Traditional Music Market size is projected to reach USD 30.49 billion by 2028

 Traditional Music Industry 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.

 

Gather more insights about the market drivers, restrains and growth of the Global Traditional Music Market

 

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.

 

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Key Companies Profile

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.

 

Order a free sample PDF of Traditional Music Market Intelligence Study, published by Grand View Research. 

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