The music recording industry comprises of revenues from the production & distribution of the musical recordings, from publishing the music, or from providing the sound recording & related services earned by many entities (sole traders & partnerships and organizations) that are in the music recording industry.
As per analysis, “Music
Recording Global Market Report 2020-30: Covid 19 Impact and Recovery” the
key companies operating in the global music recording market include Sony
Music; Universal Music Group; Warner Music and among others. To improve their
market position in the global music recording market, the renowned players are
now focusing on adopting different strategies like recent developments, product
innovation, joint venture, mergers & acquisitions, collaborations, and
partnership. Apart from this, various music recording companies are also
offering auto-tune applications to allow the singers to exaggerate vocals and
create an innovative pitch perfect sound. This Auto-Tune is audio processing
software, which is used to measure & alter the pitch in vocal and
instrumental music recordings or performances. It is also used to tweak tiny
inaccuracies, when singers sing out of tune and for retaining the emotional
content of the performance.
Based on type, music recording market is segmented as music publishers, record production, sound recording studios and record distribution. Based on genre, market is segmented as hip hop, jazz, rock, pop and others. Hip hop segment dominates the global market owing to rise in interest among young population. Additionally, rock music is likely to witness higher growth rate because of growth in number of rock stars worldwide during the forecast period. Based on application, market is segmented as performance, digital, mechanical and synchronization. Digital segment is anticipated to exhibit higher CAGR due to rise in rends in digital music during the forecast period. In addition, based on end-user, market is segmented as commercial and individual.
The market is driven by increase in
mobile & tablet platforms, followed by growth in adoption of digital music,
increase in internet penetration, growth in popularity of music streaming
services and increase in live concerts & performance. Apart from this,
technological complexity in the software may impact the market. Moreover, high
demand due to high popularity of concerts & live events in the advanced
economies, increase in investment by the record companies and rise in online
streaming through licensed services are leading opportunities for market.
Furthermore, rise in demand for music content through mobile platforms is a key
trend for market.
Based on geography, the Asia-Pacific
region dominates the global music recording market owing to increase in
popularity of streaming, rise in disposable income and growth in the number of
artists as well as music producers across the region. The Europe and
North-America regions are estimated to witness higher growth rate due to rise
in demand for digital audio content over the forecast period. It is predicted
that future of the global music recording market will be bright as a result of
increase in number of internet downloads and proliferation of music-related
applications during the forecast period.
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Related Reports:-
Music
Recording Global Market Report 2019
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Ken Research
Ankur Gupta, Head Marketing & Communications
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