Music Recording Global Market Report 2021: COVID-19 Impact and Recovery to 2030

Major companies in the music recording market include Universal Music Group; Sony Music and Warner Music.

The global music recording market is expected to grow from $54. 22 billion in 2020 to $57. 05 billion in 2021 at a compound annual growth rate (CAGR) of 5. 2%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $74. 11 billion in 2025 at a CAGR of 7%.

The music recording market consists of the revenues from the production and distribution of musical recordings, from publishing music, or from providing sound recording and related services earned by entities (organizations, sole traders and partnerships) that are in the music recording industry. The music recording market is segmented into record production; music publishers; record distribution and sound recording studios.

Asia Pacific was the largest region in the global music recording market, accounting for 34% of the market in 2020. North America was the second largest region accounting for 32% of the global music recording market. Africa was the smallest region in the global music recording market.

Many music recording companies are offering auto-tune applications to allow singer's to exaggerate vocals and create a new pitch perfect sound. Auto-Tune is an audio processing software used to measure and alter pitch in vocal and instrumental music recordings and performances. It is used to tweak small inaccuracies, when singers sing out of tune and to retain the emotional content of the performance. For instance, major music recording studios offering auto-tune software are Abbey Road Studios, London and Capitol Studios, Los Angeles to tune vocal recordings, add special effects and natural sound allowing the singer to sound pitch perfect.

Coronavirus Pandemic - The outbreak of Coronavirus disease (COVID-19) has acted as a significant restraint on some of the music recording markets in 2020 as businesses were disrupted due to lockdowns imposed by governments globally. COVID 19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People's Republic of China and spread globally including Western Europe, North America and Asia. Steps by national governments to contain the transmission have resulted in a decline in economic activity and restricted movement of goods and services with countries entering a state of 'lock down'. The outbreak is expected to continue to have a negative impact on businesses throughout 2020 and into 2021. However, many media markets have been unaffected or benefited from this as they transmit their content remotely through digital channels. It is expected that the music recording market will recover from the shock across the forecast period as it is a 'black swan' event and not related to ongoing or fundamental weaknesses in the market or the global economy.

Increase in Mobile, Tablet Platforms - Access to music on mobile platforms has increased significantly in recent years and this trend is likely to continue in the forecast period, thus driving the music recordings market. This is mainly driven by the rise in internet penetration and growth in smart phones and tablets, especially in emerging countries. By the end of 2019, 72% of mobile traffic is expected to be video content. Thus, rise in the demand for music content through mobile platforms is expected to have a positive effect on the market during the forecast period.