The recorded music industry was worth $19.1 billion in 2018, which was almost a double-digit gain (9.7%) from the year prior, when the global business only rose by 7.4%. For those not doing the math, digital revenues now account for just under 59% of the entire industry's sales. ). The music industry contributed £5.2 billion to the UK economy in 2018, with the live music sector hitting a record-high of £1.1 billion. World King Art & Merch ð http://bit.ly/WKStore Are you after the money and fame? The field dropped by another 10% last year, as CDs just arenât as popular as they once were...and they will probably never return to that former glory again in most places. The UK music industry grew by 2% in 2017 to contribute a record £4.5 billion to the economy, according to a study by UK Music. £3.5bn the economic contribution of the core UK music industry Music industry sales, which had been experiencing impressive year-over-year growth, began a decline that would continue for 15 years. You may opt-out by. The music industry has been hit hard by coronavirus with live performance revenue the biggest casualty. According to a new industry report, global recorded music revenues jumped 9.7 percent in 2018 to reach $19.1 billion â up [â¦] Streaming accounted for nearly half of music â¦ Barring a major surprise, 2019 will have been the fifth straight year of growth for the global recorded music industry. The UK music industry contributed £5.2 billion to the UK economy in 2018. Growth in the music industry is due to increased consumption of digital music, particularly online streaming. The Ringtone Era While acquiring music was as easy opening Limewire on your desktop computer, transferring that new T-Pain track to a flip-phone wasnât a seamless experience. Streaming, of course. Letâs dive 1. The crisis is likely to accelerate underlying trends in the music industry, based on the importance of streaming, which has grown from 9% to 47% of total industry revenues in just six years. Opinions expressed by Forbes Contributors are their own. EY & Citi On The Importance Of Resilience And Innovation, Impact 50: Investors Seeking Profit â And Pushing For Change, Michigan Economic Development Corporation with Forbes Insights. Mclure says that Japanese musicians and bands have never made much money from recordings, instead earning a living from live performances and commercial tie-ups. Global Electronic Music Industry, Worth $7.1 Billion Last Year, Sees Growth Slow By Dan Rys 5/25/2016 Copied to clipboard Click to copy By Dan Rys â¦ My byline has appeared in The Huffington Post, Billboard, Mashable, Noisey, The Hollywood Reporter, MTV, Fuse, and dozens of other magazines and blogs around the world. Behind that comes syncs (when a company uses a song in an ad or piece of media, such as a TV show or a film), and that field now only contributes 2.3% of all global recorded revenues, growing by only 5.2% from the year before. 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. The global music industry is worth over $50 billion, with two major income streams. T hanks to the growth of streaming services such as Spotify, Amazon Music and Apple Music, the record industry â¦ The richest musicians in the world are the masters of their domain and some of their albums have spawned songs that â¦ Heather McDonald wrote about music careers for The Balance Careers. Paid streaming, which looks at only those who pay for an account with a platform like Apple Music, Deezer and many others, rose by just under 33%, while free streaming (outlets that don't require people to pay, like Pandora or Spotify) made up much of the rest. Itâs not worth it. That growth is primarily powered by the rise of streaming services. The IFPI (International Federation of the Phonographic Industry) has just released its highly anticipated annual report which details how much money the global recorded music industry brought in last year, what segments performed the best, the worst, which artists moved the most copies of hit singles and albums, and which focuses on certain markets, detailing how they rose or fell in their global rank. Many young artists hoping to break into the music industry wonder if having a degree is necessary to work in the music business. I am a freelance music journalist based in New York City. Streaming music revenue will grow to slightly over $23 billion by 2022. Whatâs spurring this growth? According to a recent report by the China Music Industry Forum, the countryâs music industry was worth more than ¥370bn ($53bn) in 2019, up 8% year-on-year. The IFPI (International Federation of the Phonographic Industry) has just released its highly anticipated. Over the same period, streaming revenue went up by 43%. The business of music has changed. Learn more! The other major segment of the global recorded music industry, performance rights (which the IFPI defines as the âuse of recorded music by broadcasters and public venuesâ), increased in sales by just under 10%, a huge leap. 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. A six-month shutdown is estimated to cost the industry more than $10bn in sponsorships, with longer delays being even more devastating. At the same time digital downloads were falling, so were physical purchases, though due to some countries still sticking to older habits (that have evolved over time), physical revenues are still responsible for almost a quarter of the global recorded music industry's total worth. I love following charts and the biggest and most successful names in the industry, and I'm always interested in highlighting incredible feats and discovering what's next. âInterest in the local market has skyrocketed in recent yearsâ Chengdu, the capital of Sichuan province, has also been designated an âinternational music capitalâ by the government. It comes not infrequently before, that after The other major segment of the global recorded music industry, performance rights (which the IFPI defines as the â. That sum grew by over 21% from the year prior, and it passed the $10 billion threshold for the first time since the IFPI began releasing this report over 20 years ago. The induâ¦ use of recorded music by broadcasters and public venuesâ), increased in sales by just under 10%, a huge leap. In 1998, he published a book about the Japanese pop music industry called Nippon Pop. Having tons of fans and being able Can we soon Improvements see ? Net Worth: $2.1 billion The music industry largely credits Sean Parker with destroying it. They think of their life as a huge celebrity. Audiences have new ways of connecting to music, and artists have new ways of connecting with their audience. Musicians earned an average income of £23,059 in 2018, below the national average of £29,832, according to the Office for National Statistics. This is the largest total since 2007, when the industry raked in $18.4 billion, and it is also the highest rate of growth since a decade before that, when the IFPI began properly tracking and reporting all of this data. 40. However, it wonât match the strength of the live concert industry. Dozens Consumers signs, that you already at the first Use a significant Change register could. UK Music, the umbrella organisation representing the commercial music industry from artists and record labels to the live music sector, has revealed â¦ Now, performance rights are responsible for $2.7 billion, which is 14% of all recorded music industry revenues. Behind that comes syncs (when a company uses a song in an ad or piece of media, such as a TV show or a film), and that field now only contributes 2.3% of all global recorded revenues, growing by only 5.2% from the year before. These statistics show that music continues to be a firmly established part of our cultural fabric and a vital part of the economy. Streaming, of course. Each year new platforms and mediums skyrocket to prominence, minting household names and reshaping the way audiences connect with artists (see: Tik Tok and Lil Nas X). She has worked in the music industry for over two decades. The total export revenue of the music industry was £2.7 billion and employment in the industry hit 190,935. The music industry is evolving faster than ever. The United States music industry generates billions of dollars every year and is home to many of the world's most renowned musicians. After all, music is a cash heavy industry and it is pretty rich. The Conversation, Future of Media, Entertainment and Culture, adoption of streaming services by both music labels and consumers, makes up almost half of recorded music revenue, more consumers using home applications on TVs and smart devices, on-demand music video streams have increased, survey by the Interactive Advertising Bureau, growing list of artists delaying releases to later in the year, extensive list of major concerts and events have been cancelled, estimated to cost the industry more than $10bn, survey shows that, without a proven vaccine, less than half of US consumers plan to go to concerts, movies, sports events and amusement parks, data shows that a growing share of live music revenue goes to the top 1% of performers, Understanding Value in Media: Perspectives from Consumers and Industry, include interest-free advances on royalty payments, hardship cases resulting from suspensions, collectively amounting to trillions of dollars, contain provisions for media, arts and culture businesses, developed a platform for artists to perform, engage with fans and share content, working with partners such as Live Nation Entertainment to organize virtual events, represents 97% of recorded music by market share, attributed largely to the growth in consumers using paid streaming services, music streaming platforms there introduced tipping as a new way for consumers to support artists, Fortnite hosted a live rap concert that attracted almost 30 million live viewers, COVID-19 Risks Outlook: A Preliminary Mapping and its Implications, COVID-19 Risks Outlook: A Preliminary Mapping and its Implications report here, it incentivizes streaming services to drive consumption toward non-licensed audio forms, music as a share of total audio consumption has decreased about 5%, Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International Public License, Centre for the Fourth Industrial Revolution, Schwab Foundation for Social Entrepreneurship. The music industry is currently battling over how to count sales. Vinyl revenues rose by 6% in 2018, and the format now represents just 3.6% of the total global market. Now, performance rights are responsible for $2.7 billion, which is 14% of all recorded music industry revenues. My byline has appeared in The Huffington Post, Billboard, Mashable, Noisey, The Hollywood Reporter, MTV, Fuse. All Rights Reserved, This is a BETA experience. Once again, global recorded music revenues climbed in 2018, reaching a high not seen in over a decade. which details how much money the global recorded music industry brought in last year, what segments performed the best, the worst, which artists moved the most copies of hit singles and albums, and which focuses on certain markets, detailing how they rose or fell in their global rank. Paid downloads dropped by a whopping 21.2%, and now represent only 7.7% of global revenues. The segmentâs revenues grew by 34% (exactly) in 2018, lifting to just under $9 billion. In addition to the industryâs direct economic contribution, music tourism alone contributed £4.7 billion in terms of spending to the UK economy in 2019 - up 6% from £4.5 billion in 2018. Whatâs spurring this growth? If 2019 matched 2018âs 9.7% â¦ Spurring that intense growth and grab of market share is streaming, which continues to surge forward as a seemingly unstoppable force. Researchers at â¦ The music rights sector, however, is split across three strands. The Recording Industry Association of America states that the industry grew by 11.4% in 2016 reaching $7.7 billion. 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 UKâs MIDiA Research in partnership with Audible â¦ In 2018, streaming accounted for 75% of â¦ 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 . The recording industry is growing, and revenue is up 16,5% in 2017, adding up to $8,8 billion in retail value. to work in the music business. Over those five years, its annual revenues have grown from $14.2bn to $19.1bn, taking it almost back to its 2004 level. The International Live Music Conference is a professional event for those working at the top of the concert industry, but for a quick and easy description of the business, please read onâ¦ The live music business is a significant multinational industry, employing hundreds of thousands of people worldwide and estimated to be worth more than â¬25 billion annually (source: IFPI). Of that $19.1 billion total, an impressive $11.2 billion comes from digital revenue. Once again, global recorded music revenues climbed in 2018, reaching a high not seen in over a decade. The GVA of the recording industry is £568 million, while for music publishing its £459 million. Millions of tourists flocked to the UK for concerts and festivals, boosting revenue by ten per cent â from £991 million in 2017 to £1.1 billion last year. A cost-benefit analysis of ecosystem economics in media, Developing a framework for new indicators of value such as quality, innovation and consumer welfare, Identifying metrics that better represent the value of media to society, including its contribution to related activities such as retail, e-commerce and consumer industries. The one bright spot in the physical world, vinyl, lifted for a lucky 13th consecutive year, though, as always, any gains made in that segment arenât nearly enough to make up for the lack of CDs sold. While that facet of the digital music industry may be doing better than ever, the other half is declining faster and faster as the years pass. Many people have big dreams entering the music industry in hopes of becoming big stars like Ariana Grande or John Legend. The music industry has had a gloomy outlook for more than a decade. The recorded music industry was worth $19.1 billion in 2018, which was almost a double-digit gain (9.7%) from the year prior, when the global business only rose by â¦ But Parker didn't destroy the music industry, he just changed the way we acquired music with Napster. Â© 2020 Forbes Media LLC. The industry is fighting back with new ways to monetize music consumption and innovative models: Fortnite hosted a live rap concert that attracted nearly 30 million live viewers. With the music business in an especially volatile state right now, Marc Hogan puts the industryâs woes in perspective by breaking down how weâve valued songs and albums over the course of â¦ The first, live music, makes up over 50% of total revenues and â¦ CBD music industry, is the money worth it? I am a freelance music journalist based in New York City. The Western Australian music industry is pumping nearly $1 billion into the state's economy, a study has revealed, strengthening calls for more government support. Economic work released shows true value of core UK music industry. How Much Is the Gaming Industry Worth 2020 Statistics To keep you up to date about the recent happenings in the industry, we have compiled some of the best statistics on the video game industry revenue for 2020. The music business is finishing 2018 with a spring in its step.