Digital drop: Operators will benefit from touring and merchandising revenue as the pandemic subsides
Independent labels have struggled to adapt to the rise of streaming services as a replacement for album sales. The convenience and expansive library of music at one flat price has resonated with the demands of the modern music listener, but poor monetization and low per-minute royalties have led to steady losses for labels and artists. Because of these challenges, industry-wide revenue has been falling at an average annualized 2.1% over the past five years and is expected to total $356.0 million in 2023, when revenue will drop by an estimated 1.4%.
Independent record labels find musical talent, finance the production of music and distribute recordings to retail and digital outlets. These labels have smaller budgets and operations than those of major labels, and independent labels frequently outsource manufacturing and distribution of physical records. Major labels are included in the Major Label Music Production industry (report 51222).
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's 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:
- Concord Music Group
Methodology
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