More music: Industry revenue is expected to rise in 2023-24 due to the popularity of streaming services
Over the five years through 2023-24, industry revenue is expected to increase at a compound annual rate of 0.9%, including revenue growth of 1% in the current year, to reach £1.3 billion. The industry was not significantly affected by the pandemic, due to growing demand for music streaming services. Industry profit is expected to expand over the five years through 2023-24 to reach 9.8%, supported by the growing popularity of streaming services, enabling content to be distributed at lower costs.
Major record labels find musical talent, record their work and sell it to retail outlets. The ability to oversee distribution of physical media and negotiate comprehensive publishing deals separates major labels from smaller independent labels. Major labels also commonly have deeper and broader talent rosters.
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.
Table of Contents
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Vivendi SA
- Warner Music Group
- Sony Corporation
Methodology
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