music publishers specialize in music distribution across various genres such as rock, hip hop, pop, jazz, among others. These recordings serve diverse applications such as mechanical, performance, synchronization, digital, among others. End-users of these recordings include both individuals and commercial entities.

The music recording market research report is one of a series of new reports that provides music recording market statistics, including music recording industry global market size, regional shares, competitors with a music recording market share, detailed music recording market segments, market trends and opportunities, and any further data you may need to thrive in the music recording industry. This music recording market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The music recording market includes revenues earned from the production and distribution of musical recordings, from publishing music, or from providing sound recording. Music recording is the electrical, mechanical, electronic, or digital inscription and playback of sound waves such as voice, song, instrumental music, and sound effects. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.


The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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