Music & Sporting Market, By (Music) Type (Physical Sales, Subscription, and Downloads), By (Sports) Type, (Participatory Sports, Spectator Sports, Sports Team & Clubs, Racing & Individual Sports, And Spectator Sports), Regional Analysis (North America, Europe, Asia-Pacific, LAMEA): Global Opportunity Analysis and Industry Forecast, 2019–2027

Music and Sporting Market Analysis:

The music and sporting industry is a platform in which businesses are involved in promoting, producing, or facilitating music or sports. In the previous years, the music and sporting industry has witnessed exponential market growth. Rapid urbanization is one of the crucial factors positively impacting the global music & sporting industry. In addition to this, extensively growing music/sports sponsorships, rising popularity for esports, stable economic growth, and the emergence of multiple sports and music channels to capture viewership are some of the key factors creating lucrative market opportunities for the global music & sporting industry.

Impact Analysis of COVID-19 on the Global Music and Sporting Market:

In recent months, the developed and developing nations have been facing a deadly situation, with most global industries dramatically experiencing downfall owing to the outbreak of the novel coronavirus. This health emergency has created a negative impact on the global economy as well as music & sporting industry. Absence of sporting/music events, sponsorship withdrawal of key brands from sports & entertainment events due to the pandemic uncertainties, and tremendous change in people’s routine are some of the factors negatively impacting the global music & sporting industry.

Though music and sporting industry is facing multiple challenges due to COVID-19 chaos, government authorities across the world are coming forward to help the industry. For instance, in February 2020, the Indian government allocated around $28 billion to sports budget for the next financial year. Furthermore, in May 2020, the UK government announced that they will open up sports in the country from June 1, 2020. Also, in September 2020, the Victorian state Government in Australia made an announcement of granting a $13 million package in order to help the state's live music industry throughout the COVID outbreak. Such Government support to the music & sporting industry is further expected to help participants in the industry to sustain in the global market in the coming years.

Integration of music into multiple establishments such as food outlets and parlors along with growing awareness regarding health benefits of sports are some of the key drivers of market growth

The music industry has kept pace with the continuously changing technological trends. Moreover, music’s positive effect on education, mental health, and being a tool for national integration are some of the elements driving the music industry. Music often makes its way to multiple establishments, including garment stores, food and beverage outlets, parlors and shopping malls. Deeper integration of music by these establishments may improve their business prospects and elevate the customer experience. Such adoption of music in various businesses may create enormous market opportunities for the global market. In addition to this, emerging countries such as India and Brazil have key factors, such as affordable data, smartphone penetration, and favorable demographics, in place for the next wave of growth in music.

Enormously increased awareness regarding sports due to its health benefits such as reducing stress, increasing confidence, improving mental health, and developing leadership qualities in the individual may also bolster the market in the forecast period. In addition to this, key players operating in the global sports industry are following effective business strategies such as partnerships, and business expansions in order to stronghold their position in the industry. For instance, in October 2020, The Professional Bowlers Association (PBA) made an announcement that they are entering into a partnership with Fox sports in order to donate brand new bowling equipment to 8 youth programs in Virginia and Washington D.C.

Doping scandals & lower smartphone penetration in under-developed nations to hinder the market growth

Morally or legally wrong activities such as doping may dramatically affect the global market with decrease in the sales of tickets for sporting events. Moreover, lack of smartphone penetration in developing and under developed economies is one of the major reasons hampering the global music industry, over the forecast period.

Technology integration is expected to create lucrative market opportunities in the global music & sporting industry

The post-COVID-19 globe is going to be entirely different. Technological innovations are going to play a dominating role in the sports & music industry. Therefore, considering the future trends, sports and music industry can be foreseen to reap benefits of technological advancements. For instance, in October 2020, Kings XI Punjab, a leading IPL (Indian premier League) team collaborated with Tech Mahindra Ltd., a pioneer in digital transformation, amidst COVID-19 condition. As per this alliance, Tech Mahindra has made an announcement that they have released a ‘dedicated fan engagement app’ to virtually connect teams with the fans throughout the IPL 2020 season. To gain trust and confidence of people, sports & music industry businesses are opting for such strategic steps, which may eventually create magnificent opportunities for the global music & sporting industry.

Music and Sporting Market, by (Music) Type:

Subscription sub-segment for music will be most lucrative

Subscription based music type will have a notable CAGR in the global market, and is further expected to register a significant revenue, during the projected period.

Subscription-based platform enables its users with a broad range of service and pricing options to choose from. Moreover, subscription model is significantly popular among music users mainly because of its high convenience and cost-effectiveness. In addition to this, an individual can choose the subscription from multiple duration options such as quarterly, monthly, or annually combined with features including single device watching or multiple devices enabled watching. All these crucial factors of have contributed to the popularity of the subscription sub-segment throughout the projected timeframe.

Music and Sporting Market, by (Sporting) Type:

Team & clubs sub-segment will register significant growth

Team & clubs sub-segment for sporting type is expected to register magnificent growth in the music and sporting market over the projected period.

Due to globalization coupled with technological innovations such as the pay TV market, the popularity of sports like football has extensively increased. Moreover, sports clubs worldwide are entering into effective partnership in order to provide multiple services. For instance, in September 2020, SportsEngine, Inc., topmost venture in Sport Relationship Management software, has made an announcement that they have teamed up with Club Champions League d/b/a National League Alliance, a significant youth soccer league in the US. As per this agreement, SportsEngine announced to provide digital services combined with benefits to streamline all CCL member administration, content, and communication.

Music and Sporting Market, by Region:

North America region to hold the largest market share

North America region is anticipated to hold the largest market share in the music and sporting market during the forecast period. The presence of giant ‘super clubs’ such as New York Yankees, Dallas Cowboys, and Los Angeles Lakers along with huge global audiences is one of the major factors surging the demand for sports, which may ultimately surge the global market growth in the projected period.

On the other hand, the convenience and personalization of music streaming, along with the accessibility afforded by smart devices and smartphones is further expected to create significant impact on the North America music & sporting industry, during the forecast period. Also, the giant players operating in the music industry are following strategic collaborations to strengthen their footprint in the global market. For instance, in May 2020, Mattel, Inc. made an announcement that they have entered into an exclusive partnership with Warner Music Group (WMG), one of the world’s top music companies. As per this agreement, WMG will be the sole distributor of Mattel’s catalog of 1,000+ songs from brands such as Thomas & Friends, Barbie, American Girl, Fisher-Price, and Hot Wheels.

Asia Pacific regional market will grow at a fast pace

Asia Pacific region is expected to grow at a fast pace in the music and sporting market, during the forecast period. An increase in the number of international and national music concerts, events, carnivals, festivals, particularly in Japan, India, and China is the major factor driving the APAC music & sporing industry in the forecast period. In addition to this, government authorities of APAC countries are implementing a broad range of reforms in order to support the sports industry. For instance, in August 2020, the India Government has made an announcement that they have released the Target Olympic Podium Scheme (TOPS) for the nation’s promising athletes, with an objective to groom young talents to achieve success at the Olympics conducted in year 2024 and 2028.

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Key Participants in the Global Music and Sporting Market:

Merger & acquisition and advanced product development are the frequent strategies followed by the market players

Source: Research Dive Analysis

Some of the key players involved in thte sporting market include Life Time, Inc., Maruhan Corporation., Dallas Cowboys., FC Barcelona, Manchester United FC Ltd; On the other hand, key players involved in music market include LiveStyle, Inc., AEG., WARNER MUSIC INC., SONY MUSIC ENTERTAINMENT., and Universal Music Group.

Music and sporting market players are focusing mainly on business expansion and strategic tie-ups in order to flourish in the global market.

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