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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