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.
Proposed next steps:
You need to be the project owner to select a next step.
As our research focused specifically on the market size for pop music, we recommend continuing by providing a demographic and psychographic profile for the average pop music consumer as this will inform the best, which target market to focus on. For the demographic profile we will provide the consumer's marital status, income level, gender, race, and education level. For the psychographic profile, we will focus on the consumer's attitudes, hobbies, spending habits and values towards pop-music.
We also recommend looking at 4-6 pop music newcomers and determine the style of music they do, whether they have been able to sign any deals, and any insights on why they are becoming popular.