Prepared for Arash E. | Delivered March 26, 2020
To determine the market size, target audience and competition for a newcoming pop artist.
The global recorded music market recorded
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
to reach about $9 billion in 2018.
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
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
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
, and Amelia Monet.
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