Musical Groups & Artists in the US
With the emergence of mp3 players, music piracy, internet radio and online streaming, the Musical Groups and Artists industry has been subject to a series of massive shakeups over the past decade. The steady replacement of physical albums for digital songs has slashed revenue from recordings, largely due to digital music selling at a lower price point. The industry has adapted to the digital environment by placing increased focus on live performance, which requires self-promotion and a business model focused on performance income rather than royalty and recording income. Over the five years to 2021, rising incomes will raise consumers' ability to pay for songs, albums and concert tickets. While digital sales will be unable to compensate fully for declining album sales, musicians will continue using online tools to market and distribute their work to build attendance at live performances.
This industry is comprised of musicians, recording artists and songwriters that produce music professionally, either in front of a live audience, in a recording studio or both. Musicians in this industry may earn revenue from songwriting, producing or recording, but they primarily operate as performers. This industry excludes musical theater and opera and other professions involved in the creation of records, such as engineers.
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.