Music Recording Global Market Report 2021: COVID-19 Impact And Recovery To 2030

The Business Research Company’s Music Recording Global Market Report 2021: COVID-19 Impact and Recovery to 2030

LONDON, GREATER LONDON, UK, May 24, 2021 /EINPresswire.com/ -- 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 was 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.

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.

Read More On The Global Music Recording Market Report:
https://www.thebusinessresearchcompany.com/report/music-recording-global-market-report-2020-30-covid-19-impact-and-recovery

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%.

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

The major players covered in the global music recording industry are Universal Music Group, Sony Music, Warner Music.

The global music recording market is segmented by type into record production, music publishers, record distribution, sound recording studios, by application into mechanical, performance, synchronization, digital, others, by end-user into individual, commercial, and by genre into rock, hip hop, pop, jazz, others.

Music Recording Global Market Report 2021: COVID-19 Impact and Recovery to 2030 is one of a series of new reports from The Business Research Company that provides music recording market overview, forecast music recording market size and growth for the whole market, music recording global market segments, and geographies, music recording global market trends, music recording global market drivers, restraints, leading competitors’ revenues, profiles, and market shares.

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