Music Industry Market Review 2006

Released on = April 16, 2007, 3:51 am

Press Release Author = Bharat Book Bureau

Industry = Marketing

Press Release Summary = Music may be defined romantically as `the food of love\'
(Shakespeare) or more prosaically as `sound with particular characteristics\'
(Wikipedia), but it is undeniably a `vibrant artform\' (Arts Council England) and one
which touches more people, in more ways, than any other art form.

Press Release Body = Music Industry Market Review 2006

Music may be defined romantically as `the food of love\' (Shakespeare) or more
prosaically as `sound with particular characteristics\' (Wikipedia), but it is
undeniably a `vibrant artform\' (Arts Council England) and one which touches more
people, in more ways, than any other art form.

In commercial terms, music certainly generates a higher market value than the other
arts, although a comprehensive market size for music in all its manifestations is
impossible to calculate. Key Note has put a value of 3.03bn on consumer spending on
music in 2005, derived from three sectors: recorded music (which accounts for the
bulk of the market), live music and musical instruments. However, data for other
related markets are included, such as equipment for home listening and viewing.

Recorded music dominates, but this large market is on the cusp of a technological
revolution that will eventually transform the way the majority of people buy music.
In 2005, most music was bought as compact disc (CD) albums - the `single\', vinyl and
cassette having already become minor sectors - but `legal downloading\', although
still in its infancy, is accelerating rapidly. Key Note forecasts that, by 2010,
legal downloading will account for more than a third of consumer spending on
recorded music, although the time-lag while older consumers get used to the new
technology will mean that CDs will remain the main format for years to come.

Recent growth in recorded products has also come from music on digital versatile
disc (DVD), which are rapidly replacing videocassettes, and this marks a shift
towards a more `visual\' appreciation of music and its performers. Young consumers
are spending more time accessing music through their computers or televisions,
having been brought up on MTV and other music channels in the new digital media
environment of multi-channel television and radio. Although radio is now peripheral
to television in terms of media consumption, the fact remains that music dominates
radio output, and the two are self-reliant.

In television, music plays a lesser role, but the popularity of talent shows such as
Pop Idol and The X Factor has served to raise the profile of music, if only at the
level of `karaoke culture\'. According to original research conducted for this Key
Note Market Review, nearly half the population say they enjoy singing and one in
four are able to play a musical instrument (with a musical instrument available to
be played in 44% of UK homes).

Amateur participation in music is on the increase generally and one in five adults
describe music as their `main hobby\'. However, despite the interest in music, only
18% of adults go to concerts regularly, and Key Note believes there is great
potential for the live music market. Encouragement for live events comes from public
funders, such as the Art Councils, although funding is biased towards the more
intellectual or minority types of music (classical, jazz and world music).

In mainstream music, recording and marketing are now dominated by just four `majors\'
worldwide, one of which is the UK\'s own giant record company, EMI Group PLC. The
other majors are Universal Music Group and Warner Music Group, based in the US, and
Sony BMG, a Japanese/German joint venture only created in 2004.

One of EMI\'s major strengths is its historic catalogue of recordings - and
copyrights - which includes The Beatles and many other enduring acts of the last
century. Although the music headlines tend to be dominated by new artists - for
example, the Arctic Monkeys, whose first album shot to number one in 2006 - the fact
is that most people\'s music tastes are fairly conservative and are rooted in the
music they grew up with. Key Note\'s survey of artists that the public would take to
a `desert island\' was topped by Abba, The Beatles, Frank Sinatra and Madonna,
although Beethoven came fifth.


Web Site = www.bharatbook.com

Contact Details = 207, Hermes Atrium,
Sector 11, Plot No.57
CBD Belapur

  • Printer Friendly Format
  • Back to previous page...
  • Back to home page...
  • Submit your press releases...
  •