Music Market Report 2024 (Global Edition)

Global Music Market Report 2024 Market Size Split by Type of Streaming (Live Streaming, On-Demand Streaming), by End-User (Residential, Commercial), by Content Type (Audio Streaming, Video Streaming)

Music Market Report Description

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Music Market Insights Video

Competitive Landscape of the Music Market

The competitive landscape of the music market is dominated by major players such as Universal Music Group, Sony Music Entertainment, and Warner Music Group, which hold significant market share across global regions. Streaming giants like Spotify and Apple Music compete fiercely for subscriber base and exclusive content rights. Live Nation Entertainment leads in live event production and artist management. The industry also sees competition from emerging independent labels and digital platforms, driving innovation and diversification in music consumption and distribution.

April 2023: Sony Music Entertainment UK has unveiled plans to relaunch Epic Records UK, positioning it as a frontline label alongside RCA, Columbia, and Ministry of Sound. The relaunch aims to celebrate global music and British culture, coinciding with Epic Records' upcoming 70th anniversary of recorded music in 2023. (Source: https://www.sonymusic.com/epic/sme-uk-relaunches-epic-records/)

Top Companies Market Share in Music Industry: (In no particular order of Rank)

• Universal Music Group (France)
• Sony Music Entertainment (Japan)
• Warner Music Group (United States)
• Live Nation Entertainment (United States)
• Apple Music (United States)
• Spotify (Sweden)
• Tencent Music Entertainment (China)
• Bertelsmann Music Group (Germany)
• EMI Group (United Kingdom)
• BMG Rights Management (Germany)
• Confidential Data
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*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

If any Company(ies) of your interest has/have not been disclosed in the above list then please let us know the same so that we will check the data availability in our database and provide you the confirmation or include it in the final deliverables.

Regional Analysis of the Music Market

Which Region Dominates the Music Market in 2024?

According to Cognitive Market Research, North America dominated the market in 2024. It accounted for around 40% of the global revenue because of the area's a strong presence of major record labels like Universal Music Group, Sony Music Entertainment, and Warner Music Group headquartered in the region. The United States, in particular, has a robust music industry infrastructure with leading streaming platforms such as Spotify and Apple Music. Additionally, North America's diverse musical genres and strong consumer spending on entertainment contribute to its dominant position in the global music market.

Which Region is Expanding at the Fastest CAGR?

The Asia Pacific region is experiencing the fastest CAGR in the music market due to rapid urbanization, increasing disposable incomes, and widespread adoption of digital technology. Countries like China, Japan, and South Korea have large populations of music enthusiasts who are embracing streaming platforms and digital downloads. Additionally, the region's vibrant music culture, coupled with a rising number of concerts, festivals, and music events, contributes to the expanding market for both local and international music.

 

The current report Scope analyzes Music Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

The above graph is for illustrative purposes only.

North America Music Market

According to Cognitive Market Research, the global Music market size was estimated at USD 8951.2 Million, out of which North America held the major market of more than 40% of the global revenue with a market size of USD 12498.08 million in 2024 and will grow at a compound annual growth rate (CAGR) of 7.2% from 2024 to 2031.

• According to Cognitive Market Research, the US had a major share in the Music market with a market size of USD 9860.99 million in 2024 and is projected to grow at a CAGR of 7.0% during the forecast period. The demand is amplified by the nation's a robust infrastructure supporting digital streaming services.
• The Canada Music market had a market share of USD 1499.77 million in 2024 and is projected to grow at a CAGR of 8.0% during the forecast period. Canada's robust consumer demand and a diverse range of applications to increased usage of Music.
• The Mexico Music market is projected to witness growth at a CAGR of 7.7% during the forecast period, with a market size of USD 1137.33 million in 2024.

Europe Music Market

According to Cognitive Market Research, the global Music market size was estimated at USD 8951.2 Million out of which Europe held the market of more than 30% of the global revenue with a market size of USD 9373.56 million in 2024 and will grow at a compound annual growth rate (CAGR) of 7.5% from 2024 to 2031.

• The United Kingdom Music market had a market share of USD 1574.76 million in 2024 and is projected to grow at a CAGR of 8.3% during the forecast period. In the UK, Music sales witness an upswing due to its diverse cultural heritage and strong support for local and international artists.
• The France Music market is projected to witness growth at a CAGR of 6.7% during the forecast period, with a market size of USD 862.37 million in 2024.
• According to Cognitive Market Research, the Germany Music market size was valued at USD 1855.96 million in 2024 and is projected to grow at a CAGR of 7.7% during the forecast period. In Germany, Music sales surged due to rich tradition of music festivals, concerts, and venues that attract large audiences.
• The Italy Music market is projected to witness growth at a CAGR of 6.9% during the forecast period, with a market size of USD 806.13 million in 2024.
• The Russia Music market is projected to witness growth at a CAGR of 6.5% during the forecast period, with a market size of USD 1452.90 million in 2024.
• The Spain Music market is projected to witness growth at a CAGR of 6.6% during the forecast period with a market size of USD 768.63 million in 2024
• The Luxembourg Music market is projected to witness growth at a CAGR of 7.6% during the forecast period, with a market size of USD 290.58 million in 2024.
• The Portugal Music market is projected to witness growth at a CAGR of 7.3% during the forecast period, with a market size of USD 196.84 million in 2024.
• The Greece Music market is projected to witness growth at a CAGR of 7.8% during the forecast period, with a market size of USD 112.48 million in 2024.
• Rest of Europe's Music market is projected to witness growth at a CAGR of 6.2% during the forecast period, with a market size of USD 1452.90 million in 2024.

Asia Pacific Music Market

According to Cognitive Market Research, the global Music market size was estimated at USD 8951.2 Million, out of which Asia Pacific held the market of around 23% of the global revenue with a market size of USD 7186.40 million in 2024 and will grow at a compound annual growth rate (CAGR) of 11.0% from 2024 to 2031.

• According to Cognitive Market Research, the China Music market size was valued at USD 3233.88 million in 2024 and is projected to grow at a CAGR of 10.5% during the forecast period. Music sales surge in China due to rapid urbanization, increasing internet penetration, and a youthful population embracing digital platforms.
• The Japan Music market is projected to witness growth at a CAGR of 9.5% during the forecast period, with a market size of USD 991.72 million in 2024.
• The India Music market had a market share of USD 862.37 million in 2024 and is projected to grow at a CAGR of 12.8% during the forecast period. India's rising disposable incomes augment the demand encourage adoption of music technologies.
• The South Korea Music market is projected to witness growth at a CAGR of 10.1% during the forecast period, with a market size of USD 718.64 million in 2024.
• The Australia Music market is projected to witness growth at a CAGR of 10.7% during the forecast period, with a market size of USD 373.69 million in 2024.
• The South East Asia Music market is projected to witness growth at a CAGR of 12.0% during the forecast period, with a market size of USD 495.86 million in 2024.
• The Rest of Asia Pacific Music market is projected to witness growth at a CAGR of 10.8% during the forecast period, with a market size of USD 510.23 million in 2024.

South America Music Market

According to Cognitive Market Research, the global Music market size was estimated at USD 8951.2 Million out of which Latin America market of more than 5% of the global revenue with a market size of USD 1562.26 million in 2024 and will grow at a compound annual growth rate (CAGR) of 8.4% from 2024 to 2031.

• According to Cognitive Market Research, the Brazil Music market size was valued at USD 668.65 million in 2024 and is projected to grow at a CAGR of 9.0% during the forecast period. Music sales flourish in Brazil due to its vibrant musical heritage and the popularity of genres like reggaeton, Latin pop, and regional music styles.
• Argentina Music market had a market share of USD 262.46 million in 2024 and is projected to grow at a CAGR of 9.3% during the forecast period. Argentina's technological advancements augment the demand to strong regional fan bases and collaborations with international artists.
• Colombia Music market is projected to witness growth at a CAGR of 8.2% during the forecast period with a market size of USD 139.04 million in 2024.
• Peru Music market is projected to witness growth at a CAGR of 8.6% during the forecast period with a market size of USD 128.11 million in 2024.
• Chile Music market is projected to witness growth at a CAGR of 8.7% during the forecast period with a market size of USD 112.48 million in 2024.
• The Rest of Latin America Music market is projected to witness growth at a CAGR of 7.5% during the forecast period, with a market size of USD 251.52 million in 2024.

Middle East and Africa Music Market

According to Cognitive Market Research, the global Music market size was estimated at USD 8951.2 Million, out of which the Middle East and Africa held the major market of around 2% of the global revenue with a market size of USD 624.90 million in 2024 and will grow at a compound annual growth rate (CAGR) of 8.7% from 2024 to 2031.

• The GCC Countries Music market is projected to witness growth at a CAGR of 9.5% during the forecast period with a market size of USD 267.46 million in 2024. Music sales flourish due to expanding urbanization, rising youth population, and increasing internet accessibility.
• The Egypt Music market is projected to witness growth at a CAGR of 9.0% during the forecast period, with a market size of USD 65.61 million in 2024.
• The South Africa Music market is projected to witness growth at a CAGR of 9.7% during the forecast period, with a market size of USD 98.73 million in 2024. Music sales flourish in South Africa due to growing investments in entertainment infrastructure.
• The Turkey Music market is projected to witness growth at a CAGR of 8.2% during the forecast period, with a market size of USD 53.74 million in 2024.
• The Nigeria Music market is projected to witness growth at a CAGR of 7.8% during the forecast period, with a market size of USD 65.61 million in 2024.
• The Rest of MEA Music market is projected to witness growth at a CAGR of 7.7% during the forecast period, with a market size of USD 73.74 million in 2024.

Music Market Analysis

Music Market Type of Streaming Segment Analysis

According to Cognitive Market Research, Live Streaming stands out as the dominating category. Live streaming has captured the largest market share in the music market due to its ability to provide real-time interaction and engagement between artists and audiences, especially during the COVID-19 pandemic when live events were restricted. Platforms like Twitch, YouTube Live, and Facebook Live enable musicians to perform concerts and events virtually, reaching global audiences without physical venue constraints. This format not only sustains artist-audience connections but also generates revenue through virtual ticket sales, donations, and sponsorships.

On-demand streaming is growing at the highest CAGR in the music market due to its convenience and extensive music catalog accessibility. Platforms like Spotify, Apple Music, and Amazon Music offer users instant access to millions of songs and playlists on-demand, tailored to individual preferences. This format appeals to consumers seeking flexibility in music consumption without the need for ownership. Additionally, subscription models and personalized recommendations drive user retention and engagement, fueling the rapid growth of on-demand streaming services globally.

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Music Industry. Request a Free Sample PDF!

Music Market End-User Segment Analysis

According to Cognitive Market Research, the dominating category is Commercial. Commercial end-users have captured the largest market share in the music market due to their diverse applications across industries such as retail, hospitality, and media. Businesses utilize music for enhancing customer experiences, creating ambiance, and marketing purposes. Retail stores use music to influence shopper behavior, while hotels and restaurants use it to create a pleasant atmosphere. Additionally, media outlets and advertising agencies rely on music for content creation and brand promotion, contributing to the significant market share of commercial end-users.

Residential end-users are growing at the highest CAGR in the music market due to the increasing adoption of smart home technology and connected audio devices. Consumers are investing in home entertainment systems, wireless speakers, and smart speakers like Amazon Echo and Google Home, facilitating seamless music streaming and playback at home. The convenience of controlling music playback via voice commands and mobile apps enhances the residential music listening experience, driving the demand for subscription-based streaming services and digital downloads.

The above Graph is for representation purposes only. This chart does not depict actual Market share.

Music Content Type Segment Analysis

Content Type Segment Analysis

According to Cognitive Market Research, the dominating category is Audio Streaming. Audio streaming content types have captured the largest market share in the music market due to their popularity and convenience. Platforms like Spotify, Apple Music, and Amazon Music provide a vast library of songs, albums, playlists, and podcasts accessible on-demand. Consumers prefer audio streaming for its ease of use, personalized recommendations, and ability to discover new music effortlessly. Moreover, subscription models offer ad-free listening experiences, contributing to sustained growth in audio streaming content consumption globally.

Video streaming content types are growing at the highest CAGR in the music market due to their ability to offer immersive and visually engaging music experiences. Platforms like YouTube, Vevo, and TikTok integrate music videos, live performances, and user-generated content, attracting a broad audience. Video streaming enhances music discovery and fan engagement through viral trends, challenges, and artist collaborations. Moreover, monetization options such as advertising and premium subscriptions drive revenue growth for platforms and rights holders alike.

• Audio Streaming
• Video Streaming

Author's Detail

Swasti Dharmadhikari

Research associate at Cognitive Market Research

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Swasti Dharmadhikari, an agile and achievement-focused market researcher with an innate ardor for deciphering the intricacies of the Service & Software sector. Backed by a profound insight into technology trends and consumer dynamics, she has committed herself to meticulously navigating the ever-evolving terrain of digital Services and software solutions.

Author's Conclusion