Musical Groups & Artists in the US
The Musical Groups and Artists industry has been subject to a series of massive shakeups due to the popularity of mp3 players, music piracy, internet radio and online streaming. The steady replacement of physical albums with digital downloads has slashed revenue from record sales, largely due to digital music selling at a lower price point. The transition to digital and sustained cuts in federal funding for the creative arts have caused industry revenue to grow modestly over the five years to 2019. Over the five years to 2024, industry revenue growth is expected to decelerate. Rising per capita disposable income will increase consumers' ability to pay for songs, albums and concert tickets. However, incomes are expected to grow at a slower rate than in the previous period. Amid the continued presence of cost-effective options to consume music, industry growth expectations will remain modest.
This industry is composed 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, 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.
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