Traditional Music market COVID-19 Impact, Trends & Business Statistics By 2028Posted by Mrudula Karmarkar on August 30th, 2022 The global traditional music market size is projected to reach USD 30.49 billion by 2028, registering a CAGR of 14.4% from 2022 to 2028 according to a new report by Grand View Research, Inc. The growing popularity and acceptance of listening to traditional music formats across the globe are accelerating market growth. Moreover, the increasing population of youth worldwide has resulted in younger revelers across the globe who are seeking live performance experiences propelling the market growth in the forecast period. Furthermore, the increasing demand for music concerts and festival events in emerging economies is expected to accelerate the market growth during the forecast period. Moreover, a lockdown situation has been observed during the COVID 19 pandemic, and it showed a negative impact on the traditional music market due to several restrictions from the government in various countries. In addition to this, many companies have either postponed the music events to next year or canceled the concerts. Furthermore, the physical recording of the music was also paused for some time by the recording companies. Additionally, the increasing investment in traditional music after the ease of several restrictions is expected to boost the market growth in the forecast period. Live events and music festivals are gaining huge popularity among the generation Z and Millennials which is fueling the market growth. Big-ticket sponsorships are obtained due to this increasing popularity and they provide high support to these events hence propelling the market growth. Furthermore, numerous artists are being launched and they gain their audience by performing in live events as well as launching records which is further driving the market expansion over the forecast period. The live music events segment is expected to register the highest CAGR of 19.2% during the forecast period from 2022 to 2028. The increasing spending on live music events and festival concerts by the people will boost the market growth over the forecast period. Moreover, the growing popularity of physical events among viewers across the globe is expected to accelerate market growth. Furthermore, the increasing demand for organized series of concerts for celebrating various festivals has significantly accelerated the growth of this segment. To Request Sample Copy of this report, click the link: https://www.grandviewresearch.com/industry-analysis/traditional-music-market-report/request/rs1 The COVID-19 pandemic has negatively affected the traditional music business. In response to the pandemic, governments around the world implemented several measures to try to contain the virus, such as quarantines, shutdowns, travel bans and restrictions, lockdown, and work-from-home orders. Moreover, the pandemic and subsequent slow economy impacted several core live music event organizers. This has resulted in the number of live music events either being canceled entirely or postponed into next year. Furthermore, the ease of several restrictions and rising investment in traditional music in emerging economies are projected to drive market growth in the forecast period. Traditional Music Market Report Highlights
The growth in music listening population across the globe is propelling the market growth. Moreover, the rising adoption of music concerts in urban areas has projected market growth in the forecast period. Traditional music engages potential customers for entertainment purposes across the emerging economies which will accelerate the market growth. However, the rising number of smartphone users is boosting digital music across the globe is hindering the market growth. The increasing popularity of music festivals and live events such as concerts among the Millennials and Generation Z is driving the market growth. This popularity results in the sponsorships for big-ticket and power up-+9 these events thus fueling the market expansion. Moreover, independent artists are being launched in a large number and are gaining popularity. They are finding their audience by performing in live events and launching records hence boosting the market growth in the forecast period. The market is characterized by the presence of various established market players of traditional music across the globe. Companies are focusing on launching new functions to meet consumers’ expectations by offering a trending traditional music format. Key market players are undertaking major business initiatives such as mergers and acquisitions, partnerships, agreements, and others. Moreover, vendors are expanding their reach across the globe with an innovative business model. For instance, In November 2018, Sony Group Corp. completed the acquisition of Emi Music Publishing Limited. This strategic move was taken by Sony Group Corp. to gain the market share by rapidly purchasing the marketplace. Some of the key players operating in the traditional music market include: -
Like it? Share it! More by this author |