It was predicted that 2020 was going to bring in billions of profits but with venues shut down and lockdown measures in place, its gross value added or GVA has plummeted. 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%. What Was Disco Dance Music, And Where Did It Begin? THE REAL DEAL (the truth about the music industry) by Jeriko One, written in 2002 "The music business is a cruel and shallow money trench, a long plastic hallway where thieves and pimps run free, and good men die like dogs. The industry is characterized by live concerts, studio recordings, and a variety of music genres. [3], Source: Figures within the table are based on IFPI Global music report 2018. “As this report shows, it contributes £5.8bn a year to the economy, generates £2.9bn in … For over a decade, the industry has witnessed growth catapulted by strict anti-piracy laws and punitive punishment for illegal downloads. Since 2006, worldwide music industry revenues have been more than $60 billion each year. The UK music industry was a vibrant, fast-growing … [5], Source: Figures within the table are based on IFPI Grobal music report 2016. 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).Simultaneously, new technologies put creative tools into the hands of people who previously couldn’t access them. Downloading music, both legally and illegally, is impacting on artists and changing the face of the music industry completely. Streaming has provided some compensation for the music market amid COVID-19, and it is now the largest driver of industry revenues. Industry Data. According to the calculation, the live concert industry’s total revenue will reach $31 billion in four years. The UK music industry was a vibrant, fast-growing and commercially successful sector before the pandemic hit.” The effects of the pandemic is greatly felt in live music. “Our music industry is a key national asset,” said Njoku-Goodwin. Live performance is vital to the music sector, both in reaching audiences and generating income. Understanding the Music Industry is a series that outlines the framework of the business, explaining the roles of the industry professionals, what their jobs entail, when it’s important to involve them and deal specifics that you want to be aware of. Unlike its European counterparts, Germany has witnessed a slow transition from contemporary music to digital music which accounted for less than 25%. Japan has the largest number of music stores in the world totaling approximately 6000 with 75% of the music sold in compact disks and vinyl. The United States music industry generates billions of dollars every year and is home to many of the world's most renowned musicians. Live music has been about 33% of these total revenues each and every year. The sector has become increasingly important to the livelihood of artists and musicians in recent years because of the global downturn in the sales of recorded music. Global Sales of Recorded Music by Country in 2010 (Page 24)", "RIAJ: Yearbook 2011, IFPI 2009 Report: 33. If 2019 matched 2018’s 9.7% growth, we could be talking about $21bn last year. Music industry reports can be found in the media marketand leisure industry sections. The music industry of East Asia, a region that includes Mainland China, Hong Kong, Macau, Japan, Mongolia, North Korea, Singapore, South Korea and Taiwan is developed economic sector that is home to some of the world's largest music markets. An increase in the penetration of digital musical instruments is anticipated to drive the market over the forecast period. The music industry in Japan generated $2.628 billion in 2015 and was ranked second behind the US. The United States music industry generates billions of dollars every year and is home to many of the world's most renowned musicians. The growing popularity of digital platforms and the increasing adoption of smart devices is expected to positively impact industry growth during the forecast period [6], Source: Figures within the table are based on IFPI 2014 annual report. Not only does the UK music industry make a huge contribution to the country’s cultural life but it is also an economic powerhouse. “As this report shows, it contributes £5.8bn a year to the economy, generates £2.9bn in exports and supports almost 200,000 jobs. While digital music business is booming, with consumers flocking to their computers to buy music in a few easy clicks, so too are individuals involved in digital piracy. This makes our live performance industry larger than the film, television and video games sector. The music industry is evolving faster than ever. Studies into the venue based live music industry (predominantly clubs and pubs) have found this sector injects $1.2 billion ann… Click on the map for the growth figures in each region. [7], Source: Figures within the table are based on IFPI 2013 annual report. [11] Total units figures are derived by addition of figures reported by referenced sources. Source: Figures within the table are based on IFPI 2004 annual report, except where noted below. - Hunter S. Thompson The truth is that big business controls the types of music and artists that get exposure and become popular. According to a new study from Pricewaterhouse Coopers (PwC), the live concert industry will experience significant growth during the next few years. This includes ticket… Read More The Australian music industry's revenue goes up for the first time in three years, driven by a doubling in music streaming services, while music downloads continue their decline.
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