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Music Business Is Poised To Boom In 2024-Nanni Singh Chief Executive ShowCase Events

By Nanni Singh
June 21, 2024
Music Business Is Poised To Boom In 2024-Nanni Singh Chief Executive ShowCase Events

The year 2023 witnessed the growth of independent artists & continued to  flourish, breaking away from traditional constraints. With the  democratization of music production and distribution, these artists found  platforms to showcase their talent and build dedicated fan bases. The  growing trend of supporting independent artists marked a shift in the  dynamics of the music industry, allowing for diverse voices to be heard. 

In 2024 and beyond, the music industry is poised to boom. Fuelled by the  return of Live concerts and the insatiable demand of music fans, the Live  performance sector is expected to be a major driver of growth. Goldman  Sachs is now forecasting a 7.6% growth in music sales for just 2024  encompassing recorded music, publishing rights, and the booming Live  concert scene. Additionally, the report anticipates a 7.9% spike in overall  gross revenue for the music industry this year. The Indian music industry  was valued at around 24 billion Indian rupees at the end of 2023 and was  estimated to reach 37 billion rupees by the end of 2026. 

The indian Music Industry’s sonic landscape transformed profoundly in  2023. Independent musicians have been bolstered by the ready acceptance  of their tracks in adorning film soundtracks, thus thinning the line between  mainstream and alternative music. With collaborations between Carnatic  musicians and Hip-Hop, Jazz, Rap performers, gaining traction in  unexplored turfs, music has indeed bridged the distances and added a  newly harvested dimension to the global music ecosystem. 

Most pivotal will be striking a harmonious balance between technological  advancements and preserving the essence of cultural music forms. With  advancements in technology, the digitization of music, and innovative  business models, the landscape is primed for an unprecedented expansion. The industry today stands at the cusp of navigating these challenges,  presenting opportunities to shape a future where tech and tradition merge  to create a musical panorama. 

AI is predicted to increasingly take a supportive role in music production,  becoming a transparent and omnipresent part of creative workflows. As we  move through 2024 and into 2025, the impact of AI on the music industry is  expected to grow, influencing everything from music production to the way  music is experienced by listeners.

In 2024, the music industry is witnessing a significant shift towards genre  fluidity, where artists are increasingly expressing diverse influences and  listeners are showing a keen interest in cross-genre experiences 

This shift indicates that artists are eager to blend diverse influences, from  folk to EDM and hip hop, creating fusion genres that cater to listeners’  evolving appetites for new music genres.  

Interestingly, the year is set to mark the resurgence of physical music  formats like vinyl and cassettes, as audiences seek more tangible  connections to music in the digital age. New pressing factories have opened,  and existing ones have increased their capacity, significantly boosting the  production of vinyl in 2024. CDs are not only a symbol of nostalgia but also  serve as a bridge between generations, particularly between Gen Z and  their parents. This shared interest helps keep the tradition of physical  music formats alive and thriving 

Physical formats are considered more ethical and provide a special feeling  that makes music feel more authentic. They also form a unique relationship  between the listener and the artist, with a higher share of revenue going  towards the artists compared to digital platforms.  

India is one of the global music industry’s biggest growth stories. The  market saw the biggest YoY increase in total annual on-demand music  streams of any nation last year. India could become the world's  largest music streaming territory by volume by 2026. Streaming platforms  are expected to continue dominating the market, providing users with  unparalleled access to vast musical libraries. 

The music industry is all set for a momentous surge in growth as we step  into the future of music. The positive outlook extends beyond 2024.  Goldman Sachs now predicts a steady rise in global music industry revenue,  culminating in a staggering $163.7 billion by 2030. If this prediction holds  true, the music industry could nearly double in size within the next six  years, signifying a vibrant future for music creation and consumption.

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