From the beat of drums in ancient tribes to the cutting-edge production software used today, music and technology have always gone hand in hand. As their synergy continues to grow, the landscape of the music world changes with it, birthing new opportunities and trends in its wake. The music technology industry, as esoteric as it may sound to some, is deeply entrenched in our day-to-day life. This blog post delves into the fascinating world of music technology, unraveling the most recent industry statistics. By taking a deep dive into trends, growth rates, market shares, and projections, we’ll not only understand where we stand today but also glimpse into the future of music technology. Musicians, tech enthusiasts, and curious readers alike, let’s fine-tune our knowledge as we explore the dynamics of this pulsating industry.
The Latest Music Technology Industry Statistics Unveiled
The global music production software market size is expected to reach $12.7 billion in 2028, from the $2.82 billion in 2020, reflecting a CAGR of 20.7%. Source: Grand View Research
Drawing light onto the future of the music technology industry, the projection of the global music production software market ascending swiftly to $12.7 billion in 2028 from a mere $2.82 billion in 2020 tells a compelling story. The impressive CAGR of 20.7% underlines the tremendous acceleration of this particular segment of the music industry.
This not only reflects the increasing importance of technology and software in crafting melodies but also emphasizes the size of the economic cake that is up for grabs in this burgeoning market. For anyone thinking of embarking on a journey in this field, either as a music software developer, an artist, or as an investor, this astonishing growth rate offers a siren song of potential opportunities. It is a clarion call highlighting the marriage between music and technology, shaping a new era for creators and consumers alike.
490 million people worldwide will use digital music streaming services in 2021.
Source: Finaria
Immerse yourself in the vibrant panorama of the music tech industry and let’s pinpoint a burgeoning trend that could shift the entire landscape: a staggering figure of 490 million individuals around the globe are projected to tune into digital streaming platforms in 2021, according to Finaria. This profound transformation not only signifies a seismic shift in how we consume music but also underscores the vast, untapped opportunities within the digital space for the music tech industry. A rich vein of potential awaits those looking to innovate and strategize within this realm, showcasing the vast scope of the digital music marketplace. This could fuel strategic decisions, investments, and even future innovation, ultimately shaping the trajectory of the music technology industry.
Global music streaming revenue is expected to surpass $23 billion in 2021, marking a 25% YoY increase.
Source: Statista
In the dynamic world of the music technology industry, it’s electrifying to navigate the symphony of statistics that help us shape our understanding of the market. Regard for instance, the crescendo in global music streaming revenue; poised to surpass an impressive $23 billion in 2021, growing at a harmonious rhapsody of a 25% year-on-year. This compelling statistic from the venerated source of Statista provides us with a clear barometer of how intensively consumers are turning the dial towards streaming services.
It’s akin to a high note on the grand staff of industry insights, echoing the brisk transitions in consumer behaviors and the aggregate shift from physical acquisition of music to digital stream. Notably, it reinforces the shrewdness of investments in scalable, in-demand streaming technology, hinting at fresh peaks on the horizon for potential revenue growth within the industry. In essence, within the melody of this blog post, this captivating statistic plays a key role, elevating comprehension of the marketplace whilst fuelling pertinent discussions about future trends and audience investment in music technology.
Apple’s Logic Pro X software holds approximately 10.9% of the music production software market.
Source: Soundcharts
In unraveling the intricacies of the music technology industry, it’s striking to note the role of Apple’s Logic Pro X software. With around 10.9% of the music production software market under its belt, Logic Pro X emerges as a key player in shaping the industry’s digital landscape, according to Soundcharts. This market fraction signifies a substantial number of artists, composers, and sound engineers who lean on Logic Pro X’s advanced tools and features to produce resonating, high-quality music. Moreover, it underlines the influence and trust the software commands amidst fierce competition, underscoring Apple’s competitive position in the industry. This percentage thus serves as a critical benchmark, shedding light on current market dynamics, consumer preferences, and industry trends. As a result, for anyone tuned into the beat of the music technology world, this figure holds harmonious significance.
83% of American adults listen to music on their smartphones.
Source: YouGov
Impressively, a massive 83% of American adults are noted to indulge in music via their smartphones, according to reliable data from YouGov. Undeniably, this revelation magnifies the importance of prioritizing mobile platforms in the music technology industry. With the smartphone becoming a personal jukebox, it underlines the direction wherein the industry needs to focus their innovation and development efforts. As smartphones evolve into the ultimate music experience enablers, leveraging this shift could unlock potentially untapped opportunities for businesses in the music technology space.
In 2020, on-demand music streaming services held 83% of the total music consumption in the U.S.
Source: Nielsen Music/MRC Data
This eye-opening slice of data underscores the seismic shift in the landscape of the music industry, particularly within the U.S., where on-demand music streaming services have become an 800-pound gorilla, accounting for a whopping 83% of total music consumption in the year 2020. The data, brought to light by Nielsen Music/MRC, not only showcases the immense popularity and user dependency on these platforms but also exposes the waning influence of traditional methods of music consumption. As we delve deeper into music technology industry statistics, this statistic acts like a North Star, guiding anyone – investors, artists, tech pioneers, or even casual observers – to understand the current dynamics and future trends of the industry. It’s like a preview to a movie, a tell-tale sign of how the narrative of this industry is being written, largely by the directors of on-demand music streaming services.
The global market size for AI in the music industry is projected to reach $1.1 billion by 2025.
Source: Verified Market Research
This compelling projection on the global market size of AI in the music industry, which is expected to hit a remarkable $1.1 billion by 2025, illustrates an emerging narrative on the magnitude of innovation within the music technology industry. Capturing this potential growth trajectory underscores a pivotal moment in the industry’s evolution, emphasizing the extent to which cutting-edge AI technologies are transforming the landscape. From creating and composing tunes to music distribution and consumption, AI’s increasing dominance is profoundly impacting every facet of the music sphere. Tapping into this statistic provides us valuable insights about the industry’s future, arms entrepreneurs with the knowledge to ride this wave of change and give investors a sound sense of the potential returns that lay ahead. Through this lens, it’s crystal clear that AI in music isn’t a fleeting trend, but an evolving paradigm that’s set to redefine the course of the music technology industry.
36% of Canadians are using their smart speakers to listen to music.
Source: Edison Research
Illuminating the evolving landscape of the music technology industry, this fascinating statistic showcases the significant role of smart speakers in the Canadian music listening arena. The captivating 36% of Canadians, captivated by the allure of smart speakers for their music desires, underscores a crucial shift in Canadians’ relationship with music and technology. It serves to highlight how technology companies and music service providers could enhance their offerings to cater to the Canadian market’s growing interest in technological advancements. By dissecting this metric further, stakeholders could uncover untapped potential, seize new opportunities, and drive informed strategies, shaping the future of Canada’s music technology industry.
Music makers generate approximately $30 billion in total economic impact annually in the U.S., partly due to music technology.
Source: Re:Create
Undeniably, the given statistic, illustrating that music makers contribute approximately $30 billion annually to the U.S. economy, partly driven by music technology, forms a resounding note within the orchestra of the music technology industry statistics. Seemingly, this figure not only provides a financial pitch to the industry’s impact, but it also sets a tempo for understanding the profound role that music creators and technology play in stimulating economic activity. Its significance resonates well beyond the core of the music industry, reverberating within various sectors such as technology, marketing, education, and intellectual property. Thus, like a conductor bringing together the different elements of an ensemble, this statistic harmonizes the sectors involved, portraying the poignant impact of the music technology industry within the grand symphony of the U.S economy.
As of 2019, 89% of adults in Sweden used music streaming services.
Source: Statista
Shedding light on the Swedish music landscape, the impressive 89% figure denotes the technological shift in how music is consumed today. This pivotal number, gathered by Statista in 2019, underlines the dominance of music streaming services amongst adults in Sweden. Within the context of a blog post about music technology industry statistics, this percentage serves as a robust testament to the deep penetration of streaming technology in everyday life. Moreover, it mirrors the global trend, painting a vivid picture for entrepreneurs, industry leaders and technology enthusiasts about how our listening habits have been revolutionized. Streaming isn’t just the future of music consumption, it’s the unabridged reality.
Conclusion
The music technology industry’s impressive statistics highlight an era of rapid transformation and exciting progress. As technology continues to advance, we can confidently anticipate that these changes may usher in new ways of consuming, creating and distributing music. Increased accessibility and innovation have ignited possibilities in areas previously unimaginable. Yet, in all this whirlwind of change, the constant remains the power of music. The future seems promising and musicians, developers, and listeners alike have a thrilling journey ahead. Therefore, to stay ahead of the curve in this ever-evolving landscape, it’s imperative to stay informed about trends and data in the music technology industry.
References
0. – https://www.www.verifiedmarketresearch.com
1. – https://www.www.recreatecoalition.org
2. – https://www.today.yougov.com
3. – https://www.www.nielsen.com
4. – https://www.www.statista.com
5. – https://www.www.edisonresearch.com
6. – https://www.www.grandviewresearch.com
7. – https://www.soundcharts.com
8. – https://www.www.finaria.it