The transition to digital and a large drop in federal funding for the creative arts have caused industry revenue to fall in the five years to 2014. Limited growth in per capita disposable income over the slow economic recovery has not helped either, and has led to a notable decrease in concert attendance, affecting musicians across the industry regardless of genre or popularity. Thus, the industry will continue to contract further. Rising incomes will raise consumers' ability to pay for songs, albums and concert tickets, aiding industry revenue to bounce back over the next five years, forecast to grow in 2015 and to continue growing in 2019. While digital sales will be unable to compensate fully for declining album sales, musicians will continue using online tools to market and distribute their work to build attendance at live performances.
This industry is comprised of musicians, recording artists and songwriters that produce music professionally, either in front of a live audience, in a recording studio or both. Musicians in this industry may earn revenue from songwriting, producing or recording, but they primarily operate as performers. This industry excludes musical theater and opera and other professions involved in the creation of records, such as engineers.
The report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecast, growth rates and an analysis of the industry key players and their market shares.