De La Salle University

Ramon V. del Rosario

College of Business

An Industry Report on the Music Industry

In Partial Fulfillment of the

Course Requirements for

[MANCREA-]

Submitted by:

Submitted to:
Submitted on:
July 28, 2024

I. Introduction

The music industry has a rich and transformative history, evolving from the invention of

the phonograph to the digital streaming era of today; the industry is affected by multiple factors

such as innovation, cultural shifts, society, politics, and unforgettable artistry. Music has been

touching every corner of our lives; a world where creativity meets commerce, constantly
reinventing itself in response to new trends and innovations. Today the music industry is a

dynamic and multifaceted ecosystem driven by rapid technological advancements and evolving

consumer behaviors. Streaming services such as Spotify, Apple Music, and Youtube dominate

the landscape (Pendlebury, 2024), providing instant access to vast libraries of music and

reshaping how people discover and consume their favorite sound. These platforms have

revolutionized the way artists distribute their music, allowing for greater reach and engagement

in the global business.

The digital era has also democratized music production with affordable softwares and

home studio setups enabling a new wave of independent artists to create and release their music

without the need for the support of traditional music labels. Social media platforms like Tiktok,

Instagram, and Twitter play a crucial role in music promotion (Iliev, 2023). The platforms now

allow artists to build and maintain direct connections with their consumers and fanbase, often

leading to viral hits and overnight sensations in the media industry.

Economically, the music industry is thriving, according to Adhmed (2022), with the

increase in live performances and music festivals returning after the lockdown caused by the

pandemic. A few examples of these are Coachella, Glastonbury, and Lollapalooza (Siems, 2024)

which usually attracts thousands of attendees, helping drive significant revenue for the industry.

According to Lele (2024), there is also a resurgence of music in its physical format such as

“vinyl records, CDs and cassette tapes” (Lele, 2024, p. 1). This rise is popular for all ages of

younger and older generations; which is mostly to experience nostalgia, specifically in older age

brackets and audiophiles. Moreover, the integration of artificial intelligence (AI) and machine

learning is also making its way into the industry through music creation and recommendation.
 The music industry today is a blend of tradition and innovation, where timeless classics

coexist with cutting-edge technology. It is a global cultural force that continues to adapt and

thrive; shaping and reflecting the diverse tastes and experiences of audiences around the world.

II. History/Background of the Study

The music industry has started from the 19th century in which Thomas Edison invented

the phonograph in 1877 and it was the first machine that can play and record the sound back

and this cleared the way in having a greater scale in the music industry (Yellowbrick, 2023). In

1888, Emile Berner invented the gramophone in which it involves using a disc that is flat and

whose measurement is 7 inches and it can hold up to 2 minutes of recording. In the 1890s, the

jukebox was popular then in the 1900s in which there was a boom on the pre-recorded music

leading to copyright infringement. The music publisher appealed to the courts on piano roll

companies who refused to pay the publishers for the rights. In the end, it was approved by the

U.S supreme court declaring that the copyrights can protect the songs that can be seen with the

naked eye. In 1906, Victrola was an adaptation of the phonograph. On the other hand, cylinders

became a hindrance in the lack of standardization in the industry. In 1920, The Radio

Corporation of America started to produce a lot of commercial radios and the first commercial

radio station in receiving call letters was KDKA. They started to regularly broadcast by

announcing the returns of the presidential election and the sound quality and the reception of the

radio is better compared to the quality of the disc during that time. In 1925, the Bell Telephone

Laboratories introduced the first electrical recorded disc which is the electrical amplification.

Victor is the one who introduced the new machine that can reproduce the high fidelity recordings

and also it delivers an electronic playback. In the 1930s, it was during the Great Depression in
which tape recording cartridges were developed and the free radio broadcast in this time declined

in sales. In 1933, FM radio was made known. Also, in the year 1943, discs were fragile since it

was made of shellac and it was the first V-discs and it was also known as PVC or Vinyl (Taintor,

2004).

It was in the 1940s in which the Vinyl records were introduced and was used as a

medium for distributing music. Moreover, Vinyl records paved the way for artists to create their

albums. In the 1960s, it was the rise of music festivals in which large crowds were attracted and

showed the emerging and new artist. With this, it created new genres like rock and funk. In the

early 20th century, there was a change in the industry in which the radio was revolutionized in

the music industry which made music become accessible as it was widely spread among the

audience. This results in having different kinds of music genres such as rock and roll blues, jazz

and blues (Yellowbrick, 2023). In 1964, the cassette tape became mainstream. In this time,

cassette tapes have been slowly entering the music industry as a feasible format. Philips has

introduced a 30 minute format for the cassette cartridge and it was permitted among

manufacturers in duplicating the specifications. In 1966, there was a 8 track tape cartridge which

enhanced the 4-track tape cartridge but the problem in 8-track tape cartridge is that at the end of

each program there was a long silence. To solve this problem, the manufacturers rearranged the

songs and produced 4 programs of having equal amounts of music which means that if a certain

song cannot fit in a program, then it would stop and it would switch tracks. In the year 1980,

Philips and Sony collaborated with each other in forming a compact disc. In 1982, the record

company announced globally stating that all CDs are played in all CD players. In 1987, Digital

Audio tape was introduced or (DAT). Record Labels did not see DAT as being viable, because

according to the RIAA, for the device to be put inside the DAT recorder, it prohibits duplication.
In 1990, MP3 was created with the combination of internet and digital audio. With this, digital

audio files can be transferred from a computer to another computer. In 1922, it was being

required by the Audio Home Recording Act of 1922 indicating that the digital recorder’

manufacturers were required to pay a royalty rate of 2% among the holders of the copyright. In

1995, Real Audio was successful in launching the audio streaming service. However, the quality

of the audio was poor. In 1997, Capitol Records made known their intentions in offering an

album that is in a downloadable form in the internet one month prior to releasing the albums

among stores. In 1998, there was an issue with internet piracy. RIAA were accusing the three

unnamed pirates that posted audio of files of a hundred recording artists. In 1999, Sean Parker

and Shawn Fanning were launching the peer to peer file sharing network named Napster and

Napster was shut down because RIAA sued Napster because of copyright infringement. Later in

2003, Apple computer released an online music store called Itunes (Taintor, 2004).

There was a potential bias towards large countries since in the music industry, it was

being dominated by a few international streaming platforms, especially US repertoire. The

explanation on the bias towards US content is that on average, on average, large countries are

favorably being listened to compared to those smaller countries. The data usage of the streaming

users are utilized as inputs by algorithms and these outputs are predicted that songs from the US

are more probable suitable among larger audiences (Lumeau et al., 2024).

The music industry has changed over the past few years. With the help of the internet,

there was a swift advancement in terms of innovative technology in where the main functions

of the companies involved in the music industry are creating and recording of music, duplication
of media, distribution of digital music, organizing and managing concerts, developing and

promoting music brands and the producing and the sale of sound equipment and musical

instruments. Moreover, the advancement of telecommunications technology and with the access

of high speed internet, paved the way for musicians to enhance their marketing opportunities and

communication strategy (Khvorostyanaya & Tevanyan, 2021). The success of Kpop globally

represents an exceptional history and a geographical meaning in the present world. With the

advancement of technology fans are able to enjoy worldwide content from different countries.

Moreover, because of the advance of technology, Kpop has been recognized at the present (Oh,

2013). Kpop has become a genre independently in the pop industry globally. In 2018, the

amount of 7.5 billion dollars were exported on the cultural content of Korea (Worldscientific,

2024). Korea’s stand on the musical industry internationally is the representation of a new

approach on locating the popular and the common content of music that originated from Europe

(Oh, 2013). The factors that lead to Kpop’s globalization is due to the technological advancement

specifically on the use of social media on marketing, their training on getting the best artist and

the plans and the packaging that artists receive (Sun, 2022). The Korean wave has been an

instrument towards molding the reputation of South Korea internationally which creates the

positive perception of the country and globally. Moreover, with the rise of people who are

intrigued with Kpop, there are many people who want to learn the Korean language (Suratmi,

2024).

In the music industry in the Philippines, 50% of the Filipino who are employed in the

music industry earn less than 20,000 per month. Based on the survey conducted by the national

music stakeholders, it showed that 61.1% of the Filipinos who are engaged in production,

creating music, distribution and consumptions are mostly freelancers. Filipinos spent time on
music on average of 126 minutes or 2 hours per day, which is recognized as the longest in the

world. It is unfortunate that the music industry of the Philippines lacks protection in terms of the

intellectual property rights among local artists. Filipinos rely on themselves without the support

and the intervention of the government. Although they have the “Philippine Creative

Development Act” but the problem is that music does not stand-alone in the sector in the council

according to the PSA or the Philippine Statistics Authority, the music industry’s contribution to

the sector of the creative industry is about 18.1 billion pesos which is equal to 8.8%.

(Gutierrez,n.d). The consumer behavior on the music industry in the Philippines based on the

research made was 56.3% was majority in which people buy music products once a month and

the 21.5% focuses on the respondents who purchase music products more than 5 times or 5

times. It shows that they purchase music products occasionally. It shows that the consumer

behavior of the participants shows that they value the music industry and also the music itself

(Li ,2021). There is a significant growth in the revenue in the digital music market in the

Philippines. In the year 2024, the project estimate was around 147 million dollars. Moreover,

there is a rise in popularity because of the local artist that dominates the charts and among

streamers (Statistica, n.d).

The Filipinos were inspired by “ Pinoy pop” in attracting fans and this was caused by the

rising reputation of Kpop. According to the results of the research, the respondents who age are

from 18 to 25, coming from the National Capital Region ( NCR) that attracts a wide range of

audiences. They are interested in attending concerts. Moreover, it was brought to light that the

fans of P-pop are students who have additional time in supporting their idols, attending events

and communicating with their fellow fans in supporting P-pop groups. It was also pointed out

that P-pops have the capability to promote the Philippine tourism industry with the influence of
P-pop groups. Moreover, with the attraction of P-pop groups this enables people to recognize the

pride of the country in terms of the culture and tourism (Placido et al., 2022). P-pop idol groups

are rising such as Sb19, BGYO, BINI, ALAMAT which gives way for the transformation genre

in the country. P-pop is catchy, trending and visually attractive in connecting with young fans.

Furthermore, it was also stated that P-pop songs carry a deep message that aims to encourage and

empower listeners. Just as how Korean idols integrate their Korean culture in their music

aesthetics, Steve Choi in his interview pointed out P-pop in Manila develop their tracks on

“Philippine-specific culture” (Rocamora, 2022).

III. Industry Leaders

Maintaining a leadership position involves various strategies and considerations to be

part of the leading companies in the music industry. Attracting attention in a competitive market

by creating effective and distinct marketing and promotion on social media such as TikTok,

Instagram, and YouTube (Emily, 2024). Utilizing networking unfolds great opportunities along

with collaborations with different artists and sustains connections in the music industry (Guion

Partners, 2022). Innovative and be able to grasp up-to-date technology in order to produce a

better experience as observed with the personalized playlist and the development of podcasting

in Spotify (Westberg, 2024). Adaptability is also important because the business is always

developing with vast progress in the consumption of music (Emily, 2024; Gee, 2019)

furthermore long-term success requires approaching a music career like a business, which

involves a marketing plan, handling finances, and intellectual property (Guion Partners, 2022).

Lastly, creating a safe space for the artists by supporting their well-being through fair
compensation and mental health services improves their productivity and loyalty, leading to

overall success (Emily, 2024).

The top three major recording companies, with an overall 68% of market shares in the

music recording industry, are Universal Music Group (32%), Sony Music Entertainment (20%),

and Warner Music Group (16%). These companies are also the top three largest music

publishers, having Sony Music Entertainment at a percentage of 25%, Universal Music

Publishing at 21%, and Warner Chappell Music at 12%, with a total of 58% of the market shares

of the music publishing industry (Stone, 2020). Companies that belongs to the top five, leading

the music industry is Live Nation Entertainment as the forth placer, leads the world's live

entertainment industry and operates in over 40 countries. Lastly, Spotify as the fifth placer is

known as the largest music streaming service in the world, with over 345 million active users

(Yellowbrick, 2024).

A. Universal Music Group

Universal Music Group (UMG) is known to be the world's leading music

company, it has a rich history that marked and influenced its milestones. Its origin all

started in September 1934, with the establishment of Decca Records in America. The

name and logo of UMG came from a movie studio named Universal Pictures which was

founded by Carl Laemmle. Over the years, the company evolved and merged with

different companies as it expanded its influence (Turner, 2022; PMH, 2024). Matsushita

Electric took possession of MCA, the parent company of UMG for $6.59 billion in 1990.

The beginning of various ownership occurred, when a Canadian conglomerate, Seagram,

 purchased 80% of MCA from Matsushita Electric having to change its name to Universal

Music Group and affiliated with PolyGram in early 1999. By the year 2000, Vivendi, a

French media conglomerate had taken leadership of Seagram’s entertainment assets thus

including all assets of UMG (Zippia, 2023; Turner, 2022).

The former CEO and Chairman, Doug Morris of UMG, resigned from his position on

January 1, 2011, and became the next chairman of Sony Music on Entertainment on July

1, 2011. The former chairman of UMG promoted Lucian Grainge as the current CEO of

the company on March 9, 2011 (Zippia, 2023). Under the leadership of Grainge, UMG

was persistent in increasing its strategic acquisitions and partnerships as well as

purchasing EMI’s music recordings in 2012 and investing in Tencent in 2020 (Universal

Music Group, 2022)

B. Sony Music Entertainment

Sony Music Entertainment (SME) was originally established as CBS/ Sony

Records in 1968. Sony Corporation took possession of CBS Records in 1988 with the

Vice Chairman of Sony America (SONAM) Michael Schulhof and the CBS Chairman

William Paley alongside President Laurence Tisch. The strategy of Sony is to integrate

software and hardware that was envisioned by Morita (Sony Music Group, 2020). In

1991, the rebranding of SME occurred under the supervision of Tommy Mottola who was

the CEO and Chairman of SME in the early 1990’s. Through the growth of the company,

Mottola was able to offer signing contracts to major artists such as Mariah Carey and

Celine Dion (Sony Group Corporation, 2024).

 In 2017, Rob Stringer became the CEO and Chairman of SME, under his

management the company continued to expand in the industry and took possession of

AWAL and in 2021 the neighboring rights division of Kobalt to improve the potential

delegation of SME (Music Business Worldwide, 2020). Sony Music Entertainment was

able to adapt to the evolving music industry throughout its years by incorporating new

technologies and purchasing similar businesses to sustain its position in the market (Sony

Music, 2024).

C. Warner Music Group

Warner Music Group was the third largest music rights holder in the world. Their

headquarters is located in New York specifically in Manhattan (Music Business

Worldwide, n.d). The founder of Warner Music group was Jack Warner (PitchBook, n.d).

At the present time, the CEO of Warner Music Group is Robert Kyncl (Warner Music

Group, n.d). The start of Warner Music group was launched by Warner Bros Records in

1958 of March. In 1963, Warner Bros bought Reprise Records. In 1967, Warner Bros

became Warner Bros. Seven Arts since Warner Bros was bought by Seven Artist

Productions. Moreover, Kinney National Company bought Warner Bros. Seven Arts in

1969 which cost 400 million dollars. In January 1990, Warner Communication transacted

with Time Inc which cost 14.9 billion dollars which created Time Warner. Furthermore,

Time Warner was sold to Warner Music Group to an investor namely Edgar Bronfman in

2004, in an amount of 2.6 billion dollars. Furthermore, Warner Group was acquired by

Access Industries, in an amount of 3.3 billion dollars. Later on, in July 2013, Warner

Music Group bought Parlophone Label Group and in the year 2020, Warner music group
 acquired a portion of its own company in the stock exchange (Music Business

Worldwide, n.d).

D. Live Nation Entertainment

Live Nation Entertainment is one of the largest live entertainment companies and

their headquarter is located in Los Angeles. The founder of Live Nation and the one who

launched it was Robert Sillerman. At the present, Maverick Carter is the CEO of Live

Nation Entertainment (Live Nation, n.d). During the trading on the New York Stock

Exchange, the shares of Live Nation Entertainment reached its highest point at 72.29

dollars in the month of March. In 1996, Live Nation began as a SFX entertainment and it

was sold for 3 billion dollars in the year 2000. From the name SFX became Clear

Channel Entertainment then in 2005, it got the name Live Nation. In 2009, Live Nation

merged with Ticketmaster and it became Live Nation Entertainment (Music Business

Worldwide, n.d.)

E. Spotify

Spotify is the founder of Daniel Ek and Martin Lorentzon. Spotify was founded in

2006. Then it was launched in 2008. Sean Parker the co-founder of Napster had a great

role in securing relationships with major record labels having to expand in United States

in 2011 (Timeline, 2024). In 2012, the presence of Spotify was on Facebook. In 2015,

there were artists who got removed from streaming. In 2022, Joe Rogan led a lot of artists

to leave Spotify (Timetoast Timelines, n.d). There was a problem in the music industry

specifically on the growth of piracy. The solution to this problem was to produce service
 better than piracy and better compensate the industry all at once. After two years, Spotify

provides free service and to have an ad-free subscription they have to upgrade. Their rival

was Apple Music, which provides monthly subscriptions with immense access to

unlimited music. Furthermore, they expanded and reached out to new artists or musicians

in sharing their work. (BBC, 2018).

IV. Data and Analysis

A. Music Revenues Through the Decades

The music industry has undergone a massive transformation over the decades, driven by

technological advancements, changing customer behavior, and economic shifts. Due to ever

changing ways of streaming or listening to music, there are different ways as to how people have

listened to music through the years such as, DVDs, Vinyls, CDs, and the like. These are just

some of the streaming platforms that made it possible for people to enjoy and listen to their

favorite artists.
 Source: Visual Capitalist: Music Sales (1973-2022)

Interpretation: In this data, the music revenue for each streaming platform has always been at

top. However, the top-selling of all time would be Compact Disc as this hit a remarkable revenue

of $367 billion dollars across the world. Especially the rise of multiple artists from the

1990-2000s as this was acclaimed as the “biggest game-changer of the 20th century: digital

music and compact discs” (Conte, 2023). Furthermore, in 1970, it was called the “golden age for

vinyl records” as this has given a rise to the classics during that decade. Especially Led Zeppelin

and Fleetwood Mac, in which it has captivated music collectors and enthusiasts up until this year.

In addition, the total revenue for Vinyls has amounted to $122 billion dollars as of 2023 – this is

with the inflation rate included already. It is the second leading streaming platform of all-time.

By the year 1980, the introduction of cassette tapes had been popularized for teenagers
and young adults. As this was portable and convenient for its users. One popular brand for

cassette tapes is Walkman. Later on, it has become a standard necessity for cars, so that they’ll be

able to listen to their artist during a road trip. Moreover, The total sales of cassette tapes has

amounted to $122 billion dollars, making it to the top three most sold streaming services offered

to the people. As the digital age started to emerge in the late 2000s, digital streaming platforms

have now become a way of listening to music, as this is far more convenient compared to the

other streaming platforms. Not only that, in the year 2007, there was a growth in the revenue of

ringtones and ringback and this has reached an all time high of $1.1 billion dollars.

Furthermore, the digital music revenue has already compromised 89% of the music

industry in the country United States in the year 2022. The widespread options for digital music

such as Spotify, Apple Music, and etc, has already made its mark into the music industry.

However, during this time frame there is a rise in the sales of vinyls as well, as it is slowly

coming its way back to the hearts of the people once again.

B. Largest Music Markets

Interpretation:

The number 1 leading music industry in the world is The United States of America as this

has contributed to the recording industry revenue a whopping $43 billion dollars. This includes

the concert tickets, merchandise, and streaming services that are being offered to the avid

listeners around the globe. In addition, the USA is considered to be the epicenter of the music

industry due to what it has contributed to the world of music and theatrics.

The following leading contributor to the music industry is Japan especially in the rise of

J-POP such as BabyMetal and the like. Not only that, people in Japan are heavy when it comes to

their streaming formats, as they prefer to listen to the old versions such as CDs and Vinyls

making it a top contributor to the sales of the merchandise of the artist. As of 2020, the net worth

of the music industry in Japan has reached $1.7 billion dollars or 272.7 billion Japanese Yen —

and the Japan music industry is still growing. Big concerts are most likely to happen in this

country due to its demand from the asian community.

Lastly, the United Kingdom is the home of some of the world-renowned music artists and

bands in the name of history. Moreover, in the 1960s-80s, that’s when the music industry of the

United Kingdom reached its peak. The total contributed revenue as of 2020 has suffice to an

amount of $1.2 billion dollars. In the year 2016, made a total of 17.1% share in the global market

music, since most of their popular artists such as Ed Sheeran, Adele, and One Direction have

contributed majorly on the sales and Ed Sheeran being the second most streamed artist on

Spotify.
V. Conclusion

Studying the music industry is essential due to its profound impact on cultures and

society, economy, politics, and even technology. It represents a unique intersection between these

global factors, constantly evolving in response to new trends and even technological

advancements. The industry's ability to adapt and thrive amidst change makes it an important

industry to pour research into, offering insights into consumer behavior, marketing strategies,

and the power of digital innovation in today's age.

The music industry not only entertains but also shapes cultural identities and social

movements. Famous and iconic artists have not only defined their own musical eras but have

also influenced language and social norms. The industry’s global reach and the rise of new

genres such as K-pop and P-pop highlight the universality of music as a form of expression and

connection. It is also a major economic driver, significantly contributing to global GDP through

revenue generated chrome streaming services, live performances, and physical sales. By funding

studies in this area, future studies can explore new business models, revenue streams, and

economic opportunities. Which in turn can lead to job creation, increased investments, and

sustained growth in the creative economy.

Culturally, the music industry is a powerful force that shapes and reflects societal values

and trends; as it plays a role in promoting diversity, inclusivity, and social changes. By

supporting research in this context of the music industry, there can be better understanding of

music's cultural impacts and how it fosters community, identity, and its role in societal

movements. This in turn can inform future policy making and initiatives aimed at promoting
cultural diversity and preserving musical heritage. Moreover, studying the music industry

provides valuable lessons in adaptability and resilience. The industry’s response to challenges

such as piracy, digital disruption, and the COVID-19 pandemic highlights the importance of

innovation and strategic planning.

In conclusion, 5 to 10 years from now, the music industry is poised to experience

significant growth and transformation. With the continuous advancement in technology, access to

a diverse array of music will become popular and easier, catering to varied tastes and preferences

globally. This progress will not only enhance the way music is consumed but also revolutionize

how it is created and distributed. The relentless creativity of artists ensures that the music

industry remains vibrant and ever-evolving. As long as there are individuals driven to create and

share their music, the industry will continue to thrive; and music’s role in connecting with

listeners’ emotions and reflecting societal changes highlights its importance beyond mere

entertainment. Given these dynamics, the music industry will be able to sustain itself and play a

pivotal role in shaping cultural and social landscapes; showing that the study and support of the

music industry is essential. Investing in research and innovation will ensure continuous growth,

resilience, and ability to adapt to new challenges and opportunities. The music industry with its

unique blend of creativity and technology, will remain a cornerstone of cultural enrichment and

economic vitality for years to come.

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