Music Production System Global Market Report 2024

The music production system market size has grown strongly in recent years. It will grow from $5.9 billion in 2023 to $6.42 billion in 2024 at a compound annual growth rate (CAGR) of 8.7%. The growth observed in the historical period can be attributed to factors such as the increased adoption of DJ software, the expansion of streaming services, the growth of the digital audio production industry, the emergence of budget-friendly music production systems, and an increase in the number of home studio setups.

The music production system market size is expected to see strong growth in the next few years. It will grow to $9.05 billion in 2028 at a compound annual growth rate (CAGR) of 9%. The anticipated growth in the forecast period can be attributed to several factors, including the growing popularity of digital audio content, the rising demand for professional audio equipment, an increasing need for multi-track recording capabilities, the emergence of AI-generated music, and a growing usage of audio systems for live events. Major trends expected in the forecast period encompass the adoption of cloud-based music production systems, the integration of AI-driven tools, enhanced mobile integration, exploration of blockchain technology applications, and a transition towards subscription-based pricing models.

The burgeoning popularity of digital audio content is anticipated to be a significant driver in propelling the growth of the music production system market. Digital audio content encompasses sound recordings, music, or any other audio material that has been digitized and stored in a digital format. Factors such as convenience, the widespread use of smart devices, and the increasing popularity of audiobooks contribute to the growing demand for digital audio material. Music production systems play a pivotal role in creating, editing, and manipulating digital audio content for various media applications. Music producers leverage digital audio content, including recorded instrument tracks, samples, loops, and synthesizer patches, to craft musical arrangements, melodies, harmonies, and rhythms. For example, data from WordsRated in June 2023 indicates that audiobook sales generated over $1.81 billion in revenue in the United States in 2022, marking a 3.43% growth compared to 2021. Consequently, the rising popularity of digital audio content is driving the growth of the music production system market.

Leading companies in the music production system market are strategically focusing on developing solutions incorporating advanced technological solutions, such as artificial intelligence (AI) music production software plugin tools, to empower music producers in composing new music pieces. AI music production software plugin tools integrate AI technology into digital audio workstations (DAWs) or music production software, enhancing the creative process, automating tasks, and generating musical elements. For instance, DigiTraxAI, a US-based music AI company, launched KR38R PRO in November 2023, the first AI music production software plugin tool. KR38R PRO integrates with major DAWs and features robust algorithms for producing, remixing, and modifying musical compositions, streamlining workflow and offering dynamic control over music through motion and flow sliders. Moreover, its central dice button enables randomization, enabling musicians to explore countless musical possibilities. Developed over seven years of human-AI collaboration, KR38R PRO leverages music theory to provide composers and producers with instantaneous creative opportunities.

In November 2023, Symphony Technology Group (STG), a US-based private equity firm, made a significant acquisition by purchasing Avid Technology Inc. for $1.4 billion. This acquisition aimed to reshape the music system landscape, fostering increased innovation and improved offerings for musicians, producers, and composers globally. By leveraging STG's financial resources and strategic expertise, Avid Technology Inc., a US-based provider of digital non-linear music production software and hardware, is poised to enhance its position as a leading producer of music production systems.

Major companies operating in the music production system market are Apple Inc., Sony Group Corporation, Yamaha Corporation, Symphony Technology Group (STG), Magix Software GmbH, Ableton AG, Universal Audio, Steinberg Media Technologies GmbH, Image Line Software, Arturia SA, Serato, PreSonus Audio Electronics Inc., Celemony Software GmbH, Waves Audio Ltd., Native Instruments USA Inc., NCH Software, Acoustica Inc., Tracktion Software Corporation, Renoise, Cockos Incorporated, BandLab Technologies, Bitwig GmbH, MuTools, MOTU Inc., and Zynewave.

North America was the largest region in the music production system market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the music production system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the music production system market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

A music production system encompasses a comprehensive array of hardware and software tools utilized for recording, editing, mixing, and producing music and audio tracks. This system provides a platform for musicians and audio professionals to craft professional-grade music and audio productions with ease. The primary objective of a music production system is to streamline the music-making process by offering a diverse range of tools and features geared towards creating high-quality music.

The key components of music production systems include software, hardware, and associated services. Software comprises computer programs enabling users to compose, edit, mix, and produce music digitally. It caters to various applications such as recording studios, home studios, and live performances, available through online and offline distribution channels. These tools are utilized by a broad spectrum of end-users including musicians, producers, and educational institutions.

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

The music production system market consists of revenues earned by entities by providing services such as sample libraries, plug-ins and effects, sound libraries, music production courses, and studio services. The market value includes the value of related goods sold by the service provider or included within the service offering. The music production system market also includes sales of products such as computers, studio monitors, microphones, rack-mounted gear, and audio interfaces. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

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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