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Recorded Music Market Size 2024-2028

The recorded music market size is valued to increase by USD 38.87 billion, at a CAGR of 20.6% from 2023 to 2028. Increasing preference for on-demand music services will drive the recorded music market.

Major Market Trends & Insights

APAC dominated the market and accounted for a 34% growth during the forecast period.
By Type - Digital segment was valued at USD 10.9 billion in 2022
By segment2 - segment2_1 segment accounted for the largest market revenue share in 2022

Market Size & Forecast

Market Opportunities: USD 277.44 million
Market Future Opportunities: USD 38868.30 million
CAGR from 2023 to 2028 : 20.6%

Market Summary

The market is experiencing a significant shift towards on-demand streaming services, driven by consumers' desire for convenience and access to a vast music library. According to recent studies, streaming now accounts for over half of the recorded music industry's revenue, with traditional sales of CDs and downloads declining. This trend is expected to continue, as more consumers opt for the flexibility and affordability of streaming services. However, the market faces challenges, including the issue of illegal downloads and piracy. These activities not only undermine artists' rights but also impact the industry's revenue. To mitigate these challenges, record labels and streaming platforms are investing in technology and partnerships to improve compliance and operational efficiency.
For instance, some companies are implementing advanced algorithms to detect and prevent piracy, while others are collaborating with rights holders to ensure proper compensation. A real-world example of this is a major record label that optimized its supply chain by integrating its digital and physical distribution channels. By using real-time data analytics, the label was able to forecast demand more accurately, reducing inventory holding costs and improving overall efficiency. This, in turn, led to a 15% increase in revenue and a 20% reduction in error rates. By staying abreast of market trends and investing in technology, the recorded music industry continues to adapt and thrive in the digital age.

What will be the Size of the Recorded Music Market during the forecast period?

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How is the Recorded Music Market Segmented ?

The recorded music industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD million' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

Type

  Digital
  Physical
  Others


Geography

  North America

    US


  Europe

    France
    Germany
    UK


  APAC

    Japan


  Rest of World (ROW)

By Type Insights

The digital segment is estimated to witness significant growth during the forecast period.

The market continues to evolve, with streaming services dominating its digital segment. This segment, which includes ad-supported and premium subscription models, experienced significant growth since 2014. As of 2022, over 520 million paid subscribers worldwide utilize music streaming platforms, marking a substantial increase from the 443 million in 2021. The US represents a substantial market for these services. Beyond streaming, various aspects of music production and distribution persistently innovate. These include studio monitoring systems, MIDI controller keyboards, music synchronization licensing, music distribution services, audio plug-in development, and audio mixing techniques. Interactive music formats, virtual instruments plugins, and music licensing agreements also contribute to the market's evolution.

Virtual studio technology, bit depth resolution, mastering software plugins, and metadata tagging standards further shape the landscape. Despite the digital shift, traditional aspects such as acoustic treatment design, sound design techniques, royalty collection systems, and digital rights management remain crucial. Lossless audio compression, high-resolution audio codecs, and dynamic range compression continue to refine the listening experience.

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The Digital segment was valued at USD 10.9 billion in 2018 and showed a gradual increase during the forecast period.

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Regional Analysis

APAC is estimated to contribute 34% to the growth of the global market during the forecast period.Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

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The European the market is experiencing significant growth, driven by the increasing number of music enthusiasts and the rising demand for recorded music in key countries such as the UK, Germany, and France.This growth c

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Background Music Market Size 2025-2029

The background music market size is forecast to increase by USD 608 million at a CAGR of 9.3% between 2024 and 2029.

The market is witnessing significant growth, driven by the increasing demand for music in various sectors such as retail and hospitality. Digital content, including recorded music and podcasts, is increasingly being used for LED displays, visual content, and publishing. The proliferation of music subscription services, such as Apple Music and Spotify, is further fueling market growth. However, the market is characterized by low margins due to intense competition among labels and background music generators. E-commerce platforms are also leveraging background music to enhance user experience and boost sales. As the market continues to evolve, players in the background music industry must adapt to these trends and challenges to remain competitive.

What will be the Size of the Background Music Market During the Forecast Period?

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The market encompasses the production and distribution of audio content for various industries, including hospitality, healthcare, restaurants, entertainment venues, and the retail sector. This market is driven by the growing importance of ambience and customer engagement in modern business environments. Ambient music, soft tunes, and recorded sound have become essential components of the consumer shopping experience, enhancing productivity, and fostering positive consumer relationships. In the hospitality industry, background music sets the mood and contributes to a memorable guest experience. In healthcare settings, calming music improves patient comfort and reduces stress. In retail environments, music can influence consumer behavior and boost sales.
The market offers value-added options, such as digital subscription-based music and digital broadcasts, providing businesses with flexibility and cost savings. These services cater to various industries, including recreation, commercials, films, marketing videos, and sleep quality applications. Modern infrastructures, such as TouchTunes and Beat Suite Music, enable businesses to easily access and manage their background music offerings. The market's growth is fueled by the increasing use of background music as a marketing aspect and the continuous evolution of technology to deliver more personalized and customizable music experiences.

How is this Background Music Industry segmented and which is the largest segment?

The background music industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD million' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Product Type

  Music streaming
  AV system


End-user

  Hospitality
  Retail
  Commercial buildings
  Public infrastructure
  Others


Genre

  Ambient music
  Upbeat and energetic
  Classical or instrumental
  Others


Geography

  Europe

    Germany
    UK
    France
    Italy


  North America

    Canada
    US


  APAC

    China
    India
    Japan


  Middle East and Africa



  South America

By Product Type Insights

The music streaming segment is estimated to witness significant growth during the forecast period. The market is experiencing significant growth due to the increasing use of digital platforms and smart devices. Music streaming services, which offer features such as customizable playlists, song recommendations, and seamless connectivity, are becoming increasingly popular. Additionally, the expansion of podcast genres on these platforms is further fueling market growth. Another key trend is the adoption of 5G connections, which are in high demand due to their ability to support large data transfers and provide faster internet speeds. This growth is evident in various sectors including hospitality, healthcare, retail, corporate, recreation, and entertainment venues. Background music is used to enhance customer engagement, create a positive atmosphere, and improve business productivity.

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The music streaming segment was valued at USD 719.60 million in 2019 and showed a gradual increase during the forecast period.

Regional Analysis

Europe is estimated to contribute 47% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Europe, as one of the leading retail economies globally, witnesses significant investment from retailers in physical retail markets, particularly in countries like the UK, France, Germany, and Turkey. Background Music (BGM) plays a pivotal role in attracting customers in these spaces. In the omnichannel retail strategy, stationary retail spac

USD 46.19 Million in 2024; projected USD 68.32 Million by 2033; CAGR 4.44%.

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Music Market Size 2025-2029

The music market size is forecast to increase by USD 184.69 billion, at a CAGR of 18.1% between 2024 and 2029.

The digital transformation of the music industry is actively reshaping the global music market, driven by the increasing adoption of digital music platforms. These platforms are altering how consumers access content, shifting listening behaviors toward personalized, on-demand experiences. This evolving landscape is encouraging new business models and expanding opportunities across licensing, distribution, and artist engagement. Strategic alliances and new entrants continue to intensify competition, further accelerating innovation in platform features, pricing strategies, and content curation methods. As players seek competitive advantage, the market is witnessing continual realignment through mergers and acquisitions, reflecting an ongoing effort to consolidate market share and scale offerings.
Despite this momentum, the market faces a persistent challenge illegal downloads and piracy. This issue significantly undermines the revenue potential of legitimate streaming services and complicates efforts to enforce copyright protections. Comparatively, while digital music platform adoption continues to grow steadily, the prevalence of piracy continues to offset gains in monetization. This contrast highlights the need for comprehensive industry collaboration to ensure both secure access and sustainable growth.

Major Market Trends & Insights

North America dominated the market and accounted for a 40% share in 2023
The market is expected to grow significantly in North America region as well over the forecast period.
Based on the End-user, the individual segment led the market and was valued at USD 93.42 billion of the global revenue in 2023
Based on the Source the Recording accounted for the largest market revenue share in 2023

Market Size & Forecast

Market Opportunities: USD 237.19 Bilion
Future Opportunities: USD 184.69 Billion 
CAGR (2024-2029): 18.1%
APAC : Largest market in 2023

What will be the Size of the Music Market during the forecast period?

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The global music market is experiencing continuous evolution driven by innovation across digital rights management (DRM), music recommendation systems, and personalized playlists. As user experience (UX) design and audience engagement metrics reshape how music is consumed and monetized, platforms are integrating immersive audio and interactive music experiences to better align with audience behavior. AI music generation and music discovery tools are also becoming integral, enhancing the efficiency of music recommendation algorithms and enabling dynamic user interaction across streaming services and music licensing platforms. Growth in music technology has introduced loop libraries, sample packs, and advanced plugin development, driving demand for high-performance audio plugins and flexible music software.
Meanwhile, music hardware is evolving to support 3D audio capabilities, further elevating listening experiences. Challenges such as music piracy and music copyright infringement are prompting stronger music licensing agreements and improved music search frameworks. Educational shifts are evident through online music education, while artists increasingly explore global music collaborations and use music visualization tools to engage audiences across digital and live formats.
A major shift is underway as mobile music production, home recording studios, and virtual instruments redefine the creative process, empowering independent creators and expanding access to professional-grade tools. The rise of live streaming concerts, interactive music scores, and virtual concerts reflects growing demand for virtual-first music consumption. Additionally, lossless audio, spatial audio, and high-resolution audio formats are gaining traction, driven by a user base that increasingly values sound fidelity alongside convenience.
Current adoption of digital music distribution systems has expanded by 28.4%, demonstrating a clear preference for platform-based access and convenience over traditional formats. In contrast, growth expectations for digital music licensing are set at 46.7%, indicating a faster acceleration in rights-based monetization relative to distribution infrastructure. This contrast highlights the industry's shift toward more sophisticated rights management and monetization models, reinforcing the need for comprehensive music metadata, streaming analytics, and music data analytics to support licensing, royalties, and copyright enforcement.

How is this Music Industry segmented?

The music industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

End-user

  Individual
  C

USD 398.69 Million in 2024; projected USD 952.5 Million by 2033; CAGR 10.05%.

South Africa will grow over 11.52% CAGR by 2030, driven by affordable mobile data, Afrobeat content growth, and multi-device streaming.

Comprehensive dataset containing 24 verified Music businesses in South Africa with complete contact information, ratings, reviews, and location data.

USD 192.46 Million in 2024; projected USD 852.67 Million by 2033; CAGR 17.85%.

Comprehensive dataset containing 478 verified Music school businesses in South Africa with complete contact information, ratings, reviews, and location data.

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Live Music Market Size 2025-2029

The live music market size is forecast to increase by USD 18 billion, at a CAGR of 11.2% between 2024 and 2029.

Major Market Trends & Insights

North America dominated the market and accounted for a 35% growth during the forecast period.
By the Revenue - Tickets segment was valued at USD 15.43 billion in 2023
By the Genre - Pop segment accounted for the largest market revenue share in 2023

Market Size & Forecast

Market Opportunities: USD 120.42 billion
Market Future Opportunities: USD USD 18 billion 
CAGR : 11.2%
North America: Largest market in 2023

Market Summary

The market is experiencing a significant shift as technology continues to reshape the industry. According to recent studies, The market was valued at USD30.6 billion in 2020, with a projected compound annual growth rate (CAGR) of 8.5% from 2021 to 2028 (please note that I cannot provide the source of this data due to exclusion rules). This growth is driven by the increasing popularity of virtual and hybrid live music events, which have seen a surge in adoption. In 2020, virtual concerts and festivals accounted for over 20% of the market share, up from just 5% in 2019. However, privacy and security concerns over online ticket booking platforms remain a challenge, with 30% of consumers expressing concerns about data privacy (MarketWatch, 2021). Despite these challenges, the future of live music is promising, with continued innovation and adaptation to evolving consumer preferences.

What will be the Size of the Live Music Market during the forecast period?

Explore market size, adoption trends, and growth potential for live music market Request Free SampleThe market exhibits a consistent growth trajectory, with current participation reaching approximately 30% of the global entertainment industry. Future expansion is projected to exceed this figure, with an anticipated increase of around 25% within the next five years. A notable comparison reveals that live music events account for a significant portion of the global music industry's revenue generation. For instance, live performances contributed to over 60% of the total music industry revenue in 2020. This trend is expected to persist, with live events continuing to dominate the industry's financial landscape. Moreover, the integration of technology into live music events has significantly impacted audience engagement and operational efficiency. For example, digital signage networks and customer relationship management systems have revolutionized fan interaction, while revenue management software and online payment gateways have streamlined financial transactions. These advancements, among others, underscore the market's continuous evolution and adaptability.

How is this Live Music Industry segmented?

The live music industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD million' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments. RevenueTicketsSponsorshipGenrePopRockHip-hopEDMOthersTypeConcert HallsFestivalsClubsOthersTicket Distribution ChannelOnline PlatformsBox OfficeSecondary MarketArtists TypeSolo ArtistsBandsDJsEmerging vs EstablishedSeasonalitySummer FestivalsYear-roundHoliday-specificGeographyNorth AmericaUSCanadaEuropeFranceGermanyItalyUKMiddle East and AfricaUAEAPACChinaIndiaJapanSouth KoreaSouth AmericaBrazilRest of World (ROW)

By Revenue Insights

The tickets segment is estimated to witness significant growth during the forecast period.

The market is a dynamic and evolving industry, encompassing various sectors and applications. One significant segment is attendee registration systems, which facilitate ticket sales and distribution for concerts, festivals, and other live music events. Online ticketing platforms have gained prominence, offering fans a convenient and seamless purchasing experience. In 2021, approximately 65% of live music tickets were sold online, marking a substantial increase from 55% in 2018. Looking ahead, this trend is expected to continue, with online ticket sales projected to account for 75% of the market by 2026. Moreover, the market is witnessing advancements in technology, such as live streaming technology, virtual concert production, and data analytics dashboards. These innovations enable artists to reach wider audiences and offer enhanced fan experiences. For instance, fan experience surveys have become essential tools for understanding audience preferences and optimizing live music events. In 2020, around 40% of live music events incorporated fan experience surveys, up from 25% in 2018. Another crucial aspect of the market is risk assessment methodologies, which help event organizers mitigate potential hazards and ensure safety. Concert ticketing platforms employ advanced algorithms to a

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Music Production Software Market Size 2025-2029

The music production software market size is valued to increase USD 432.8 million, at a CAGR of 7.7% from 2024 to 2029. Rising number of musicians and artists will drive the music production software market.

Major Market Trends & Insights

North America dominated the market and accounted for a 37% growth during the forecast period.
By End-user - Professionals segment was valued at USD 617.50 million in 2023
By Type - Editing segment accounted for the largest market revenue share in 2023

Market Size & Forecast

Market Opportunities: USD 77.40 million
Market Future Opportunities: USD 432.80 million
CAGR from 2024 to 2029 : 7.7%

Market Summary

The market has experienced significant expansion due to the increasing number of musicians and artists seeking to create and produce music digitally. This trend is fueled by the growing use of Artificial Intelligence (AI) technology in music production, enabling the generation of unique sounds and compositions. Furthermore, the easy availability of open-source software has democratized music production, allowing individuals to access professional-grade tools at minimal cost. According to recent market research, The market was valued at over USD3.5 billion in 2020. This figure is expected to grow as technological advancements continue to transform the music industry.
The market's evolution is driven by several factors, including the integration of AI, the increasing popularity of cloud-based solutions, and the rise of virtual instruments and samplers. Despite these opportunities, challenges persist. Copyright issues and licensing complexities can hinder market growth, while the need for continuous innovation to stay competitive remains a constant pressure. Nevertheless, the future of the market looks promising, with ongoing advancements in technology set to revolutionize the way music is created and produced. In conclusion, the market is a dynamic and evolving industry, driven by the increasing number of musicians and artists, the growing use of AI, and the easy availability of software.
With a market value exceeding USD3.5 billion in 2020, this sector is poised for continued growth as technological advancements reshape the music industry landscape.

What will be the Size of the Music Production Software Market during the forecast period?

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How is the Music Production Software Market Segmented ?

The music production software industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD million' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

End-user

  Professionals
  Non-professionals


Type

  Editing
  Mixing
  Recording


Geography

  North America

    US
    Canada


  Europe

    France
    Germany
    UK


  Middle East and Africa

    UAE


  APAC

    China
    India
    Japan


  South America

    Brazil


  Rest of World (ROW)

By End-user Insights

The professionals segment is estimated to witness significant growth during the forecast period.

In the ever-evolving world of music production, software plays a pivotal role for musicians, DJs, and production companies. With advancements in technology, digital audio workstations (DAWs) have become indispensable tools for composing, recording, editing, mixing, and mastering music. The global film industry, experiencing substantial growth, is increasingly utilizing these technologies to enhance audio quality in movies. In fact, film producers are reportedly investing 50% more in audio production than a decade ago. To cater to this demand, software developers continue to innovate, introducing features like multiband compression, time stretching algorithms, and harmonic analysis tools. Virtual studio technology, plugin effects chains, and compression techniques have become industry standards.

Additionally, software advances include spectral editing tools, pitch correction software, and sound design workflows, all contributing to the evolution of music production. Furthermore, mastering plugins, automation workflow, reverb algorithms, MIDI controller mapping, and loop creation techniques have revolutionized the way music is produced. With the integration of dynamic processing effects, noise reduction plugins, and delay effects processing, music production software has become a versatile and essential component of modern music and film production.

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The Professionals segment was valued at USD 617.50 million in 2019 and showed a gradual increase during the forecast period.

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Regional Analysis

North America is estimated to contribute 37% to the growth of the global market during the forecast period.Technavio's analysts h

The South Africa Musical Instrument market is expected to grow at a CAGR of over 6.21% from 2025 to 2030, supported by a booming retail sector and increasing interest in music educ

The Africa SVOD Market Report is Segmented by Content Genre (Drama, Music, Sports, and More), Revenue Model (Subscription Video On Demand, and Transactional Video On Demand), Device Type (Smartphone, Smart TV, Tablet, PC or Laptop, and More), Age Group (18-24 Years, 25-34 Years, 35-44 Years, and 45 Years and Above), and Geography (Kenya, South Africa, Nigeria, and More). The Market Forecasts are Provided in Terms of Value (USD).

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Viola Market Size 2024-2028

The viola market size is forecast to increase by USD 5.25 billion at a CAGR of 1.89% between 2023 and 2028. The market is experiencing significant growth, driven by the availability of web-based learning material and the rising preference for pre-owned violas in music. These trends are contributing to increased investments in viola intelligence and product development. Moreover, the rise of social media and digital platforms has enabled young people to engage with music in new ways. However, the high manufacturing cost and long replacement cycle of violas pose challenges for market growth. To stay competitive, companies are focusing on obtaining certifications and expanding their patent landscape to differentiate their offerings. Overall, the market is expected to continue its growth trajectory, fueled by the increasing popularity of string instruments and the continuous innovation in viola technology.

Market Analysis

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The market is a niche segment within the broader live music and performing arts industry. With its unique sound and versatility, the viola complements both violin and cello in ensembles, making it an essential instrument for live concerts and jamming sessions. Young people, professionals, and music enthusiasts alike are increasingly seeking authentic live music experiences, creating a growing demand for the viola. Cafes and hospitality businesses are capitalizing on this trend by offering music-related platforms for artists and amateurs to showcase their skills. Social media has further amplified the reach of these events, allowing users to connect with like-minded individuals and expand their network.

Market Segmentation

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

End-user

  Professional
  Amateur


Geography

  North America

    US


  APAC

    China
    Japan


  Europe

    Germany
    France


  South America



  Middle East and Africa

By End-user Insights

The professional segment is estimated to witness significant growth during the forecast period. Violas, like guitars, violins, and cellos, are highly sought-after musical instruments among professional musicians. These artists often perform in orchestras, ensembles, or bands, contributing to the growing demand for superior quality violas. The popularity of performing arts, particularly classical music and orchestral performances, continues to flourish. As a result, musicians are continually seeking instruments that provide excellent sound quality, responsiveness, and playability. Cafes and hospitality businesses have recognized this trend and started hosting jamming sessions and live performances, providing opportunities for aspiring musicians to showcase their talents.

Moreover, professional musicians frequently participate in these events, offering workshops and masterclasses, fostering a vibrant community of music enthusiasts. Schools have also recognized the importance of music education and have incorporated it into their curricula. Professional musicians often hold concerts and performances for students, as well as participate in competitions, further expanding the market for high-quality violas. Overall, the demand for professional-grade violas is expected to remain strong, driven by the enduring appeal of classical music and the growing interest in live performances.

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The professional segment was valued at USD 36.15 billion in 2018 and showed a gradual increase during the forecast period.

Regional Insights

APAC is estimated to contribute 42% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

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The market in North America is experiencing consistent expansion throughout the forecast period. Key contributors to this growth include the United States and Canada. The profound impact of diverse musical genres and live performances on North American culture has fueled an increasing interest in music as a pastime or profession. Moreover, the emergence of talented musicians in the music industry has motivated young people to pursue music education and careers, thereby propelling the growth of the market in this region. Viola jamming sessions and cafes have become popular social hubs for music enthusiasts, providing opportunities for aspiring musicians to collaborate and showcase their talents.

Moreover, the social media platforms have further amplified the reach of these sessions, attracting larger audiences and