2.21 Music Industry - Track Characteristics

Expansive Market Size The music industry stands as the largest sector within the global entertainment landscape, encompassing a diverse demographic spectrum. With the entire industry chain's output value exceeding one trillion, it occupies a significant portion of the entertainment market. Robust Fan Loyalty Fan engagement within the music industry is characterized by enduring and deeply rooted connections between fans, celebrities, and idols. These relationships often span over a decade, if not a lifetime, resulting in the highest level of fan loyalty compared to other entertainment sectors. Substantial Spending Power As per the International Federation of the Phonographic Industry (IFPI), subscription-based audio streaming revenue witnessed a notable 10.3% surge by the close of 2022, reaching a staggering $12.7 billion. Moreover, paid subscribers surpassed 589 million, showcasing a consistent upward trajectory year after year.