Music Recording Market Report 2024 (Global Edition)

Global Music Recording Market Report 2024 Market Size Split by Type (Record Production, Music Publishers, Record Distribution, Sound Recording Studios), by Application (Mechanical, Performance, Synchr...

Music Recording Market Report Description

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Competitive Landscape of the Music Recording Market

Key companies are focused on growing the music recording market through proper research, mergers, technical advancement, growing production facilities, and cooperation.

In May 2022, Sony Music Entertainment (SME) introduced RCA Signature Records, a new label dedicated to releasing music in all genres from both known and up-and-coming artists.

(Source: https://www.sonymusic.com/sonymusic/rca-records-greater-china/)

In January 2023, At CES 2023, Amazon Music, the premier audio entertainment provider, and Fraunhofer IIS, the main developer of the MPEG-H 3D Audio standard, showcased how authentic and immersive 360 Reality Audio music can sound in a car.

(Source: https://www.audioblog.iis.fraunhofer.com/amazon-music-in-car-streaming)

Top Companies Market Share in Music Recording Industry: (In no particular order of Rank)

• Universal Music Group (Netherlands)
• Sony/ATV Music Publishing (US.)
• Warner Music Group
• BMG Rights Management (Germany)
• Kobalt Music (US.)
• SONGS Music Publishing (US.)
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In terms of revenue, the North America Music Recording Market share was 40% of the total market

According to Cognitive Market Research, North America dominated the market in 2024 and accounted for around 40% of the global revenue. This is due to the rise in recorded music revenue brought about by an increase in the number of paid subscriptions. Furthermore, the businesses in the area are leading by example by achieving unending revenue growth. Additionally, the country's streaming music service providers are deliberately making things difficult by offering bundle packs.

The Asia Pacific region is witnessing an increase in the sales of the music recording market. The rising use of smartphones and rising music consumption in emerging markets, especially China and India, together with rising population and per capita disposable income, are all contributing factors to the market's expansion.

The current report Scope analyzes Music Recording Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

The above graph is for illustrative purposes only. To learn more about geographical trends request the free sample pages. Contact US!

North America Music Recording

According to Cognitive Market Research, the global music recording market size was estimated at USD 55514.2 million, out of which North America held the major market of more than 40% of the global revenue with a market size of USD 22205.68 million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.3% from 2024 to 2031. In North America, music recording sales dominate, fuelled by streaming services such as Spotify, Apple Music, and Amazon Music have emerged as the primary means of music consumption. This has resulted in a major rise in revenue for the music industry, as individuals are willing to pay for access to a big library of on-demand music. Hip-hop music recording in North America is intricately tied to the expanding music recording market. This domination has been stable in recent years, thanks to the genre's popularity on streaming platforms and good physical sales figures. 

• According to Cognitive Market Research, the US had a major share in the music recordings market with a market size of USD 17520.28 million in 2024, and it is projected to grow at a CAGR of 6.1% during the forecast period. The internet has made it easier for independent musicians to distribute their work and reach a global audience. This has resulted in a more diverse and lively music environment, drawing new listeners.
• The Canadian music recordings market had a market share of USD 2664.68 million in 2024 and is projected to grow at a CAGR of 7.1% during the forecast period. Canada has a high internet penetration rate, with more than 90% of households having access. This broad connectivity encourages the use of streaming services and online music consumption.
• The Mexico music recordings market is projected to witness growth at a CAGR of 6.8% during the forecast period, with a market size of USD 2020.72 million in 2024.

Asia Pacific Music Recording

According to Cognitive Market Research, the global music recording market size was estimated at USD 55514.2 million, out of which Asia Pacific held the market of around 23% of the global revenue with a market size of USD 12768.27 million in 2024 and will grow at a compound annual growth rate (CAGR) of 10.1% from 2024 to 2031. The Asia Pacific region is experiencing growth in the music recording market sales. This growth can be attributed to the rising disposable incomes in the Asia Pacific, allowing people more money to spend on entertainment, especially music. The rising demand for music recordings in the Asia Pacific finds a pivotal ally in the growing preference for the digital segment. This can be attributed to both the previously listed issues and the increasing demand for streaming services.

• According to Cognitive Market Research, the size of the Chinese music recordings market was valued at USD 5745.72 million in 2024 and is projected to grow at a CAGR of 9.6% during the forecast period. Music recording sales surged in China as Chinese customers now mostly listen to music via streaming services like Kugou, Kuwo, and Tencent Music Entertainment's QQ. Music.
• The Japan music recordings market is projected to witness growth at a CAGR of 8.6% during the forecast period, with a market size of USD 1762.02 million in 2024.
• The Indian music recordings market had a market share of USD 1532.19 million in 2024 and is projected to grow at a CAGR of 11.9% during the forecast period. The demand is augmented by India's increasing disposable income, which is responsible for the population's inclination towards the entertainment industry.
• The South Korean music recordings market is projected to witness growth at a CAGR of 9.2% during the forecast period, with a market size of USD 1276.83 million in 2024.
• The Australian music recordings market is projected to witness growth at a CAGR of 9.8% during the forecast period, with a market size of USD 663.95 million in 2024.
• The Southeast Asia music recordings market is projected to witness growth at a CAGR of 11.1% during the forecast period, with a market size of USD 881.01 million in 2024.
• The Rest of the Asia Pacific music recordings market is projected to witness growth at a CAGR of 9.9% during the forecast period, with a market size of USD 906.55 million in 2024.

South America Music Recording

According to Cognitive Market Research, the global music recordings market size was estimated at USD 55514.2 million, out of which the Latin America market has more than 5% of the global revenue with a market size of USD 2775.71 million in 2024 and will grow at a compound annual growth rate (CAGR) of 7.5% from 2024 to 2031. Music recording sales in Latin America are experiencing growth due to rising disposable income, which tends to lead people to pay for paid music. The upswing in digital music across Latin America is closely tied to the expanding music recording market. Digital music, which includes streaming, downloads, and other digital media, makes up the majority of the Latin American music recording market. Over 90% of the region's digital music revenue comes from streaming, making it the dominant force. This is consistent with the worldwide trend wherein streaming has emerged as the favored method for music consumption.

• According to Cognitive Market Research, the size of the Brazilian music recordings market was valued at USD 1188.00 million in 2024 and is projected to grow at a CAGR of 8.1% during the forecast period. Music recording sales flourish in Brazil due to a strong preference for streaming and a vibrant domestic music scene.
• The Argentina music recordings market had a market share of USD 466.32 million in 2024 and is projected to grow at a CAGR of 8.4% during the forecast period. Argentina has a rich musical heritage, with a wide variety of popular genres such as tango, rock, and folk music. This helps to support the demand for new music from Argentine artists.
• The Colombia music recordings market is projected to witness growth at a CAGR of 7.3% during the forecast period, with a market size of USD 247.04 million in 2024.
• The Peru music recordings market is projected to witness growth at a CAGR of 7.7% during the forecast period, with a market size of USD 227.61 million in 2024.
• The Chile music recordings market is projected to witness growth at a CAGR of 7.8% during the forecast period, with a market size of USD 199.85 million in 2024.
• The Rest of the Latin American music recordings market is projected to witness growth at a CAGR of 6.6% during the forecast period, with a market size of USD 446.89 million in 2024.

Middle East and Africa Music Recording

According to Cognitive Market Research, the global music recording market size was estimated at USD 55514.2 million, out of which the Middle East and Africa held the major market of around 2% of the global revenue with a market size of USD 1110.28 million in 2024 and will grow at a compound annual growth rate (CAGR) of 7.8% from 2024 to 2031. MEA is experiencing an upswing in music recording sales driven by the young population in the MEA region, which is sizable and continues to increase; they are more likely to be avid music listeners and to pay for music subscriptions. The rise of the digital segment in the MEA region aligns with the flourishing music recording market. The growing popularity of smart TVs and other linked gadgets causes this.

• According to Cognitive Market Research, the GCC country's music recordings market size was valued at USD 475.20 million in 2024 and is projected to grow at a CAGR of 8.6% during the forecast period. Along with a surge in disposable income, the populations of the GCC countries are expanding quickly. Money spent on entertainment, especially music, is rising.
• The Egyptian music recordings market is projected to witness growth at a CAGR of 8.1% during the forecast period, with a market size of USD 116.58 million in 2024.
• The South African music recordings market is projected to witness growth at a CAGR of 8.8% during the forecast period, with a market size of USD 175.42 million in 2024. The music scene in South Africa is vast and varied, with genres like Afrobeat, Gqom, and Amapiano becoming more and more well-known domestically and internationally. This is bringing in money for the music business and giving regional musicians new chances.
• The Turkish music recordings market is projected to witness growth at a CAGR of 7.3% during the forecast period, with a market size of USD 95.48 million in 2024.
• The Nigerian music recordings market is projected to witness growth at a CAGR of 6.9% during the forecast period, with a market size of USD 116.58 million in 2024.
• The Rest of the MEA music recordings market is projected to witness growth at a CAGR of 6.8% during the forecast period, with a market size of USD 131.01 million in 2024.

Europe Music Recording

According to Cognitive Market Research, with a market value of USD 55514.2 million in 2024, it is projected to expand at a compound annual growth rate (CAGR) of 6.6% from 2024 to 2031. Europe accounted for a share of over 30% of the global market size of USD 16654.26 million. Europe is a force in record production sales, as vinyl sales are really on the rise, fueled by nostalgia and the perception of greater sound quality. Music streaming subscriptions in Europe have increased due to the simplicity and affordability of platforms such as Spotify, Apple Music, and Deezer. The transition from physical sales to streaming has increased revenue and created new options for artists and labels. Several significant businesses dominate the European digital music market, including Universal Music Group, Sony Music Entertainment, and Warner Music Group. However, a rising number of independent companies and artists are seeing success in the internet world.

• The United Kingdom Music recordings market had a market share of USD 2797.92 million in 2024 and is projected to grow at a CAGR of 7.4% during the forecast period. In the UK, music recording sales are witnessing an upswing due to a thriving live music scene, which boosts interest in new performers and albums. Live concerts are a valuable source of cash for artists, allowing them to invest in creating new songs. 
• The French music recordings market is projected to witness growth at a CAGR of 5.8% during the forecast period, with a market size of USD 1532.19 million in 2024.
• According to Cognitive Market Research, the size of the German music recordings market was valued at USD 3297.54 million in 2024 and is projected to grow at a CAGR of 6.8% during the forecast period. In Germany, music recording sales surge due to there several events and concerts throughout the year. This not only boosts artist publicity and item sales, but it also drives album purchases and streaming as fans relive their concert experiences. 
• The Italian music recordings market is projected to witness growth at a CAGR of 6.0% during the forecast period, with a market size of USD 1432.27 million in 2024.
• The Russian music recordings market is projected to witness growth at a CAGR of 5.6% during the forecast period, with a market size of USD 2581.41 million in 2024.
• The Spanish music recordings market is projected to witness growth at a CAGR of 5.7% during the forecast period, with a market size of USD 1365.65 million in 2024.
• The Luxembourg music recordings market is projected to witness growth at a CAGR of 6.7% during the forecast period, with a market size of USD 516.28 million in 2024.
• The Portuguese music recordings market is projected to witness growth at a CAGR of 6.4% during the forecast period, with a market size of USD 349.74 million in 2024.
• The Greece music recordings market is projected to witness growth at a CAGR of 6.9% during the forecast period, with a market size of USD 199.85 million in 2024.
• The rest of the European music recordings market is projected to witness growth at a CAGR of 5.3% during the forecast period, with a market size of USD 2581.41 million in 2024.

Music Recording Market Analysis

Music Recording Market Type Segment Analysis

According to Cognitive Market Research, record production held the major market share over the forecast period. These experts direct the sound and direction of the recordings in the studio in close collaboration with artists. In addition to offering artistic direction, they manage technical issues such as engineering and mixing.

Sound recording studios are the fastest-growing category over the forecast period. Revenue from sound recording studios has increased in tandem with the growth of digital music distribution via streaming services and other means. The need for studio time to record music and podcasts is growing as more content is made available online.

• Record Production
• Music Publishers
• Record Distribution
• Sound Recording Studios

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Music Recording Industry. Request a Free Sample PDF!

Music Recording Market Application Segment Analysis

According to Cognitive Market Research, mechanical hold a prominent market share. The reproduction of musical compositions on tangible media, such as CDs, vinyl records, and cassettes, is covered in this section. Vinyl records are becoming more and more popular as collector's items and as a more genuine way to enjoy music, which is propelling the expansion of the mechanical market.

Digital is the fastest-growing category over the forecast period. Digital music works in formats like MP3, WAV, and FLAC are included in this category for sale and dissemination. The growing acceptance of streaming services, which provide a practical and reasonably priced means of accessing a vast music catalog, is another factor propelling it.

• Mechanical
• Performance
• Synchronization
• Digital
• Others

The above Graph is for representation purposes only. This chart does not depict actual Market share. Please purchase the Music Recording market report 2024 Edition by contacting our team.

Music Recording End Use Segment Analysis

According to Cognitive Market Research, individuals hold a prominent market share. This market category comprises customers who buy recorded music in physical media (CDs, vinyl), digital downloads, and streaming subscriptions for their use. The rising acceptance of streaming services, which provide users with an easy and cost-effective means to access a huge music catalog, is also contributing to the segment's expansion.

Commercial sales are the fastest-growing category over the forecast period. This category comprises companies that play recorded music in pubs, restaurants, and retail spaces; radio stations; and creators of television and motion pictures. Additionally, growth in the commercial segment is anticipated, albeit more slowly than in the individual segment. An increasing number of companies are embracing music to give their customers a more enjoyable and engaging experience, which is fueling the expansion of this market.

• Individual
• Commercial

Music Recording Genre Segment Analysis

According to Cognitive Market Research, hip-hop music recordings hold a prominent market share. The invention, production, distribution, and sale of hip-hop music are the main objectives of the hip-hop music recording sub-sector within the music recording industry. Popular music known as "hip hop" got its start in the 1970s in the Bronx neighborhood of New York City. Rapping, DJing, and a robust rhythmic beat are its defining features.

Pop is the fastest-growing category over the forecast period. One of the most well-liked musical genres worldwide, pop music plays a significant role in propelling the market for music recordings. Pop musicians are frequently able to collect big prizes for their endorsements and records. They can also make a sizable profit from touring and product sales with a market size of USD 131.01 million in 2024.

• Rock Music Recording
• Hip hop Music Recording
• Pop Music Recording
• Jazz Music Recording
• Others

Author's Detail

Sneha Mali

Research Analyst at Cognitive Market Research

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I am a research analyst working in various domains including the Consumer Goods domain, and my primary responsibility is to conduct thorough research on various subjects and provide valuable insights to support client requirements. I have knowledge of research methodologies, and data mining which enables me to analyze large data sets, draw meaningful conclusions, and communicate them effectively. I stay up-to-date with the latest research trends, methodologies, and technologies to ensure that my research is accurate, relevant, and impactful.

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