Music industry
The music industry consists of the individuals and organizations that earn money by
The industry also includes a range of professionals who assist singers and musicians with their music careers. These include
The modern Western music industry emerged between the 1930s and 1950s, when
In the first decades of the 2000s, the music industry underwent drastic changes with the advent of widespread digital distribution of music via the
Business structure
The main branches of the music industry are the
The recording industry produces three separate products: compositions (songs, pieces, lyrics), recordings (audio and video) and media (such as CDs or MP3s, and DVDs). These are each a type of property: typically, compositions are owned by composers, recordings by record companies, and media by consumers. There may be many recordings of a single composition and a single recording will typically be distributed via many media. For example, the song "My Way" is owned by its composers, Paul Anka and Claude François, Frank Sinatra's recording of "My Way" is owned by Capitol Records, Sid Vicious's recording of "My Way" is owned by Virgin Records, and the millions of CDs and vinyl records that can play these recordings are owned by millions of individual consumers.
Compositions
Recordings
Recordings are created by
Recordings are (traditionally) owned by
Media
Physical media (such as CDs or vinyl records) are sold by music
When music is digitally downloaded or streamed, there is no physical media other than the consumer's computer memory on his or her portable media player or laptop. For this reason, artists such as Taylor Swift, Paul McCartney, Kings of Leon, and others have called for legal changes that would deny social media the right to stream their music without paying them royalties.[7] In the digital and online music market of the 2000s, the distributor becomes optional. Large online shops may pay the labels directly, but digital distributors do exist to provide distribution services for vendors large and small. When purchasing digital downloads or listening to music streaming, the consumer may be required to agree to record company and vendor licensing terms beyond those which are inherent in copyright; for example, some services may allow consumers to freely share the recording, but others may restrict the user to storing the music on a specific number of hard drives or devices.
Broadcast, soundtrack and streaming
When a recording is broadcast (either on radio or by a
Live music
A
Major, successful artists will usually employ a
Artist management, representation and staff
Artists such as singers and musicians may hire several people from other fields to assist them with their career. The
Emerging business models
In the 2000s, traditional lines that once divided singers, instrumentalists, publishers, record companies, distributors, retail and consumer electronics have become blurred or erased. Artists may record in a
After 15 or so years of the Internet economy, the digital music industry platforms like iTunes, Spotify, and Google Play are major improvements over the early illegal file sharing days. However, the multitude of service offerings and revenue models make it difficult to understand the true value of each and what they can deliver for musicians and music companies. As well, there are major transparency problems throughout the music industry caused by outdated technology. With the emerging of new business models as streaming platforms, and online music services, a large amount of data is processed.[10] Access to big data may increase transparency in the industry.[11]
History of printed music and recorded music
Early history: Printed music in Europe
Music publishing using machine-printed sheet music developed during the Renaissance music era in the mid-15th century. The development of music publication followed the evolution of printing technologies that were first developed for printing regular books. After the mid-15th century, mechanical techniques for printing sheet music were first developed. The earliest example, a set of liturgical chants, dates from about 1465, shortly after the Gutenberg Bible was printed. Prior to this time, music had to be copied out by hand. To copy music notation by hand was a very costly, labor-intensive, and time-consuming process, so it was usually undertaken only by monks and priests seeking to preserve sacred music for the church. The few collections of secular (non-religious) music that are extant were commissioned and owned by wealthy aristocrats. Examples include the Squarcialupi Codex of Italian Trecento music and the Chantilly Codex of French Ars subtilior music.
The use of printing enabled sheet music to reproduced much more quickly and at a much lower cost than hand-copying music notation. This helped musical styles to spread to other cities and countries more quickly, and it also enabled music to be spread to more distant areas. Before the invention of music printing, a composer's music might only be known in the city she lived in and its surrounding towns, because only wealthy aristocrats would be able to afford to have hand copies made of her music. With music printing, though, a composer's music could be printed and sold at a relatively low cost to purchasers from a wide geographic area. As sheet music of major composer's pieces and songs began to be printed and distributed in a wider area, this enabled composers and listeners to hear new styles and forms of music. A German composer could buy songs written by an Italian or English composer, and an Italian composer could buy pieces written by Dutch composers and learn how they wrote music. This led to more blending of musical styles from different countries and regions.
The pioneer of modern music printing was Ottaviano Petrucci (born in Fossombrone in 1466 – died in 1539 in Venice), a printer and publisher who was able to secure a twenty-year monopoly on printed music in Venice during the 16th century. Venice was one of the major business and music centers during this period. His Harmonice Musices Odhecaton, a collection of chansons printed in 1501, is commonly misidentified as the first book of sheet music printed from movable type. That distinction belongs to the Roman printer Ulrich Han's Missale Romanum of 1476. Nevertheless, Petrucci's later work was extraordinary for the complexity of his white mensural notation and the smallness of his font. He printed the first book of polyphony (music with two or more independent melodic lines) using movable type. He also published numerous works by the most highly regarded composers of the Renaissance, including Josquin des Prez and Antoine Brumel. He flourished by focusing on Flemish works, rather than Italian, as they were very popular throughout Europe during the Renaissance music era. His printing shop used the triple-impression method, in which a sheet of paper was pressed three times. The first impression was the staff lines, the second the words, and the third the notes. This method produced very clean and readable results, although it was time-consuming and expensive.
Until the 18th century, the processes of formal composition and of the printing of music took place for the most part with the support of
In the 19th century,
In the late part of the century the group of music publishers and songwriters which dominated
Advent of recorded music and radio broadcasting
At the dawn of the early 20th century, the development of
The "record industry" eventually replaced the sheet music publishers as the music industry's largest force. A multitude of record labels came and went. Some noteworthy labels of the earlier decades include the
Genre-wise, music entrepreneurs expanded their industry models into areas like folk music, in which composition and performance had continued for centuries on an ad hoc self-supporting basis. Forming an independent record label, or "indie" label, or signing to such a label continues to be a popular choice for up-and-coming musicians, especially in genres like hardcore punk and extreme metal, even though indies cannot offer the same financial backing of major labels. Some bands prefer to sign with an indie label, because these labels typically give performers more artistic freedom.
Rise of digital online distribution
External images | |
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RIAA U.S. Recorded Music Sales Charts (Interactive); Revenue and Volumes by Format. (1973 – ) | |
Sales Reveneus by Format | |
Revenue break down 2018 | |
Sales Volumes by Format | |
Sales Volumes breakdown 2018 |
In the first decade of the 2000s, digitally downloaded and
In response to the rise of widespread illegal
Legal digital downloads became widely available with the debut of the Apple iTunes Store in 2003.[28] The popularity of music distribution over the Internet has increased,[29] and by 2011 digital music sales topped physical sales of music.[30] In 2008, Atlantic Records reports that digital sales have surpassed physical sales.[23] However, as The Economist reported, "paid digital downloads grew rapidly, but did not begin to make up for the loss of revenue from CDs".[24]
After 2010, Internet-based services such as
" services over the Internet. With streaming services, the user pays a subscription to a company for the right to listen to songs and other media from a library. Whereas with legal digital download services, the purchaser owns a digital copy of the song (which they can keep on their computer or on a digital media player), with streaming services, the user never downloads the song file or owns the song file. The subscriber can only listen to the song for as long as they continue to pay the streaming subscription. Once the user stops paying the subscription, they cannot listen to audio from the company's repositories anymore. Streaming services began to have a serious impact on the industry in 2014.The Recording Industry Association of America (RIAA) revealed in its 2015 earnings report that streaming services were responsible for 34.3 percent of the year's U.S. recorded-music-industry revenue, growing 29 percent from the previous year and becoming the largest source of income, pulling in around $2.4 billion.[35][36] US streaming revenue grew 57 percent to $1.6 billion in the first half of 2016 and accounted for almost half of industry sales.[37] This contrasts with the $14.6 billion in revenue that was received in 1999 by the U.S. music industry from the sale of CDs.
The turmoil in the recorded-music industry in the 2000s altered the twentieth-century balance between artists, record companies, promoters, retail music-stores and consumers. As of 2010[update],
Companies like
Sales statistics
Digital album volume sales growth in 2014
According to IFPI,[42] the global digital album sales grew by 6.9% in 2014.
Country | Percentage |
---|---|
US | +2.1% |
UK | −2.8% |
France | −3.4% |
Global (est.) | +6.9% |
Source: Nielsen SoundScan, Official Charts Company/BPI, GfK and IFPI estimate.
Consolidation
Prior to December 1998, the industry was dominated by the "Big Six": Sony Music and BMG had not yet merged, and PolyGram had not yet been absorbed into Universal Music Group. After the PolyGram-Universal merger, the 1998 market shares reflected a "Big Five", commanding 77.4% of the market, as follows, according to MEI World Report 2000:
- Universal Music Group — 21.1%
- Sony Music Entertainment — 17.4%
- EMI — 14.1%
- Warner Music Group — 13.4%
- BMG — 11.4%
- Independent labels combined — 22.6%
In 2004, the joint venture of Sony and BMG created the 'Big Four' at a time the global market was estimated at $30–40 billion.[43] Total annual unit sales (CDs, music videos, MP3s) in 2004 were 3 billion. Additionally, according to an IFPI report published in August 2005,[44] the big four accounted for 71.7% of retail music sales:
- Universal Music Group—25.5%
- Sony BMG Music Entertainment—21.5%
- EMI Group—13.4%
- Warner Music Group—11.3%
- Independent labels combined—28.3%
- Universal Music Group (US based) — 29.85%
- Sony Music Entertainment(US based) — 29.29%
- Warner Music Group (US based) — 19.13%
- EMI Group — 9.62%
- Independent labels — 12.11%
After the absorption of EMI by Sony Music Entertainment and Universal Music Group in December 2011 the "big three" were created and on January 8, 2013, after the merger there were layoffs of forty workers from EMI. European regulators forced Universal Music to spin off EMI assets which became the Parlophone Label Group which was acquired by Warner Music Group.
- EMI Music— 32.41% + 6.78% of EMI Group
- Sony Music Entertainment (US based) which owns publishing arm of EMI Group— 30.25%
- Warner Music Group— 19.15%
- Independent labels— 11.42%
Note: the IFPI and Nielsen Soundscan use different methodologies, which makes their figures difficult to compare casually, and impossible to compare scientifically.[48]
Market shares as of September 2018 are as follows:[49]
- Warner Music Group — 25.1%
- Universal Music Group — 24.3%
- Sony Corporation — 22.1%
- Other — 28.5%
The largest players in this industry own more than 100 subsidiary record labels or sublabels, each specializing in a certain market niche. Only the industry's most popular artists are signed directly to the major label. These companies account for more than half of US market share. However, this has fallen somewhat in recent years, as the new digital environment allows smaller labels to compete more effectively.[49]
Albums sales and market value
Total album sales have declined in the early decades of the 21st century, leading some music critics to declare the
The following table shows album sales and market value in the world in 2014.Ranking | Market | Retail value US $ (millions) |
% Change | Physical | Digital | Performance rights | Synchronization |
---|---|---|---|---|---|---|---|
1 | United States | 4,898.3 | 2.1% | 26% | 71% | 0% | 4% |
2 | Japan | 2,627.9 | −5.5% | 78% | 17% | 3% | 1% |
3 | Germany | 1,404.8 | 1.9% | 70% | 22% | 7% | 1% |
4 | United Kingdom | 1,334.6 | −2.8% | 41% | 45% | 12% | 2% |
5 | France | 842.8 | −3.4% | 57% | 27% | 13% | 3% |
6 | Australia | 376.1 | −6.8% | 32% | 56% | 9% | 2% |
7 | Canada | 342.5 | −11.3% | 38% | 53% | 6% | 2% |
8 | South Korea | 265.8 | 19.2% | 38% | 58% | 3% | 1% |
9 | Brazil | 246.5 | 2.0% | 41% | 37% | 21% | 1% |
10 | Italy | 235.2 | 4.1% | 51% | 33% | 13% | 3% |
11 | Netherlands | 204.8 | 2.1% | 45% | 38% | 16 | 1% |
12 | Sweden | 189.4 | 1.3% | 15% | 73% | 10% | 2% |
13 | Spain | 181.1 | 15.2% | 47% | 35% | 17% | 1% |
14 | Mexico | 130.3 | −1.4% | 41% | 53% | 4% | 2% |
15 | Norway | 119.9 | 0.1% | 14% | 72% | 12% | 2% |
16 | Austria | 114.9 | −2.7% | 65% | 22% | 13% | 1% |
17 | Belgium | 111.2 | −5.8% | 49% | 28% | 22% | 0% |
18 | Switzerland | 108.2 | −8.1% | 52% | 38% | 9% | 0% |
19 | China | 105.2 | 5.6% | 12% | 87% | 0% | 1% |
20 | India | 100.2 | −10.1% | 31% | 58% | 8% | 3% |
Source: IFPI 2014 annual report.[52]
Recorded music retail sales
2000
In its June 30, 2000 annual report filed with the U.S. Securities and Exchange Commission, Seagram reported that Universal Music Group made 40% of the worldwide classical music sales over the preceding year.[53]
2005
Interim physical retail sales in 2005. All figures in millions.
Country info | Units | Value | Change (%) | ||||||
---|---|---|---|---|---|---|---|---|---|
Ranking | Country name | Singles | CD | DVD | Total Units | $ (in USD) | Local Currency | Units | Value |
1 | US | 14.7 | 300.5 | 11.6 | 326.8 | 4783.2 | 4783.2 | −5.70% | −5.30% |
2 | Japan | 28.5 | 93.7 | 8.5 | 113.5 | 2258.2 | 239759 | −6.90% | −9.20% |
3 | UK | 24.3 | 66.8 | 2.9 | 74.8 | 1248.5 | 666.7 | −1.70% | −4.00% |
4 | Germany | 8.5 | 58.7 | 4.4 | 71 | 887.7 | 689.7 | −7.70% | −5.80% |
5 | France | 11.5 | 47.3 | 4.5 | 56.9 | 861.1 | 669.1 | 7.50% | −2.50% |
6 | Italy | 0.5 | 14.7 | 0.7 | 17 | 278 | 216 | −8.40% | −12.30% |
7 | Canada | 0.1 | 20.8 | 1.5 | 22.3 | 262.9 | 325 | 0.70% | −4.60% |
8 | Australia | 3.6 | 14.5 | 1.5 | 17.2 | 259.6 | 335.9 | −22.90% | −11.80% |
9 | India | – | 10.9 | – | 55.3 | 239.6 | 11500 | −19.20% | −2.40% |
10 | Spain | 1 | 17.5 | 1.1 | 19.1 | 231.6 | 180 | −13.40% | −15.70% |
11 | Netherlands | 1.2 | 8.7 | 1.9 | 11.1 | 190.3 | 147.9 | −31.30% | −19.80% |
12 | Russia | – | 25.5 | 0.1 | 42.7 | 187.9 | 5234.7 | −9.40% | 21.20% |
13 | Mexico | 0.1 | 33.4 | 0.8 | 34.6 | 187.9 | 2082.3 | 44.00% | 21.50% |
14 | Brazil | 0.01 | 17.6 | 2.4 | 24 | 151.7 | 390.3 | −20.40% | −16.50% |
15 | Austria | 0.6 | 4.5 | 0.2 | 5 | 120.5 | 93.6 | −1.50% | −9.60% |
16 | Switzerland ** | 0.8 | 7.1 | 0.2 | 7.8 | 115.8 | 139.2 | n/a | n/a |
17 | Belgium | 1.4 | 6.7 | 0.5 | 7.7 | 115.4 | 89.7 | −13.80% | −8.90% |
18 | Norway | 0.3 | 4.5 | 0.1 | 4.8 | 103.4 | 655.6 | −19.70% | −10.40% |
19 | Sweden | 0.6 | 6.6 | 0.2 | 7.2 | 98.5 | 701.1 | −29.00% | −20.30% |
20 | Denmark | 0.1 | 4 | 0.1 | 4.2 | 73.1 | 423.5 | 3.70% | −4.20% |
Top 20 | 74.5 | 757.1 | 42.8 | 915.2 | 12378.7 | −6.60% | −6.30% |
2003–2007
Approximately 21% of the
2011
In mid-2011, the RIAA trumpeted a sales increase of 5% over 2010, stating that "there's probably no one single reason" for the bump.[54]
2012
The Nielsen Company & Billboard's 2012 Industry Report shows overall music sales increased 3.1% over 2011. Digital sales caused this increase, with a Digital Album sales growth of 14.1% and Digital Track sales growth of 5.1%, whereas Physical Music sales decreased by 12.8% versus 2011. Despite the decrease, physical albums were still the dominant album format. Vinyl Record sales increased by 17.7% and Holiday Season Album sales decreased by 7.1%.[47]
Total revenue by year
Global trade revenue according to the IFPI.
Year | Revenue | Change | Notes |
---|---|---|---|
2005 | $20.7 billion | −3% | [55][56] |
2006 | $19.6 billion | −5% | [55] |
2007 | $18.8 billion | −4% | [57] |
2008 | $18.4 billion | −2% | [58] |
2009 | $17.4 billion | −5% | [59] |
2010 | $16.8 billion | −3.4% | [8] |
2011 | $16.2 billion | −4% | [8][60] (Includes sync revenues) |
2012 | $16.5 billion | +2% | [60] |
2013 | $15 billion | −9% | [61] |
2014 | $14.97 billion | −0.2% | [62] |
2015 | $15 billion | +3.2% | [63][64] |
2016 | $15.7 billion | +5% | [65] |
2017 | $17.4 billion | +10.8% | [65] |
2018 | $19.1 billion | +9.7% | [65] |
2019 | $20.2 billion | +8.2% | [66] |
2020 | $21.6 billion | +7.4% | [67] |
2021 | $25.9 billion | +18.5% | [68] |
2022 | $26.2 billion | +9% | [69] |
By region
- Music industry of Asia
- Music industry of East Asia
- Music industry of Northern Europe
- Music industry of the U.K.
Associations and organizations
The List of music associations and organizations covers examples from around the world, ranging from huge international bodies to smaller national-level bodies.
See also
- DIY ethic
- History of music publishing
- Independent record label
- List of record labels and Category:Record labels
- List of best-selling music artists
- MIDEM-World's largest music trade fair
- Record label
- Music community
- White label
References
Citations
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{{cite web}}
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[...] it would appear all is well in the recording industry. But at the end of last year, the music business was worth half of what it was ten years ago and the decline doesn't look like it will be slowing anytime soon. [...] Total revenue from U.S. music sales and licensing plunged to $6.3 billion in 2009, according to Forrester Research. In 1999, that revenue figure topped $14.6 billion.
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- ^ "IFPI 2011 Report: Global Recorded Music Sales Fall 8.4%; Eminem, Lady Gaga Top Int'l Sellers". Billboard. March 30, 2011. Archived from the original on January 5, 2019. Retrieved November 21, 2016.
- ^ a b IFPI Digital Music Report 2013: Global Recorded Music Revenues Climb for First Time Since 1999 Archived May 16, 2019, at the Wayback Machine Billboard
- ^ IFPI Digital Music Report 2014: Global Recorded Music Revenues Down 4% Archived October 22, 2017, at the Wayback Machine Billboard
- billboard.com. Archivedfrom the original on April 19, 2015. Retrieved April 20, 2015.
- ^ "IFPI Global Report: Digital Revenues Surpass Physical for the First Time as Streaming Explodes". Billboard. April 12, 2016. Archived from the original on July 9, 2016. Retrieved July 22, 2016.
- ^ "IFPI Global Music Report 2016: State of the Industry" (PDF). Ifpi.org. Archived from the original (PDF) on March 22, 2020. Retrieved July 22, 2016.
- ^ a b c "Streaming accounted for nearly half of music revenues worldwide in 2018". TechCrunch. Archived from the original on January 21, 2023. Retrieved October 17, 2019.
- ^ "GLOBAL MUSIC REPORT". IFPI. Archived from the original on August 4, 2020. Retrieved August 21, 2020.
- ^ "GLOBAL MUSIC REPORT". IFPI. March 23, 2021. Archived from the original on March 25, 2021. Retrieved April 17, 2022.
- ^ "GLOBAL MUSIC REPORT". IFPI. March 22, 2022. Archived from the original on March 22, 2022. Retrieved April 17, 2022.
- ^ Hatton, Carl (March 21, 2023). "IFPI Global Music Report: Global Recorded Music Revenues Grew 9% In 2022". IFPI. Archived from the original on September 27, 2023. Retrieved September 21, 2023.
General and cited sources
- Krasilovsky, M. William; Shemel, Sidney; Gross, John M.; Feinstein, Jonathan (2007), This Business of Music (10th ed.), Billboard Books, ISBN 0-8230-7729-2
Further reading
This 'further reading' section may need cleanup. (May 2016) |
- Lebrecht, Norman: When the Music Stops: Managers, Maestros and the Corporate Murder of Classical Music, Simon & Schuster 1996
- Imhorst, Christian: The 'Lost Generation' of the Music Industry, published under the terms of the GNU Free Documentation License 2004
- Gerd Leonhard: Music Like Water – the inevitable music ecosystem
- The Methods Reporter: Music Industry Misses Mark with Wrongful Suits
- Music CD Industry Archived June 26, 2007, at the Wayback Machine – a mid-2000 overview put together by Duke University undergraduate students
- Mario d'Angelo: "Does globalisation mean ineluctable concentration ?" in Roche F., Marcq B., Colomé D. (eds)The Music Industry in the New Economy, Report of the Asia-Europe Seminar (Lyon 2001) IEP de Lyon/Asia-Europe Foundation/Eurical, 2002, pp. 53–60.
- ISBN 2-84591-130-0
- Hill, Dave: Designer Boys and Material Girls: Manufacturing the [19]80s Pop Dream. Poole, Eng.: Blandford Press, 1986. ISBN 0-7137-1857-9
- Rachlin, Harvey. The Encyclopedia of the Music Business. First ed. New York: Harper & Row, 1981. xix, 524 p. ISBN 0-06-014913-2
- The supply of recorded music: A report on the supply in the UK of prerecorded compact discs, vinyl discs and tapes containing music. Competition Commission, 1994.
- Gillett, A. G., & Smith, G. (2015). "Creativities, innovation, and networks in garage punk rock: A case study of the Eruptörs". Artivate: A Journal of Entrepreneurship in the Arts. 4 (1): 9–24. S2CID 54907273.)
{{cite journal}}
: CS1 maint: multiple names: authors list (link - Tschmuck, Peter: Creativity and Innovation in the Music Industry, Springer 2006.
- Knopper, S., 2011. The New Economics of the Music Industry. Rolling Stone, 25.
External links
This article's use of external links may not follow Wikipedia's policies or guidelines. (May 2016) |
- Salon article on Courtney Love's criticism of record industry business practices
- Federal Trade Commission press release regarding price fixing
- Antitrust settlement in Nevada price-fixing case
- The British Library – Music Industry Guide (sources of information) Archived October 25, 2017, at the Wayback Machine
- Academic articles about the music industry The Music Business Journal