Sheet music is a handwritten or printed form of musical notation that uses musical symbols to indicate the pitches, rhythms, or chords of a song or instrumental musical piece. Sheet music enables instrumental performers who are able to read music notation (a pianist, orchestral instrument players, a jazz band, etc.) or singers to perform a song or piece.
There are generally two types of sheet music, digital sheet music and paper sheet music. Digital sheet music is a technology that displays sheet music in a computer-readable form. With the advent of several technological innovations, sheet music has gradually evolved into contemporary digital sheet music. Sheet music in paper is handwritten or printed scores that is used to record music. In recent years, the value of digital sheet music has been increasing year by year with the advancement of technology. In 2020, the market value of digital sheet music has reached $159.38 million and is expected to rise to $210.02 million by 2025. So far, sheet music in paper is still the dominant type of sheet music market, but the market size of this traditional form is shrinking.
As a cultural and artistic activity, music can cultivate sentiments and soothe mood, so it is also applied in many fields such as educational services and religious organizations. In religious organizations, most believers gather regularly to chant music together. Currently, sheet music is applied in educational services and religious organizations account for 69.52% of the market share. In 2020, its market value will reach $137.8 million and $97.61 million, respectively.
Sheet Music Market Status and Prospect Analysis in Various Regions
Some of the countries in North America such as the United States, Canada and Mexico have significant and diverse economic system. Currently, North America is already the largest consumer market for the sheet music, having captured 39.58% of the market share. In 2019, the US GDP is estimated at $21439.45 billion, making it the most advanced economy in North America. The US service industry accounts for 80.6% of the US GDP. However, the outbreak of COVID-19 spread at an alarming rate and millions of people were infected. In mid-March 2020, state and local governments banned and eliminated mass gatherings, closed schools and other educational institutions, and canceled trade shows, conventions, and music festivals in response to the outbreak. Many economic activities could not continue and the sheet music industry was hit hard. In 2020, music industry revenue in North America has fallen from $141.27 million in 2019 to $134.02 million, a decrease of 5.14%.
As the second largest market for the sheet music industry, Europe is taking measures to protect businesses and workers from the severe recession that has caused the global economy to fall rapidly due to the epidemic. France will guarantee loans worth hundreds of billions of dollars, delay taxes payment and suspend rents and utilities for small businesses. Germany is mobilizing at least $550 billion in loan guarantees and promises unlimited liquidity to companies that have been deeply affected by the pandemic.
Get the complete sample, please click: https://www.globalmarketmonitor.com/reports/762603-sheet-music-market-report.html
Although the Asia-Pacific region is the third largest market for the sheet music industry, some developing countries that are struggling with the epidemic are still facing the risk of global financial shock and recession. According to government data, China economy is expected to face tremendous pressure this year. In addition to some of the stimulus measures that have been announced, China will also take some other necessary measures to prevent a serious economic slowdown, which will help maintain the steady growth of the economy. In 2020, the revenue of the music industry was $24.4 million, a decrease of 1.65% year-on-year in 2019. It is one of the countries with a smaller revenue decline in the Asia-Pacific region. Of course, this is also closely related to the implementation of the China government macro-control and epidemic prevention measures. It is estimated that by 2025, the market value of the sheet music industry in the Asia-Pacific region will reach $96.05 million, making it one of the fastest growing regions in the world.
Opportunities and Challenges Encountered by the Global Sheet Music Industry under the Impact of COVID-19
Countries have strictly restricted their actions to prevent the spread of the virus, but the economy to has almost stagnated. This is the worst global economic recession in decades, and it has also brought huge challenges to the sheet music industry.
Firstly, worldwide advertising expenditures will be greatly reduced, affecting the sales of music that are supported by advertising, which in turn will affect the revenue of the entire sheet music industry. Secondly, difficulties in transporting raw materials and products will lead to increased production and operating costs, and sales of paper sheet music will become more difficult. At the same time, due to the difficulty of market sales, the return of capital will also become slow, and some enterprises have already experienced a shortage of capital chain. In addition, the profitability and growth rate of the sheet music is also declining. The decrease in the number of new entrants to the industry has reduced the market dynamics, thus restricting the further development of the sheet music industry.
Although these challenges have brought a lot of adverse effects to the sheet music industry, they also seek new opportunities for the development of the industry. Firstly, the development of digital sheet music needs to be promoted. Under the influence of the epidemic, it has become difficult for people to go out, and thus consumption and production have been slowed down. Moreover, digital sheet music is more resilient to risks than sheet music in paper and is more in line with the current trend of paperless era. Secondly, it is necessary to quickly transform the business and shift the focus of production to the direction of higher profitability. The concentration of the sheet music industry is very high, so the competition in the industry is not so fierce. For those stronger enterprises, they can be easily transformed. Thirdly, the consumption level of global consumers should be improved. Because the increase in per capita disposable income will stimulate consumer demand for entertainment, this is a huge potential opportunity for the sheet music industry. Therefore, it is expected that the market value of the sheet music industry will continue to rise in the near future.
Get the complete sample, please click: https://www.globalmarketmonitor.com/reports/762603-sheet-music-market-report.html
We provide more professional and intelligent market reports to complement your business decisions.
Chinese