(I-BusinessNews.Com, July 09, 2018 ) Music recording or audio recording involves capturing audio signals onto storage devices either analog or digital. The music recording industry comprises of establishments primarily engaged in producing and distributing musical recordings, in publishing music, or in providing sound recordings and related services.
The music recording market is valued at close to $55 billion in 2017 due to an increasing demand for virtual reality is the new technological advance in the entertainment industry. Virtual Reality tries to replicate an environment either real or imagined and allows the user to interact with it. It can create sensory perceptions such as touch, smell, hearing and sight.
The market can be easily split into film and video recording & music recording out of which music recording comprises of more than one tenth of the market share and rest of the market is shared by film and video recording.
The USA was the largest country in the music recording market in 2017 accounting for nearly half of the market share. USA was followed by the UK and Germany. In the US, music consumers paid for the first time more for music access by ad-supported and paid streaming services than for CDs, music downloads and ringtones.
The top five competitors in the market made up more than one- fifth of the total market in 2017. Universal Music Group was the largest competitor with nearly 11% of the market, followed by Sony Music, and Warner Music.
Universal Music Group (also known in the United States as UMG Recordings, Inc. and abbreviated as UMG) is an American global music corporation that is a subsidiary of the French media conglomerate Vivendi. UMG's global corporate headquarters are located in Santa Monica, California.
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