The music market in the United States is more than triple the size of any other country’s, coming in at a projected $15.1 billion for 2016. Live music ticket sales make up the largest share of the market, home to six of the 10 highest grossing venues. Madison Square Garden in New York City regularly welcomes more than 18,000 concert-goers.
Digital streaming and physical sales of vinyl records are both strong in the German music market, which is projected to reach $4.5 billion in 2016. The country has a unique balance of old and new; continued interest in traditional classical works keep the average age of a music buyer above the global norm, according to the IFPI, while capital city Berlin is home to a burgeoning club scene centered around modern house and techno music.
British songbird Adele was the most popular recording artist in the world in 2015, according to IFPI, with four more Brit artists – Ed Sheeran, One Direction, Coldplay and Sam Smith – claiming spots in the top 10. The U.K.music market, projected to be $4.3 billion in 2016, has not seen steady growth. The British Phonographic Industry launched the Music Export Growth Scheme in 2013, offering grants to U.K.-registered music companies to help with international marketing.
While physical sales of music are on steep decline all over the world, the Japanese remain smitten with their CDs. The price of CDs is legally fixed, and physical sales are expected to comprise half of the $4.3 billion music market in 2016. Local acts, like J-pop girl group AKB48, heavily weight the tops of music charts in Japan.
Music is important in France, where the average person listens to nearly two and a half hours of music each day, according to a government website. The market is projected to be $1.8 billion in 2016. DJ David Guetta was most successful in terms of music exports in 2015, and former first lady Carla Bruni’s album “Little French Songs” went platinum.
Three Canadian recording artists – Justin Bieber, Drake and The Weeknd – were among the top 10 global recording artists in 2015, according to the IFPI. The city of Calgary has declared 2016 the ‘Year of Music’ and British Columbia has a new $15 million music fund, helping the country on its way to a music market projected to reach $1.2 billion in 2016.
Australia has an established music market that is expected to be worth $1.2 billion in 2016. Digital streaming has taken longer than average to find its footing, but is expected to be one of the fastest growing sector in the next couple of years. Popular Aussies on the global stage are many and growing, including AC/DC, Kylie Minogue, Iggy Azalea and Sia.
The Russian music market has seen significant transformation since pop duo t.A.T.u. broke into international charts in 2002. It is projected to reach $1.1 billion in 2016, with even greater potential for growth left untapped in the country’s large population. The live market is expected to grow despite political conflicts – brought to the forefront by punk rock protest group Pussy Riot and others – that have deterred touring artists and spurred government restrictions.