The vast majority of us love music and regularly listen to it, download it, and attend live shows (of course, when there’s no pandemic to ruin the fun). All in all, we all love music to some degree.
Its generational impact is undeniable. A complex and very emotional art form, which also has the power to become a symbol, the driving force, and the voice of an entire generation (just think about the sixties or the less rebellious disco-fever of the seventies).
Music is a force to be reckoned with, and these music industry statistics we’ve compiled for you show not only an industry worth billions but also a form of art that can give people a mental boost if needed.
Top 10 Stats And Facts About The Music Industry
- The total revenue of the recorded music industry was worth around $21.5 billion in 2019.
- Vinyl record sales are still going strong.
- According to estimates, the live music industry will see a compound annual growth rate of 3.11% by 2023.
- Music piracy statistics still boast impressive numbers in the millions.
- The ongoing COVID-19 pandemic has managed to shake up the entire industry.
- High school students who study music perform better in English and math exams.
- Around 97% of classroom music teachers fear that music education in the UK is not handled well by the government.
- In 2019, the YouTube Music app was downloaded a staggering 13.3 million times from Google Play alone.
- Pop music might be just as violent as hip-hop and rap, according to a 2016 study.
- Research suggests that liking heavy metal music might be a sign of high intelligence.
Music Industry Revenue Statistics
1. The total revenue of the recorded music industry was worth around $21.5 billion in 2019.
These global music industry revenue stats speak of a constant and steady growth trajectory since 2014, when the industry totaled at only around $14.2 billion.
On the other hand, according to Statista’s data, 56% of that 21.5 billion figure was made up of streaming, bringing in an estimated $11.9 billion on a global scale.
2. Streaming is at the forefront of the market, with an expected annual growth of 20.7%.
This means that there will be more exciting music streaming statistics in the foreseeable future.
When looking at Statista’s numbers and forecasts for the 2016-2021 period in terms of revenue, not every digital music format shares the same popularity. For example, digital downloads are expected to drop by 19.2% in the same timeframe. Physical record sales are also projected to fall by 11.6% each year.
3. Vinyl record sales are still going strong.
The dominance of digital isn’t an actual death sentence to physical formats. For instance, in 1997, music sales statistics show that the global revenue from vinyl record sales totaled at around $144 million. Even though it has seen a deep fall by 2006, generating only $34 million globally, it managed to generate a staggering $416 million in sales in 2015.
4. According to estimates, the live music industry will see a compound annual growth rate of 3.11% by 2023.
The figures connected to live music statistics will improve in the foreseeable future, according to Statista. A study on the global music industry has shown that the worldwide live music industry will manage to generate total revenue of $31.49 billion by 2023.
5. Music sales grew 7.2% in 2019 after being flat in 2018.
On the other hand, music industry statistics for 2020 weren’t so promising for Asia. According to the IFPI’s latest report, Japan’s market was slowing, and thus, the entire continental market experienced a slower growth rate of a reserved 3.4% in 2019.
6. Music piracy statistics still boast impressive numbers in millions.
Even in the age of streaming, piracy is still a prevalent practice, with MusicWatch’s Annual Music Study revealing that, in 2018, there were 17 million stream-rippers in the US alone. Also, with the advancement of streaming technologies and options, this number managed to grow a respectable 2 million when compared to the numbers of the year before.
7. Russia has around 14,5 billion piracy site visits each year.
According to DataProt’s gathered movie and music piracy statistics, around 70,000 jobs are lost in the US every year due to piracy.
Generally speaking, TV shows are the most popular piracy content, and illegally downloaded copyrighted materials make up around 24% of the global bandwidth. Lastly, the movie industry suffers an estimated loss of between $40 billion and $97.1 billion due to piracy every year.
8. The ongoing COVID-19 pandemic has managed to shake up the entire industry.
(Billboard)(Music Industry Insights)
It’s difficult to tell just how much of an impact the health crisis will have on the music industry revenue statistics. One thing’s for certain; the pandemic has posed new challenges that were previously unimaginable for the industry.
As a result, some funds, like the MusiCares Covid-19 Relief Fund, managed to raise around $14 million by early May from collecting societies, labels, publishers, streaming services, and artists all for the purpose of supporting their colleagues who are struggling due to the pandemic.
Music Education Statistics
10. Schools with music programs have a graduation rate of around 90.2% with a 93.9% attendance rate.
(Children’s Music Workshop)
According to the Children’s Music Workshop website, the average graduation rate in schools with no music education programs is 72.9%, while the attendance rate is 84.9%.
11. High school students who study music perform better in English and math exams.
A study published in 2019 in the Journal of Educational Psychology examined data gathered from more than 112,000 students who finished 12th Grade between 2012 and 2015 in British Columbia. The sample included students who completed at least one standardized English, math, and science exam. When looking at the benefits of music education, statistics and the data suggested the existence of a connection between studying music and academic achievement.
The results were more pronounced for those who played an instrument rather than sung. These findings suggest that instrumental skills may transfer to the classroom better than vocal musical skills.
12. Music and art, as statistics show, have a significant impact on the UK economy.
The “Measuring Music” reported that, in 2017 alone, the British music industry contributed around £4.5 to the country’s overall economy, generated total export revenue of £2.6 billion, and provided a total of 145,815 full-time jobs, which is a 3% increase from the previous year.
13. Around 97% of classroom music teachers fear that music education in the UK is not handled well by the government.
(Musicians Union)(The Guardian)
Even though the British music industry is a force to be reckoned with, a report from 2019 by the Musicians’ Union suggests that music education in the UK is in a perilous state. According to their music education facts, eight years after publishing the national music plan (with the aim of popularizing music all around the country),there have been some improvements in certain areas. However, the plan has also led to drastic budget cuts and a demoralized workforce who have to do their jobs in poor conditions.
Additionally, 89.1% of parents are making financial contributions toward music lessons, and children who come from higher-income families are twice as likely to learn a musical instrument as those coming from less wealthy families.
Music Therapy Statistics
14. A total of 28 analyzed studies with 1,810 participants suggest significant improvements after music therapy sessions.
Published in 2017, the paper called Reviewing the Effectiveness of Music Interventions in Treating Depression found that in 26 studies, depression levels of the patients’ have significantly decreased over time in comparison to control or comparison groups.
Elderly participants showed the most impressive improvements throughout both listening sessions and music therapy projects. Additional surveys showed that the participants had developed better confidence, motivation, and self-esteem over time.
15. Music therapy isn’t only for the elderly — nearly 22% of American music therapists have worked with adolescents and/or children.
One of music therapy facts is that, according to the American Music Therapy Association’s survey, music therapists have worked with these age groups in their private practices, juvenile detention facilities, community health centers, in- and outpatient treatment centers, schools, and early intervention programs.
16. Listening to music while studying, as statistics show, may be effective in boosting academic achievement.
A study from 2016 involving 200 Malaysian students revealed a higher incidence of giving correct answers (75%) when soft music was playing instead of fast or instrumental music.
The findings may suggest a connection between listening to music while studying and improved performance. Nevertheless, it surely justified the claims that music does not have any negative effects on students who prefer listening to it while studying.
General Music Industry Statistics
17. In 2019, the YouTube Music app was downloaded a staggering 13.3 million times from Google Play alone.
The app was downloaded more than 4 million times from the Apple App Store that same year. This made YouTube Music the world’s number one music application.
18. On Youtube, music videos can go viral in hours and hit over 100 million views in less than a couple of days.
Youtube music statistics clearly demonstrate the power of the online medium: in 2019, Despacito by Luis Fonsi became the most-viewed video on the platform with more than 6.55 billion streams.
19. Pop music might be just as violent as hip-hop and rap, according to a 2016 study.
Experts from the University of Missouri have analyzed the lyrics of over 400 top Billboard songs that hit the charts between 2006 and 2016.
The list included various genres, from country to heavy metal. Hip-hop and rap music violence statistics would still be the most prevalent in the data-pool. However, what was interesting is the fact that pop music promoted violence at a rather similar level.
Researchers also found that around one-third of the songs had references in them that degrade women by referring to them as sex objects or submissive.
20. The largest music festivals have over two million visitors per year.
Music festival statistics have quite impressive attendance numbers. For instance, the Mawazine Festival in Rabat managed to gather around 2,7 million visitors in 2019, while the Donauinselfest in Vienna totaled at 2,4 million.
21. Research suggests that liking heavy metal music might be a sign of high intelligence.
When looking at the links between music and intelligence, statistics suggest that heavy metal (previously labeled as outsiders and poor academic performers’ music) might be the choice of musical genre for the more brainy. A 2007 study published by the National Academy for Gifted and Talented Youth surveyed 1,057 young members (aged 11 to 18) who represent the academic 5% in the UK in that respective age gap.
The study found that the most popular genre was rock, one-third of the respondents put heavy metal among their top five choices, and 6% of them put metal in the top spot. Jazz and classical music were the least popular.
Also, those who favored heavy metal also tended to have self-esteem problems.
How big is the music industry in 2020?
Giving an exact number for 2020 would be quite difficult since the year isn’t over yet. However, according to Forbes, earlier this year, the global recorded music industry was expected to generate around $20-$21 billion overall and managed to total at $21.5 billion. Looking back, that’s a double-digit growth fifth year in a row after years of generating losses.
On the other hand, Goldman Sachs forecasts even better numbers, claiming that the industry will hit $45 billion by 2030.
Even though the numbers are promising even now, there are a lot of artists and labels bemoaning the growing trend of streaming, which, ultimately, can help drive even more revenue, according to experts.
What is the value of the music industry?
According to the World Economic Forum, the industry’s total worth is around $50 billion, with two major scenes that generate that kind of staggering revenue. The first one comes from live performances and ticket sales (nearly half of all revenue), while the second half comes from recorded music, licensing, digital downloads, physical sales, and streaming.
(World Economic Forum)
What are the current trends in the music industry?
Among the latest trends, developments in A.I. are one of those that will make a tremendous impact when it comes not just to the creation of music but to advertising as well.
For starters, automation will reshape the way people make music. A.I-meditated composition and other technologies will make it easier for the masses to make professional-sounding songs.
Furthermore, music marketing will also change. On average, around 40,000 tracks were added to Spotify each day. A.I-enabled music writing will only make those numbers grow, and artists and labels will have to embrace other automated marketing techniques, as well, in order to gain the audience’s attention.
Lastly, music industry statistics and user consumption will also change due to the latest A.I advances in music and marketing.
More specifically, smart speakers and voice-mediated music will allow users to listen to the type of music that accommodates their mood without interacting with text interfaces or playlists.
What is the biggest music industry in the world?
According to the Global Music Report, the United States is the largest music industry on the globe with annual revenue of around $5,916 million from recorded music, record sales, live performances, ticket sales, and merchandising.
The second-largest music industry is Japan’s, with annual revenue of $2,757 million. When looking at record sales, in Japan, 72% of record sales were physical records, and only 21% of the sales were in digital form.
Lastly, the third-largest market is Germany, which makes $1,323 million through digital and physical record sales.
What is the most listened to genre of music in 2020?
The IFPI’s 2018 consumer report suggests that pop music is the most popular music genre in the world, with around 64% of the 19,000 respondents from 18 countries labeling pop as their favorite type of music. Second in line was rock music with 57%, while the third was electronic/house music with 32%. Although this research was done two years ago, it’s safe to assume that the results would be similar today as well.
As you can see, music isn’t only a form of art, but also a huge business and a great tool for boosting mental health and cognitive capacities. The industry itself is going through significant changes thanks to A.I and other groundbreaking technology that will reshape not only the statistics about music but also the way people consume it.
Undeniably, 2020 is a year full of hardship for the live industry, as it has come to a standstill because of the ongoing coronavirus outbreak. Fortunately, different foundations have shown compassion and care for the people whose livelihood depends on live shows.
All in all, these music industry statistics showcase a very exciting and colorful world that is in constant motion, constantly evolving, and unlikely to become less popular any time soon.