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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Ankur Gupta, Head Marketing & Communications