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Research Proposal
Prepared for Arash E. | Delivered March 26, 2020
Music Industry
Goals
To determine the market size, target audience and competition for a newcoming pop artist.
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Early Findings
The global recorded music market recorded
$19.1 billion
in revenue in 2018, with 59% of the sales coming from digital platforms.
Streaming is another segment that has shown a significant growth in the music industry, growing
34%
to reach about $9 billion in 2018.
According to
S
t
a
t
i
s
t
a
, roughly
20.1%
of music fans listen to and buy pop music albums. Considering that the US is the biggest market for music production and consumption, with over
40%
of the market share, we can assume that the % of pop consumers remains relatively the same for the rest of the world.
As such, we can estimate that the revenue generated from pop music consumption is roughly $3.84 billion ($19.1 billion * 0.201).
Pop music consumers are relatively young as over
50%
of the people aged between 16 and 34 consume pop music.
Some of the most prominent new-coming pop artists include
Au/Ra, Art School Girlfriend
,
A
r
l
i
e
, and Amelia Monet.
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Prepared By
Methody G.
4696 assignments | 5.0