PricewaterhouseCoopers’ Global Entertainment and Media Outlook 2018-2022 report. 2 And then COVID-19 struck, postponing or canceling music events and concerts large and small, wreaking a devastating financial impact. Digital sales dominated the Classical genre, accounting for 12% of the total album equivalent units. Once submitted, the general public can send a request to their local stations to play their favorite artists’ songs. More Younger Consumers Abandoning Radio for Digital-Only Listening On Their Devices: Study, Taylor Swift’s ‘Lover’ Is The Only Album Of 2019 To Sell 1 Million Pure Copies, NIELSEN MUSIC | YEAR-END MUSIC REPORT U.S. 2019, Survey Says Smart Speaker Sales Drive Online Audio Listening, Taylor Swift Closes Reputation Stadium Tour with $345 Million, Billboard Power 100: U2 & Paul McGuinness, Ed Sheeran Earned More on Tour In 2018 Than Anyone Else In 30 Years, New Report Illustrates How Modern Record Labels Remade Themselves in the Streaming Era, US Census Bureau | Annual Services Report, 2018 RIAA Music Industry Revenue Statistics | RIAA, Independent Label Music Production Industry in the US – Market Research Report, Billboard’s Top 125 Artists of All Time: The Beatles, Rolling Stones, Elton John, Mariah Carey, Madonna & More, The Longest-Leading Billboard Hot 100 No. The novel coronavirus has done a number on the music industry -- and live entertainment concert promoters in particular. Concerts are one of the many avenues in which labels and artists make money. Streaming music grew to 85% of the market by value, compared with 80% the prior year. New artists and songwriters need a place to play before they have a major following, and to improve as musicians before they ink record and publishing deals. The Music market is expected to grow from USD X.X million in 2020 to USD X.X million by 2026, at a CAGR of X.X% during the forecast period. Relatively speaking, she still did well compared to her peers. Barring a major surprise, 2019 will have been the fifth straight year of growth for the global recorded music industry. If the recession deepens significantly in the second half of 2020, the combined effect of higher unemployment and reduced consumer spending could result in a worst case scenario of -4.0% annual growth for recorded music. “Thriller” by Michael Jackson sold 33 million copies making it RIAA’s highest certified Diamond album by a solo male artist. Music Industry News, Jobs & Charts. This fact has not been lost on venues; arenas that don’t have to accommodate a major-league sports schedule have upwards of 40 more potential dates each year to play with when determining their concert schedules. 9 out of 10 social media users do music-related social media activity. That trend bodes well for production vendors of all stripes, including sound reinforcement providers, whether they deliver sound for club concerts, stadium extravaganzas or venues somewhere in between. R&B/Hip-Hop with a 27.7% share is the most-consumed genre in 2019. Drawing primarily on Citi and PwC estimations, the total revenue of the live industry can be put at around $9,5 billion. Drake dominated streaming in the last decade, garnering 36,335,298,000 on-demand streams. At wholesale value, revenues grew 5.1% to … The Recording Industry Association of America or RIAA is the governing body when it comes to giving out certifications. For more stories like this, and to keep up to date with all our market leading news, features and analysis, sign up to our newsletter here. K-Pop fans also listen more to music than the average American. Fathom Events CEO Ray Nutt told Rolling Stone in December, “In terms of a one-time performance, an event in excess of $750,000 in gross box office, such as the ones we’ve done with BTS and the Elvis Presley ’68 Comeback Special, is a success in our books.”. Live music has collapsed, but streaming could save the industry, says Goldman Sachs A new report forecasts that the music industry will see a 75% plunge in live music revenue in 2020… Global growth by region. The Rolling Stones concerts have the most expensive tickets with an average price of $624. While individual market estimates vary, financial research sources as a whole point to continued strong consumer interest in concerts and live music experiences in the years to come. The 2010s saw the rise in popularity of K-Pop, for instance. As result, the WSJ notes, Irving Azoff’s facility company Oak View Group may be planning to spend $3.9 billion to build eight arenas around the country in the next three years, only two of which will house a sports team. In a report published on Friday, music industry magazine Pollstar says that the live music business lost a projected $30 billion worldwide in 2020 It’s the first time in … Update my browser now. In the US, 67% of the population have listened to online radio in the past month in 2019. ... 35% of Americans said that they attended live music concerts in 2018. In 2019, Ed Sheeran sold about 2.5 million tickets. Most-Streamed Tracks on Spotify Worldwide as of May 13, 2020, Top Touring Artists of the Decade 2009-2019, Nielsen Releases In-Depth Statistics on Live Music Behavior: 52 Percent of Americans Attend Shows. Social media is used to look for new music by 31% of all teens. The Australian live performance sector had a record-breaking year in 2017, according to Live Performance Australia’s 2017 Ticket Attendance and Revenue Report, released this morning. 35% of Americans said that they attended live music concerts in 2018. Update your browser to view this website correctly. Slowly, the pure sales segment of the industry is declining. 73 Music Industry Statistics: 2020/2021 Facts, Sales & Analysis. This industry has been around for as early as the Rennaissance period. A study on the global music industry has shown that the worldwide live music industry will manage to generate total revenue of $31.49 billion by 2023. IBISWorld’s report notes that music fans have increasingly used the web in recent years to discover new music acts, resulting in a parallel rise in club and theater concerts over the last five years, and that ascent, too, is expected to continue. Chart positions are also an important factor in determining a song’s success. People love listening to their favorite records at home, but investing in a musician or a band and going to a live event provides a valuable social experience. On-demand streaming gained a positive 29.3% growth in 2019. Each year, billions of dollars are reported as the industry’s annual revenue—writers, producers, artists, labels, and more benefit from the continuous patronage of music fans around the globe. The statistics in this article are not only meant to inform but to show you a clearer picture of the industry and its artists as a whole. From CDs to vinyl to various streaming platforms, music can now be heard virtually anytime and anywhere. Tags ⋅ Audiophile Series ⋅ Concert Sound ⋅ concert venue ⋅ Fathom Events ⋅ industry forecast ⋅ Live Sound ⋅ Ray Nutt ⋅ Sound Reinforcement ⋅ Supersphere ⋅ trends. Starting from 2017, albums are ranked based on the total sales plus streaming score or SPS. Industry Data. Katy Perry’s “Dark Horse” is a certified Diamond with over 11 million copies sold, making it the highest certified single from a female soloist. Physical or pure sales are dying. Lil Nas X’s “Old Town Road” is 2019’s most-streamed song with 2.5 billion on-demand streams. Sucker by Jonas Brothers garnered 849,000 in radios in 2019. Copyright © 2020 CompareCamp. Conferences, meetings, and events with customers and employees give you a sure way to listen to their voices in real-time. Ed Sheeran’s “Thinking Out Loud” is the highest certified Diamond single for a male soloist, selling more than 12 million copies worldwide. As of 2019, there are 3,338 independent labels in the US. The music industry was in crisis just a few years ago. Streaming has provided some compensation for the music market amid COVID-19, and it is now the largest driver of industry revenues. As we begin 2020, the music industry’s days of doom and gloom are … Virtual Reality is already seeping into so much of … Music Streaming Revenue Statistics. Taylor Swift’s “ME!” featuring Brendon Urie holds the record for the biggest single-week upward movement when it debuted at #100 and jumped to #2, the following week. In the streaming era, this ecosystem can be considered obsolete. Aside from that, interactivity between users and artists through these platforms is more likely to rise in the coming years given the technology. This article will further discuss this through various statistics about the industry below. Nowadays, music has never been more accessible. These SPS scores are the combination of track equivalent albums (TEA), streaming equivalent albums (SEA), and pure sales. And peering even deeper into the crystal ball, in December, The Wall Street Journal placed the live music business at roughly $28 billion today, and forecast that the industry will be taking in $38 billion annually by 2030. At the same time, however, paying audiences have become increasingly attracted to live music, underlining the industry adage, “You can’t download an experience.”, Related: Capturing Concerts for VR, by Alvin Fernald, Aug. 26, 2019, That doesn’t mean technologists won’t try to make that happen, of course. Industry leaders have warned that the closure of music venues and the impact of social distancing restrictions on the music industry has been catastrophic, and the industry will need support to get back on its growth course. (Business Wire, 2021) The global digital music revenue in 2019 hit $1.5 billion. The number of paid subscribers grew by 27.8% from 2017 to 2018. Jazz genre sold the most physical albums in 2019 with 24% from the total SPS. US consumers spend an average of 4 hours a day listening to music. To support the industry at this time, the first year of Live Music Australia funding in 2020–21 has been adapted to assist live music venues in the recovery phase. U2’s 360° Tour has the highest average of attendance with 66,110 attendees per show. The convenience brought by the advancement of technology was both a boon for music lovers and, somehow, a bane for the industry. However, her 2019 album, Lover, failed to cross the 1 million mark with only 679,000 pure sales in its first week. With the majority of music lovers on streaming platforms, record labels, and artists alike are most likely to take advantage of this by doing targeted ads to heavily promote their songs. January 3, 2020. From then on, the music industry has continuously evolved over the centuries. For artists and labels, certifications and chart positions are great indicators that their song is a massive success. Current Flight Pricing Trends: 2021/2022 Data, Statistics &... 11 Current Business Trends: 2021/2022 Data, Insights &... 44 Credit Score Statistics: 2020/2021 Data By Age,... 56 Marriage Statistics: 2020/2021 Global Data, Analysis &... 35 Shoplifting Statistics: 2020/2021 Data, Trends & Impact. The annual growth of the industry’s revenue from streaming somehow mirrors the growth of the number of paid subscribers across all music streaming platforms. Fans turn out for these events. Japan (47%) and Germany (35%) are the two markets with the highest intent of purchasing physical copies. The research, carried out on behalf of LIVE, the umbrella group representing the live music industry, found: In 2019 live music supported 210,000 full-time equivalent roles, as well as tens of thousands of freelancers. 1 For Each, Here Are the 37 Hits That Have Debuted at No. The global music streaming market is estimated to grow at a CAGR of 7.4% from 2020 to 2027, to reach $46.9 billion in 2027. All B2B Directory Rights Reserved. Published: January 2, 2020. (Billboard) On the other hand, music industry statistics for 2020 w eren’t so promising for Asia. In 2017, 658 new artists signed to major labels. Even sports teams like the Oakland Athletics…. Taylor Swift topped the 2019 list for song sales, selling over 75,893,000 copies. In 2019, market research firm IBISWorld’s Concert & Event Promotion in the U.S. report predicted that the concert industry’s total revenue will rise 1.9 percent annually through 2024, ultimately hitting $36.6 billion that year. Music and Virtual Reality Will Become One. One of the prominent chart makers is Billboard. Many industries have had to revise their revenue forecasts downwards as a result of the coronavirus outbreak. About $400 million of revenue will come from digital downloads in the US by 2024. By the end of 2018, there were 255 million users of paid subscription accounts globally. Even in the streaming era, there is still a portion of the population that are fond of radios both online and in the airwaves. Experts predict that by 2024, almost $5 billion in revenue will come from streaming. Adele is the best-selling album artist of the decade, selling over 23,924,000 albums. (IFPI, 2020) Radio is the top-used format in Germany (58%), Canada (51%), UK (51%), and US (44%). With 208 songs that charted, Drake is the number one artist with the most Hot 100 entries. Streaming is the future of the music industry. Post Malone - Sunflower - Spider-Man: Into the Spiderverse. If your business has music-related content, capitalize on the behavior of music consumers to your benefit. The reported global digital music revenue in 2018 to $2.3 billion. Click on the map for the growth figures in each region. And in just a few years, streaming has now become an integral part of the industry. The Australian music industry is facing particular pressures in light of the severe impacts of COVID-19. Moreover, if you’re already in the business as an event organizer for concerts, you may want to look at various event management software that can help you out. The biggest record labels like Universal Music Group, Sony, Capitol, and many more are found in the US. Executive summary Key statistics n In 2019, live music contributed £4.5 billion to the UK economy ² Revenue from physical album sales declined by -15% in 2019. Banks, consultants, sales & marketing teams, accountants and students all find value in IBISWorld. For music fans who prefer a crowd, Fathom Events broadcasts one-off exclusive live music events to cinemas around the country, often on days that would otherwise draw low attendance for movies. From phonographs to Walkman to Spotify, these are just a few of the milestones the music industry has gone through. It’s the fastest-growing economy out of the top-10, projected 7% CAGR up until 2023.This almost unprecedented economic growth is powered by the population of 1,35 billion people, which keeps on rising — … “My Life Would Suck Without You” by Kelly Clarkson holds the record for the biggest jump to number one when it debuted at #97. More than 1.2 trillion songs streamed on-demand in 2018. Engagement with streaming drives growth of the global music market . In 2018, PricewaterhouseCoopers’ Global Entertainment and Media Outlook 2018-2022 report predicted that the live concert industry’s total revenue will hit $31 billion by 2022, with $24 billion of that coming from ticket sales. Shania Twain’s “Come On Over” is RIAA’s highest certified Diamond album from a solo female artist with over 20 million units sold.

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