2022
9
UK Music and Other Audio Market Report 2022
2022-12-15T03:03:46+00:00
OX1100601
2195
158591
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Report
en_GB
“Whilst no market is immune to the pressures consumers are facing financially, music is relatively resilient given its importance in consumers’ lives for enjoyment and escapism. The exceptional value provided…

UK Music and Other Audio Market Report 2022

£ 2,195 (Excl.Tax)

Description

Key Topics Covered in this Report

  • Market size and forecast of the music industry in the UK.
  • The impact of the cost of living crisis on the market for music and other audio.
  • Competitive strategies of brands operating in the music and audio markets.
  • Launch activity and innovations of companies operating in the music and audio sector.
  • Wider market drivers impacting on the music and audio sector.
  • Consumer opinion of brands operating in the UK music and audio market.
  • Attitudes towards music and other audio.

Expert Insights from a Technology Analyst

This report, written by Joe Birch, a leading research analyst, delivers in-depth commentary and analysis to highlight trends in the music and audio market and add expert context to the numbers.

Whilst no market is immune to the pressures consumers are facing financially, music is relatively resilient given its importance in consumers’ lives for enjoyment and escapism. The exceptional value provided by streaming services, for access to vast libraries of music, will be boosted by growing and diverse content such as audiobooks and podcasts, boosting value to consumers and broadening their appeal beyond music fans.”

Joe Birch

Joe Birch
Consumer Technology Analyst

 

Table of Contents

  1. Overview

    • Key issues covered in this Report
    • Products covered in this Report
  2. Executive Summary

    • The five-year outlook for music and other audio
      • Figure 1: Category outlook, 2022-27
    • The market
    • 2022 will see further growth in music’s value
    • Mintel estimates the market for music to be worth £1.2 billion in 2022
      • Figure 2: Market forecast for music industry income, 2017-27
    • Music can survive and thrive in situations of economic and political turmoil
    • Companies and brands
    • Brands will look to prioritise curation and discovery amongst an abundance of content
    • Spotify can build on a strong brand awareness to broaden its appeal
    • The consumer
    • Overall listening music habits align with 2021
      • Figure 3: Methods for listening to music in the last three months, 2021, 2022
    • Amalgamate audio content to add value
      • Figure 4: Podcast and audiobook format listening habits, NET, 2022
    • Encourage music fans to exercise their fandom with multiple formats
      • Figure 5: Music formats paid for in the last three months, 2021,2022
    • YouTube and Amazon benefit from strong brand names
      • Figure 6: Use of free music streaming services, 2022
    • Use TikTok style mechanics to give consumers sight of artist’s best bits
      • Figure 7: Use of paid for streaming services, 2022
    • With the economy on the highway to hell, consumers will turn the volume up on solid dependable music
      • Figure 8: Genres of music listened to, 2022
    • Younger music listeners are in their music discovery phase
      • Figure 9: methods of music discovery, 2022
    • More consumers see physical formats as souvenirs
      • Figure 10: Attitudes towards music, 2022
    • Music’s sensory experience is more than just entertainment
    • Boost historical audio to diversify content on streaming platforms
      • Figure 11: Attitudes towards music, 2022
  3. Issues and Insights

    • Music can thrive in times of economic turmoil
    • Leverage the power of music to enhance mood and wellbeing
    • Don’t bore us, get to the chorus
  4. Market Size and Performance

    • Streaming continues its dominance…
    • …but major artists embrace the vinyl trend
    • Digital downloads continue to fall
      • Figure 12: Music industry income, by segment, 2016-21
  5. Market Forecast

    • Music’s all-season appeal will see it weather the economic downturn
      • Figure 13: Category outlook, 2022-27
    • Music industry will continue to experience strong growth
    • Mintel estimates the market for music to be worth £1.2bn in 2022
      • Figure 14: Market forecast for music industry income, 2017-27
      • Figure 15: Market forecast for music industry income, 2017-27
    • Learnings from the last income squeeze
    • Forecast methodology
  6. Market Segmentation

    • Streaming’s dominance has seen it take the lion’s share of music industry income since 2017
      • Figure 16: Breakdown and estimate of music industry income by segment, 2017-22
    • Streaming will see further growth but not as explosive as previous decade
      • Figure 17: Forecast of music industry income from streaming, 2017-27
    • Physical music can find a resurgence outside of hardcore music fans
    • Physical gives artists a chance to showcase their identity
    • Vinyl’s resurgence is at risk from supply chain issues and backlogs
      • Figure 18: Forecast of music industry income from physical formats, 2017-27
    • Digital continues to fall out of favour with consumers
      • Figure 19: Forecast of music industry income from digital, 2017-27
  7. Market Drivers

    • Inflation is the key concern for consumers and brands
    • As a result of cost pressures, consumers’ financial sentiment hits a 13-year low
    • Music streaming’s value proposition can help it weather the economic pressures consumers are facing
    • Music can survive and thrive in situations of economic and political turmoil
      • Figure 20: Household financial sentiment index, 2009-22
    • CMA announces that it won’t investigate the music streaming market
    • 100,000 new tracks are added to music services everyday
  8. Competitive Strategies

    • Brands look to provide tools for promotion and analysis of audio
    • TikTok helps redefine song promotion
    • Spotify aims to boost its podcasting analysis tools
    • Brands eye up additional content to diversify content offering
    • TikTok takes aim at Spotify with new music streaming service
    • Spotify plans audio book and live content expansion to build its audio empire
    • Brands plot next stage of content with Web3 technologies
    • Spotify trials hosting artist’s NFTs on site
    • Warners looks to web3 to help break artists
    • Other metaverse platforms push music experiences
    • Curation becomes key in a vast sea of content
    • Brands continue to entice users in with bundled propositions
    • Amazon aims to use its vast music catalogue and financial clout as a driver for subscribers
  9. Launch Activity and Innovation

    • New music format aims to deliver “the pinnacle of sound” and create a new top-end market for music
    • Artificial Intelligence continues to support creation and discovery
    • TikTok adds distribution tools to help artists get discovered
    • Combining music and live conversation
  10. Brand Research

    • Brand map
      • Figure 21: Attitudes towards and usage of selected brands, 2022
    • Key brand metrics
      • Figure 22: Key metrics for selected brands, 2022
    • Brand attitudes: YouTube Music and Spotify are well-trusted brands
      • Figure 23: Attitudes, by brand, 2022
    • Brand personality: Soundcloud stands out as an ethical brand
      • Figure 24: Brand personality – Macro image, 2022
    • Spotify seen as a reliable brand
      • Figure 25: Brand personality – Micro image, 2022
    • Brand analysis
    • Spotify can build on a strong brand awareness to broaden its appeal
    • YouTube Music has an opportunity to leverage video content to drive music experiences
    • Apple Music suffers from reliability issues
    • Despite having low usership and advocacy scores, Soundcloud is seen as a cool and ethical brand
    • Tidal struggles to stand out
  11. Music Listening Habits

    • Overall listening music habits align with 2021
      • Figure 26: Methods for listening to music in the last three months, 2021, 2022
    • Youngest audiences abandon the radio
      • Figure 27: Methods for listening to music in the last three months, by generation 2022
  12. Podcasts and Audiobooks

    • Podcasts benefit from a desire for screen-free entertainment
      • Figure 28: Podcast and audiobook format listening habits, 2022
    • Nudge older audiences into the podcasting habit via smart speakers
      • Figure 29: Podcast and audiobook format listening habits by age and gender, 2022
    • Amalgamate audio content to increase appeal
      • Figure 30: Podcast and audiobook format listening habits, Net, 2022
  13. Music Purchasing

    • Streaming continues to grow
    • Physical formats lack popularity but benefit from passion
    • Let music fans exercise their fandom with multiple formats
    • Less is more for new innovative formats
      • Figure 31: Music formats paid for in the last three months, 2021,2022
  14. Use of Music Streaming Services

    • Free music services can be a bridge to paid for subscriptions
    • Build out free streaming presence with a digital radio station
      • Figure 32: Use of free music streaming services, 2022
    • BBC needs to change with the times
    • Soundcloud is a destination for young music listeners to support emerging artists
      • Figure 33: Use of free music streaming services, 2022
    • Amazon and Apple focus on the convenience of bundled services and content
    • Use TikTok-style mechanics to give consumers sight of artists’ best bits
      • Figure 34: Use of paid for streaming services, 2022
  15. Genres of Music Listened to

    • Dance music can build on its 2022 success
      • Figure 35: Genres of music listened to, 2022
    • Those with varied tastes are key music consumers
    • Younger females embrace multiple genres of music
      • Figure 36: Repertoire of genres of music listened to, by age and gender, 2022
  16. Music Discovery

    • Human curation and gaming can help promote music discovery
    • Gamify the music experience to drive engagement on platform
      • Figure 37: methods of music discovery, 2022
    • Younger music listeners are in their music discovery phase
      • Figure 38: Repertoire of methods of music discovery, by age, 2022
    • TikTok is top of the hit parade for younger music listeners
      • Figure 39: Attitudes towards music, 2022
    • Enable fans to be part of the creative process to aid discovery
    • Sync is a vital cog in powering music discovery and promoting TV shows
      • Figure 40: methods of music discovery by age, 2022
  17. Attitudes towards Music and Audio

    • Consumers see physical formats as a souvenir
    • Exclusive material can be a differentiator for streaming platforms
    • Next generation formats can appeal to collectors and younger consumers
    • Radio and streaming services can complement each other
      • Figure 41: Attitudes towards music, 2022
    • Use the endowment effect to boost retention in a challenging market
      • Figure 42: Attitudes towards music, 2022
    • Music can be a driver of tech purchases
    • Music’s sensory experience is more than just entertainment
    • Boost historical audio to diversify content on streaming platforms
      • Figure 43: Attitudes towards music, 2022
  18. Appendix – Data Sources, Abbreviations and Supporting Information

    • Abbreviations
    • Consumer research methodology
  19. Appendix – Forecast Methodology

    • Market forecast and prediction intervals
      • Figure 44: Lower bound, central and upper bound forecast for music, 2022-27
    • Market drivers and assumptions
    • Forecast methodology

About the report

This market report provides in-depth analysis and insight supported by a range of data. At the same time, introductory and top-level content is provided to give you an overview of the issues covered.

Market

Mintel provides a range of market information, frequently through the category level, including market size and forecasting, complete with market drivers that illustrate the forces that shape a category or market.

Consumer

Mintel’s proprietary consumer research provides our analysts with the attitudinal and behavioral data used to provide valuable insight to topical issues.

Brand/Company

Mintel provides overviews of the top brands and manufacturers, and uses consumer research to explore attitudes and reactions to brands, as well as insight into what will resonate with consumers.

Data

Market reports provide appendices of data to support the research and insight produced. Our databooks* are easily manipulated and downloadable to support your research needs and covers factors from consumer attitudes to market forecasts.

*databooks not available with UK B2B Industry reports.

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