Creative industries contributed more than £111bn to the UK economy in 2018; Advertising and marketing were two of the key drivers of growth in the Creative Industries use of recorded music by broadcasters and public venues”), increased in sales by just under 10%, a huge leap. The Five Most Powerful People in the Music Industry Don’t Work in the Music Industry They might not work directly with artists, songwriters, charts or hit records. Agents and A&Rs look for different things in the artist, but the essence of scouting remains the same across the board — identify and sign the promisin… The music industry is growing, and at an increasing rate. Streaming revenue grew by 34.0% and accounted for almost half (47%) of global revenue, driven by a 32.9% increase in paid subscription streaming. News. Now That the Music Modernization Act Has Passed, Who’s Gonna Run the Damn Thing? + 8 = fifteen .hide-if-no-js { The market is anticipated to expand at a CAGR of 21.0% from 2021 to 2028 In addition to the industry’s direct economic contribution, music tourism alone contributed £4.7 billion in terms of spending to the UK economy in 2019 - up 6% from £4.5 billion in 2018. Paid streaming, which looks at only those who pay for an account with a platform like Apple Music, Deezer and many others, rose by just under 33%, while free streaming (outlets that don't require people to pay, like Pandora or Spotify) made up much of the rest. Be Your Own Label http://bit.ly/WKDistroKidAre you after the money and fame? According to a new study from Pricewaterhouse Coopers (PwC), the live concert industry will experience significant growth during the next few years. This is made up of: £1.6bn from musicians, composers and songwriters; £634 m from recorded music; £662m from live music; £402m from music publishing; £151m from music representatives; £80m from music producers, recording studios; £1.4bn the value of exports; 101,680 full time jobs. To keep you up to date about the recent happenings in the industry, we have compiled some of the best statistics on the video game industry revenue for 2020. 40 Years of Music Industry Sales. (Source: Mordor Intelligence) This means going above and beyond in how they envision their business, generate revenues, create and organize their capabilities, and build and retain trust. The music industry has had a gloomy outlook for more than a decade. Once again, global recorded music revenues climbed in 2018, reaching a high not seen in over a decade. October 26, 2018. My byline has appeared in The Huffington Post, Billboard, Mashable, Noisey, The Hollywood Reporter, MTV, Fuse. Commenting on the report, UK Music CEO Jo Dipple said: “This shows for the very first time exactly how much music – in all its guises – contributes to the UK economy in terms of GVA, exports and employment. The total export revenue of the music industry was £2.9bn, up from £2.7bn in the previous year. }, × two = 18 .hide-if-no-js { }. The record industry has seen a lot of change over the years. The Rolling Stones in concert at the London Stadium in 2018. The Revolution Will Be Recorded: How Can Artists Shape Movements and Change Lives? The one bright spot in the physical world, vinyl, lifted for a lucky 13th consecutive year, though, as always, any gains made in that segment aren’t nearly enough to make up for the lack of CDs sold. I love following charts and the biggest and most successful names in the industry, and I'm always interested in highlighting incredible feats and discovering what's next. The Structure of the Music Industry Global With Local Dimensions The global sound recording industry is worth approximately R160 billion. But Parker didn't destroy the music industry, he just changed the way we acquired music … display: none !important; Streaming is King . Up to 85% of live music revenue will be lost in the United Kingdom, according to U.K. Music. At the same time digital downloads were falling, so were physical purchases, though due to some countries still sticking to older habits (that have evolved over time), physical revenues are still responsible for almost a quarter of the global recorded music industry's total worth. Miami’s highly successful Ultra Festival markedly increased its overseas presence in 2017 and is now putting on events in Latin America, Europe and Asia, as well as South Africa. Paid downloads dropped by a whopping 21.2%, and now represent only 7.7% of global revenues. But, in 2016, things are beginning to look up. Writing in the report’s foreword, Culture Secretary Nicky Morgan said: “This year’s Music By Numbers report reveals the industry is worth an amazing £5.2 billion to the economy and the live music sector is breaking the £1 billion barrier. Global podcast ad revenues to boom to $1.6 billion by 2022. Music contracts and publishing are not the most exciting part of the music industry, but they will determine your bottom line. Photograph: Antonio Olmos/The Observer. TABLE 3 GLOBAL TURNOVER OF THE LIVE MUSIC INDUSTRY 2010 ($ billion) A report in January said gaming was worth £3.86bn ($4.85bn) - … display: none !important; Hipgnosis Songs Acquires Music Catalog Of Popular Hip-Hop/R&B Producer No I.D. On the first step, agents and tour promoters find and sign the performer. This includes ticket sales and sponsorship. https://vocal.media/beat/how-much-is-the-music-industry-really-worth The British music industry contributed £4.1bn to the UK economy in 2015, according to new research from industry body UK Music. which details how much money the global recorded music industry brought in last year, what segments performed the best, the worst, which artists moved the most copies of hit singles and albums, and which focuses on certain markets, detailing how they rose or fell in their global rank. Live Music Industry Worth $15.7B To Aus In 2014 New report delivers big $$ findings The 2014 Live Music Report has finally been delivered, and its findings show that that live music industry … 16.12.2019 - Research will measure how much the music industry is worth to Scotland's economy. Half of … I am a freelance music journalist based in New York City. The outfit says it is scouting additional locations.”. Breaking down entertainment industries in the Global Entertainment and Media Outlook 2018-2022 report, PwC reveals live music revenue will increase at a compound annual growth rate (CAGR) of 3.3% heading into 2022. A whole year of festivals, gigs and tours has been thrown into doubt as the world is at a standstill for the foreseeable future. Total revenues of the music industry are estimated at $7 billion, generated by 3 main sub-industries: live, recording and publishing. Daniel Sanchez. Research will measure how much the music industry is worth to Scotland’s economy 16 December 2019 A new partnership of academics and music industry professionals is set to map and measure the impact of the music industry on Scotland, it was announced today (16 December 2019). 40 Years of Music Industry Sales. Behind that comes syncs (when a company uses a song in an ad or piece of media, such as a TV show or a film), and that field now only contributes 2.3% of all global recorded revenues, growing by only 5.2% from the year before. Events Industry by Type (Music Concert, Festivals, Sports, Exhibitions & Conferences, Corporate Events & Seminars, and Others), Revenue Source (Ticket Sale, Sponsorship, and Others), Organizer (Corporate, Sports, Education, Entertainment, and Others), and Age Group (Below 20 years, 21–40 years, and Above 41): Global Opportunity Analysis and Industry Forecast, 2021–2028 The segment’s revenues grew by 34% (exactly) in 2018, lifting to just under $9 billion. Export revenues of British music grew by 7 per cent to a new high of £2.6bn. Phil Spector's estate is poised to oversee music assets likely worth tens of millions of dollars following his death on Jan. 16, Billboard calculates. Sales were cut in half from their peak as single downloads, YouTube and piracy made the CD album go virtually extinct. Music Industry. Let’s dive right into it! To keep you up to date about the recent happenings in the industry, we have compiled some of the best statistics on the video game industry revenue for 2020. Figures released today in IFPI’s Global Music Report 2019 show total revenues for 2018 were US$19.1 billion. ‘TikTok v. Trump’ Refiled as ‘TikTok v. Biden’ In Federal Appeals Court, Sir Richard Branson Blesses UMG’s Revamped ‘Virgin Music Label & Artist Services’, ‘The Miseducation of Lauryn Hill’ Reaches Diamond Status — 10 Million Albums Sold, 55% of Music and Live Entertainment Professionals In Australia Are Considering a Career Change, Carnegie Hall Cancels Its Performance Season for the First Time In Its 130-Year History, What Streaming Music Services Pay (Updated for 2021), Is Your Song Being Played on the Radio? The live music industry saw a 75% decline in 2020, according to Goldman Sachs. Total Album Sales: 22.9 million You may opt-out by. Live Music Sector. The Live Music Industry Will Be Worth $31 Billion Worldwide by 2022. However, it won’t match the strength of the live concert industry. “Electronic dance music (EDM) continues to draw large crowds. Ticket sales will make up $24 billion of that total. Total revenues of the music industry are estimated at $7 billion, generated by 3 main sub-industries: live, recording and publishing. 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%. Figures released today in IFPI’s Global Music Report 2018 show total revenues for … 8-tracks took a short-lived run at the dominance of vinyl, cassettes faded away as compact discs took the world by storm, and through it all, the music industry saw its revenue continue to climb. A new partnership of academics and music industry professionals is set to map and measure the impact of the music industry on Scotland, it was announced today. But, in 2016, things are beginning to look up. 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Exports for the whole music sector were valued at £2.6bn (up 7%), which included recorded music (£468m, up 11%), music publishing (£719m, up 11%) … What’s spurring this growth? The field dropped by another 10% last year, as CDs just aren’t as popular as they once were...and they will probably never return to that former glory again in most places. The IFPI (International Federation of the Phonographic Industry) has just released its highly anticipated annual report which details how much money the global recorded music industry brought in last year, what segments performed the best, the worst, which artists moved the most copies of hit singles and albums, and which focuses on certain markets, detailing how they rose or fell in their global rank. The global recorded music market grew by 8.1% in 2017, its third consecutive year of growth since IFPI began tracking the market in 1997. Christian Genre Sales. Mexico’s BPM Festival also is in expansion mode, and last year took its format to Portugal for the first time. Vinyl revenues rose by 6% in 2018, and the format now represents just 3.6% of the total global market. PwC also found EDM music festivals will continue to fuel the growth of the live concert industry. Investing In Music Catalogs? Around 41% of live music audiences are music tourists. Using these categories of industry revenue segments, Table 3 is a rough estimate of the live industry’s global income from popular music performances in 2010, in US dollars. That might not sound like much, but it is actually the single largest increase since the international organization began reporting on the … The global gaming market is forecast to worth $256.97 billion by 2025. That makes it more lucrative than video and music … It shows that British music is a substantial contributor to the economy. 1. 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%. Opinions expressed by Forbes Contributors are their own. How Much Is the Gaming Industry Worth 2020 Statistics. Consumers have apparently demanded and accepted different forms of live event experiences, avoiding a “one-size-fits-all” generic experience. I am a freelance music journalist based in New York City. The other major segment of the global recorded music industry, performance rights (which the IFPI defines as the “use of recorded music by broadcasters and public venues”), increased in sales by just under 10%, a huge leap. Live Nation is an American events promoter and venue operator based in Beverly Hills, California.Formed in 1996 by Robert F. X. Sillerman as SFX Entertainment, the company's business was built around consolidating concert promoters into a national company.In 2000, the company was sold to Clear Channel Communications for $4.4 billion, and operated as Clear … According to the calculation, the live concert industry’s total revenue will reach $31 billion in four years. Overseas music tourists spend on average £657 each while in the UK. The industry is worth £3.86bn ($4.85bn) - more than double its value in 2007 - said the Entertainment Retailers Association (ERA). Structure of the Japanese Music Industry. 8-tracks took a short-lived run at the dominance of vinyl, cassettes faded away as compact discs took the world by storm, and through it all, the music industry saw its revenue continue to climb. According to a new study from Pricewaterhouse Coopers (PwC), the live concert industry will experience significant growth during the next few years. Net Worth: $2.1 billion. The global gaming market is forecast to worth $256.97 billion by 2025. Music festivals and concerts . Now, performance rights are responsible for $2.7 billion, which is 14% of all recorded music industry revenues. Digital Music News ©2018 All Rights Reserved, Studio Engineering and Recording – School of Music, Dance and Theatre, Software Engineer (WW) – Rights Management & Publishing. © 2021 Forbes Media LLC. Behind that comes syncs (when a company uses a song in an ad or piece of media, such as a TV show or a film), and that field now only contributes 2.3% of all global recorded revenues, growing by only 5.2% from the year before. It Ain’t All Daisies & Butterflies — Our Latest Podcast, One of These Three Companies Will Change Live Concerts Forever, Is TikTok Really Out of the Woods? Many companies in the industry have diversified, signing sync deals with vertical businesses for TV ads, in-flight entertainment, satellite radio, restaurants, touring, live entertainment, and merchandise. The music industry was in crisis just a few years ago. News. Read the ‘State of the Industry’ report here. The global recorded music industry is now worth … In addition, the report reveals the rise of convergence – stronger synergies between live events and other sectors. Today, they push the same music, only on websites such as SoundCloud . These include e-commerce, licensing, and consumer brand products. PwC found heritage music acts continue to generate the most revenue on the road. 1. The Live Music Industry Will Be Worth $31 Billion Worldwide by 2022. All Rights Reserved, This is a BETA experience. In my day, new musicians would sell mixtapes at swap meets or local clubs. What’s spurring this growth? The success of gaming isn't that surprising, given gaming is now worth more than movies and music combined. Overseas music tourists spend on average £657 each while in the UK. Daniel is an avid writer who was born and raised in Los Angeles. Streaming music revenue will grow to slightly over $23 billion by 2022. The global dance music industry is worth $7.1 billion according to the International Music Summit, that puts it on a sixty percent growth scale over the last three years. According to Live Performance Australia, over nine million tickets are sold annually to live music and music theatre performances in Australia, with an industry output of over $1.5 billion. The music industry has changed quite a bit over the last couple of decades, all thanks to new technology. Since overtaking physical music sales in 2014, digital sales have helped the music industry adapt to a fast-changing entertainment landscape (royalties are expected to reach $1.1 billion in 2019). The record industry has seen a lot of change over the years. Now it’s your turn, I created this guide so that you can be knowledgable of not only how to collect your royalties, but also understand what percentages are fair so that you get paid what you are worth. For the Christian music industry and genre, the following sale statistics occurred in 2012. Global live music revenues are $25 billion, according to IBISworld. }, nine + 9 = .hide-if-no-js { Music festivals and concerts . While that facet of the digital music industry may be doing better than ever, the other half is declining faster and faster as the years pass. Streaming, of course. For those not doing the math, digital revenues now account for just under 59% of the entire industry's sales. Years ago MP3 players and iTunes all but destroyed the traditional album, and more recently even permanent digital downloads began to see a dip in sales, down as much as 13% in 2013-2014. A disturbing new music industry statistic claims that artists only got 12 percent of the $43 billion the industry generated in 2017, according … Summarizing the report, Christopher Vollmer, Global Advisory Leader for Entertainment and Media at PwC US, explains, “To succeed in the future that’s taking shape, companies must revisit every aspect of what they do and how they do it. The majority of The music industry consists of the companies and independent artists that earn money by creating new songs and pieces and arranging live concerts and shows, audio and video recordings, compositions and sheet music, and the organizations and associations that aid and represent music creators. The music industry has had a gloomy outlook for more than a decade. For some types of artists (like DJs, for example) touring can be relatively huge, while the recording revenues might stay almost non-existent. As expected, streaming continues to overtake other music sales formats. Once again, global recorded music revenues climbed in 2018, reaching a high not seen in over a decade. PwC says this convergence “[creates] an ever-expanding group of ‘supercompetitors’ and specialized, niche brands that are striving to secure the engagement and spending of increasingly demanding consumers.”. display: none !important; The global video streaming market size is expected to reach USD 223.98 billion by 2028, according to a new report by Grand View Research, Inc. The British music industry contributed £4.1bn to the UK economy in 2015, according to new research from industry body UK Music. Spurring that intense growth and grab of market share is streaming, which continues to surge forward as a seemingly unstoppable force.