Traditional Music Market Size, Share & Trends Analysis Report By Type (Live Music Events, Tangible Recording Formats), By Region, And Segment Forecasts, 2022 - 2028

Report Overview

The global traditional music market size was valued at USD 11.86 billion in 2021 and expected to expand at a CAGR of 14.4% from 2022 to 2028. The growing music industry across the globe is due to it being a form of entertainment that everyone listens and enjoys, thereby accelerating the market growth. Moreover, the rising popularity of live music events and the existence of a large number of music artists & sponsors across the globe is expected to boost the market growth in the forecast period. In addition to this, the increase in spending on leisure activities will further boost the growth of live music events market over the upcoming years. Also, the growing urbanization and rising disposable income of people across the globe are anticipated to propel market growth over the upcoming years.

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.

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.

Moreover, the increasingly rapid adoption of recorded music such as physical format in developing economies is accelerating the market growth over the last few years. However, the strict government rules and regulations regarding the distribution of authentic content, and piracy are the major factors restraining the market growth. Additionally, music streaming platforms are gaining traction in recent years is the major restraining factor for the traditional music market growth.

The increase in several initiatives to advertise including multi-day music festivals live shows, and others to maximize their reach to Millennials and young audience is a key trend opted by various players to mark their presence and visibility among the targeted audience or population. Moreover, players operating in the market are adopting popular ways such as free giveaways and merchandising to promote their brand.

Type Insights

The live music events segment contributed to the largest market share of over 65% in 2021 and expected to expand at the fastest CAGR of 19.2% from 2022 to 2028. The growing trend of consumer and festival events across the globe is accelerating the market growth. Nowadays, the music industry has shifted towards live events owing to the growing appetite for physical events in emerging economies. Moreover, the increasing festivals events and organized series of concerts typically held annually in the same place has anticipated the market growth in the forecast period.

The tangible recording formats segment is expected to expand at a CAGR of -0.1% from 2022 to 2028. The increasing number of music listeners through physical recorded music across the globe is propelling the market growth. Moreover, the rising investment by the recording companies in artists and infrastructure development and networks globally are expected to boost the market growth in the forecast period. However, the growing adoption of paid subscriptions for streaming music across the globe may hinder the physical music format market over the last few years.

Regional Insights

North America made the largest contribution to the global traditional music market of over 35% in 2021 and expected to witness the fastest CAGR of 15.5% from 2022 to 2028 due to the increasing adoption of live music events. Moreover, the younger revelers of this region are seeking live performance experiences is expected to accelerate the market growth. Additionally, the increasing demand for Hybrid music events like film, media, and video games, which bring large audiences has resulted in the market growth of this region.

Europe is the second-fastest-growing traditional music market and has expected to witness a CAGR of 14.9% from 2022 to 2028. This can be credited to the increased spending on traditional music in European countries like Germany, U.K., and France due to the huge consumer base. Moreover, the rising popularity of live music events and the growing rapid adoption of physical recorded music among users is accelerating the market growth. However, the increasing rapid penetration of music streaming platforms and internet-enabled mediums is witnessing a decline in the market growth in this region.

Asia Pacific held a significant share of over 20% of the traditional music market in 2021. The traditional music market in the Asia Pacific is expected to grow at a substantial rate of 13.3% over the forecast period. The increasing number of live events and concerts is contributing to the market growth over the forecast period in the Asia Pacific region.

Key Companies & Market Share Insights

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: -

• Sony Group Corp.

• Emi Music Publishing Limited

• Concord Music Group, Inc.

• Universal Music Group, Inc.

• Vivendi SE

• Warner Music Group Corp.

• Ace Ticket Worldwide Inc.

• Alliance Tickets

• Bassett Events

• Brown Paper Tickets LLC

• Eventbrite Inc.

• RazorGator LLC

• Ticketmaster Entertainment Inc.

Recent Development

• In March 2023, Universal Music Group, Inc. acquired British classical label Hyperion Records to expand its classical music globally by investing in classical music talent, and career-building for classical artists

Traditional Music Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional & country levels and provides an analysis of the latest trends and opportunities in each of the sub-segments from 2017 to 2028. For this study, Grand View Research has segmented the global traditional music market report based on type, and region.

• Type Outlook (Revenue, USD Million, 2017 - 2028)

  • Tangible Recording Formats

  • Live Music Events

• Regional Outlook (Revenue, USD Million, 2017 - 2028)

  • North America

    • U.S.

  • Europe

    • Germany

    • U.K.

    • France 

  • Asia Pacific

    • China

    • Japan

    • India

  • Central & South America

    • Brazil

  • Middle East & Africa

    • South Africa