Size And Scope Flashcards, test questions and answers
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What is Size And Scope?
The music industry is one of the most dynamic and fast-growing industries in the world. With new technology and changing tastes, it’s constantly evolving to meet the needs of consumers. In 2020, the global music industry was estimated to be worth over $19 billion, with a market size of over 2.5 billion people.Since the early 2000s, recorded music sales have plummeted due to digital downloads and streaming services; however, this has been offset by growth in live music events and merchandising. Revenue from digital sources now makes up 70% of total music industry income, with streaming alone accounting for nearly half at 43%. Physical sales make up 18%, followed by performance rights (8%) and synchronization (3%). The size of the global market for recorded music has been steadily declining since its peak in 1999; however, there are signs that it may be on the rise again due to increased consumer spending on streaming services such as Spotify and Apple Music. The U.S., Europe and Asia are all key markets for the industry which accounts for almost two-thirds of total revenue worldwide. In terms of scope, there are a number of different sectors within the music industry that contribute significantly to its overall success including songwriting/publishing, recording/production companies, radio/TV broadcasting stations as well as retail outlets (both physical stores and online). Furthermore, there is also a growing role for social media platforms such as YouTube where independent artists can upload their content directly without having to go through traditional routes such as record labels or distributors. This gives them more control over how their work is presented while also providing another avenue for potential income generation.