In the rhythm of the music industry

Michaela Rysava

A chapter in CNB Global Economic Outlook - April 2022, 2022, pp 14-19 from Czech National Bank, Research and Statistics Department

Abstract: The music industry has undergone radical changes over the last two decades, due mainly to the technological advances which have put pressure on innovation and flexibility in all industry sectors, with a gradual shift from the physical to the digital format. The music industry is highly interconnected at the global level and contributes significantly to the economy. This is driven mainly by the rise in the popularity of streaming and in streaming revenue (especially from paid subscriptions), as well as revenue from live music. Although the music industry has experienced a long-term decline and its outlook has not been very optimistic, it has grown significantly over the last few years. The industry was particularly hard hit by the coronavirus pandemic, due mainly to the loss of live music revenue. That said, the pandemic has also accelerated some trends and structural changes. Forecasts point to a recovery in growth and great potential for the industry in the future. This is due, among other things, to collaboration with the gaming industry, and the development of live-streamed virtual concerts. However, the music industry may be becoming dependent on streaming as an overly dominant source of revenue.

Date: 2022
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