Music Industry
Delivered March 26, 2020. Contributor: Methody G.
Goals
To determine the market size, target audience and competition for a newcoming pop artist.
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 Statista, 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, Arlie, and Amelia Monet.
Research proposal:
Only the project owner can select the next research path.