The turnover in the UK's sound recording and music publishing sector is forecasted to grow steadily from 2024 to 2028, starting at £3.23 billion in 2024 and reaching £3.6 billion by 2028. In 2023, the turnover was £3.13 billion. The year-on-year growth rate is approximately 3%, reflecting a continuous upward trend. The compound annual growth rate (CAGR) over the forecast period is roughly 2.8%.
Future trends to watch for:
- Digital streaming's impact on revenue streams.
- Innovations in technology and the rise of AI-driven music production.
- Influence of live performances resuming post-pandemic.
- Regulatory changes affecting licensing and royalties.
- Global market expansion opportunities and export potentials.
