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This question is about music industry statistics.
Is the music industry growing?
Yes, the music industry is growing. Worldwide, the global music industry's revenue increased from $56.74 billion in revenue in 2019 to $59.45 billion in 2020. During that same time frame, the U.S.'s industry grew by 7.5%, expanding its revenue from $7.4 billion in 2019 to $8 billion in 2020.
In 2021 alone, the U.S.'s recorded music industry grew by 22.6%. US and Canada together had a 22% growth rate this year, up from their 2020 rate of 7.5%.
However, the Middle East and North Africa is the fastest-growing region for the global recorded music industry in 2021, with a 35% growth rate.
In the future (between 2021 and 2026), the global music industry is expected to have a CAGR of 8.5%.
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