Music Industry Market Size
The music industry market size is mind blowing, especially when compared to the market size of other art forms, such as theatre, visual arts, and dance. It is estimated that in over ten billion dollars are spent by consumers every year to listen to music. This includes sales from albums, from legal music downloads, from live concert tickets, from musical instruments and sheet music, and from other music fan related products such as t-shirts or posters. Because of the huge amount of money at stake, there is also a lot of competition to see who can gobble up the biggest piece of the music industry pie.
Over the years, the most dominate portion of the music industry has changed as the technology has changed. For a long time the bulk of the music industry market size was taken up by sheet music sales. This was before the dawn of pre-recorded music when people kept musical instruments, such as pianos, in their homes. After the advent of record music, that took up most of the market. First it was phonographs, then records, then cassettes, then CDs, and now music downloads. However, in this respect the music industry market size is shrinking due the proliferation of technology that makes illegal downloading so easy. Therefore, today, most of the money in the music industry is coming from live performances and their attendant merchandise.
Some of the companies to snatch up most of the music industry market are the Big Four major record labels and the big name touring and booking companies such as Clear Channel. Today, most successful tours are produced by Clear Channel. These tours serve not only to increase the music industry market size by bringing music to the fans, but they are also taken in the hopes of raising album sales.