Stay ahead of the curve and future-proof your business with Mintel’s UK Music and Other Audio Market Report 2023. Our full report is packed with consumer-led market intelligence, the latest UK music industry research, trends and consumer behaviours affecting your business. Get a 360° view of the UK music market including market size, share and forecasted growth to help you align your business strategy with the needs of your audience.
Below, we’ve handpicked the key insights analysed in the full report and summarised the core topics.
Topics Analysed in this Report
- Market size and forecast of the music industry in the UK.
- The impact of the cost of living crisis on the UK music market and other audio.
- Competitive strategies of brands operating in the UK music industry.
- Consumer attitudes towards music in advertising.
- Wider market drivers impacting on the music and audio sector.
- Consumer opinion of brands operating in the audio and UK music market.
- Attitudes towards music and other audio.
UK Music Market Outlook
The UK music market revenue will climb in 2023, despite the impact of the cost of living crisis, not least as the entry point for paid streaming services continues to present remarkable value. The audience for podcasting meanwhile continues to grow, and audiobooks will receive a boost as its content gets rolled into existing streaming services.
- Music industry market size: Mintel forecasts that the music industry income will reach 1.5 billion in 2028.
Music Industry Trends, Opportunities and Challenges
AI’s impact on the UK music industry
AI has been a core component of music streaming services’ recommendation algorithms, shaping the way users discover new music. However, its impact on the UK music industry is expanding to the realm of creativity and wellness, from re-imagining deceased artists’ works. So far, consumers believe that AI devalues the work of music artists.
- Challenge in the UK music industry: 72% of music listeners say that AI devalues the work of creators.
Increased podcast interest
Many more people are listening to podcasts in 2023 compared to 2022, and the medium looks set to continue this growth as it slowly builds out its base with older demographics. With the success of podcasting comes opportunities for monetisation such as advertisements, sponsorships, and merchandise sales.
- Music industry trends: 39% of consumers have listened to podcasts in 2023.
Purchase our UK Music Market Report to receive a five-year forecast, consumer behaviour analysis, and recommendations for market opportunities. Readers of this report may also be interested in our UK Video Streaming Market Report 2023, or our range of Leisure Market Research.
Companies Featured in the Full Report
Spotify, Apple Music, Deezer, Tidal, Amazon Music, YouTube.
Expert Insights from a Mintel Analyst
This report, written by Joe Birch, a leading research analyst, delivers in-depth commentary and analysis to highlight trends in the UK music industry and add expert context to the numbers.
Music industry revenues continue to climb despite the cost of living crisis. Streaming services will start to add more premium features to appeal and engage music fans, and AI tools will transform the creation, discovery and experience of music.
Joe Birch
Technology Analyst
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- Key issues covered in this report
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Executive Summary
- Opportunities for the music and other audio market
- Market dynamics and outlook
- Graph 1: the financial wellbeing index, 2016-23
- What consumers want and why
- Graph 2: ways listened to music in the last three months, 2021, 2022, 2023
- Graph 3: podcast and audiobook listening in the last three months, 2022, 2023
- Graph 4: music formats purchased in the last three months, 2023
- Graph 5: use of paid-for music streaming services in the last three months, 2023
- Graph 6: interest in innovations using AI in music and audio, 2023
- Graph 7: attitudes towards music in advertising, 2023
- Graph 8: attitudes towards music and other audio, 2023
- Innovation and marketing
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Market Dynamics
- Market size and performance
- Graph 9: music industry income, by segment, 2016-22
- Market forecast
- Market segmentation
- Macro-economic factors
- Graph 10: the financial wellbeing index, 2016-23
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What Consumers Want and Why
- Music and audio listening
- Graph 11: ways listened to music in the last three months, 2021, 2022, 2023
- Graph 12: ways listened to music in the last three months, by generation, 2023
- Audio listening
- Graph 13: podcast and audiobook listening in the last three months, 2022, 2023
- Graph 14: podcast and audiobook listening in the last three months, by age, 2023
- Graph 15: music, podcast and audiobook listening in the last three months, net, 2023
- Music purchasing
- Graph 16: music formats paid for in the last three monhs, 2023
- Graph 17: repertoire of formats of music bought in the last three months, 2023
- Graph 18: use of paid-for music streaming services in the last three months, 2022, 2023
- Graph 19: use of paid for music streaming services in the last three months, by generation, 2023
- Consumer interest AI innovations
- Graph 20: interest in innovations using AI in music and audio, 2023
- Music in advertising
- Graph 21: attitudes towards music in advertising, 2023
- Music associations
- Attitudes towards music and audio
- Graph 22: attitudes towards music, 2023
- Graph 23: attitudes towards music, 2023
- Graph 24: attitudes towards music, 2023
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Innovation And Marketing Trends
- Competitive strategies
- Launch activity and innovation
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Brand Research
- Graph 25: micro image of brands operating in the music market, 2023
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Appendix
- Market forecast data and methodology
- Methodology
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