The sound recording and music publishing sector in Denmark exhibited notable growth between 2013 and 2023, with turnover rising from 806.9 million Danish Krones to 1110.0 million Danish Krones in 2023. However, the sector experienced fluctuations such as a dip in 2015 by 4.45% and a significant drop in 2020 by 8.72%, presumably due to the COVID-19 pandemic. Conversely, strong growth was recorded in years such as 2016 (10.56%) and 2021 (8.42%). Over the last five years up to 2023, the compound annual growth rate (CAGR) was relatively modest at approximately 1.42%.
Moving into the forecasted period from 2024 to 2028, the sector is expected to continue steady growth, albeit at an average annual CAGR of around 1.53%. This should result in a projected turnover of 1220.0 million Danish Krones by 2028.
Future trends to watch for include:
- Continued impact of digital transformation and streaming services on revenue streams.
- The potential influence of emerging technologies such as artificial intelligence and blockchain on music production and distribution.
- Regulatory changes affecting intellectual property and digital rights management.
- Market adaptation post-pandemic with shifts towards virtual events and online content consumption.
