In 2023, the US sound recording industry's gross output stood at $26.99 billion. From 2013 to 2023, it experienced a fluctuating growth pattern with a Compound Annual Growth Rate (CAGR) of 1.43% over the last five years.
Significant year-on-year changes include a notable 24.65% increase in 2021, followed by a slight decrease of 0.61% in 2022, and a modest rise of 1.33% in 2023. The industry's growth was hit in 2020 with a decline of 15.77% due to the pandemic.
Forecasts project a gradual increase, reaching $28.88 billion by 2028, with a forecasted five-year CAGR of 1.04% and an overall growth rate of 5.33% over the period.
Future trends to watch for include:
- Impact of streaming services and digital distribution on revenue
- Technological advancements in sound recording and production
- Shifts in consumer behavior and preferences, especially post-pandemic
- Potential new revenue streams from virtual and augmented reality applications
- Changes in regulations and copyright laws affecting the industry
