The sound recording and music publishing activities sector in Turkey has demonstrated notable growth over the past decade, reaching 717.7 million New Turkish Liras in 2023. Analyzing year-on-year (YoY) variations and compound annual growth rates (CAGR), the sector has shown resilience despite some fluctuations. From 2019 to 2021, there was a significant dip of -4.77% YoY in 2019, followed by a strong recovery of 34.74% YoY in 2020. The average YoY growth for the last two years, 2022 and 2023, was steady at 11.98% and 10.64%, respectively, with a more stable five-year CAGR of 11.11% over the period from 2019 to 2023.
Looking ahead, the forecast indicates continued positive growth in the sector, with an anticipated rise to 1,060.0 million by 2028. The forecasted 5-year CAGR from 2023 to 2028 is projected at 6.11%, reflecting a more moderate but steady increase. This results in a total expected growth rate of 34.51% over the mentioned period.
Future trends to watch for include the continued impact of digital transformation on music distribution and the potential influence of global music industry trends on local production and publishing activities. Increased penetration of streaming services and technological advances are expected to further drive growth in this sector.
