Music

According to the Occupational Outlook Handbook, employment of musicians will be slower than average through 2033. Most new jobs for musicians will be due to increased demand for live performances and opportunities for session players. Slow employment growth is also predicted for self-employed musicians, mainly due to the large number of people competing for recognition in this field.

Competition is extremely intense in virtually all fields of music. Although extremely talented musicians have a better chance than others do of becoming successful, even those musicians have no guarantee of success. People skills, business knowledge, and a knack for self-promotion have become more and more important.

The pandemic affected all areas of the music industry in 2019 and 2020, particularly in the concert and event promotion sector, which experienced significant decline in revenue due to event cancellations. The Coronavirus Aid, Relief, and Economic Security (CARES) Act, established in 2020, offered economic relief to nonprofit arts organizations, including music organizations. Other national relief efforts for musicians, arts, and other creative professionals included the MusiCares COVID-19 Relief and the Artist Relief fund. The lockdowns and social distancing requirements in 2020 caused a surge in digital streaming of music.

Post pandemic, the music industry is slowly recovering. In the United States, revenues for recorded music have been slowly growing recently, reaching an estimated $17.1 billion, an increase over $15.9 billion in revenue in 2022 and $15 billion in 2021, according to a report by the Recording Industry Association of America. This is positive news, despite the fact that commercial music sales are still not at the high levels they had been in previous decades due to the growth of online and streaming options. The boom that the recording industry experienced after the introduction of compact discs in the 1980s died out as digital music emerged to replace CDs. Music sales are steadily growing due to purchasing and downloading music via the Internet, such as through Apple Music, Spotify, Pandora, Amazon Music, YouTube Music, among others. The RIAA reported that "streaming continued to be the biggest driver of growth, with record levels of engagement in paid subscriptions, continued growth in ad-supported revenues, and growing contributions from new platforms and services." In 2023, streaming music accounted for 84 percent of all U.S. recorded music revenues, reaching $14.4 billion in revenue, a more than 8 percent increase over total streaming revenues in 2022. Another surprise was that physical music products also showed growth in 2023, reaching $1.9 billion in revenue, an 11 percent increase over the previous year, with vinyl albums outselling CDs.

Not reflected in these figures are revenues from other sources, such as live performances or music publishing rights. According to a mid-year report by Pollstar, the live music industry is experiencing a paradox: on the bright side, more live music shows are being produced, but there has been a drop in ticket sales and average per-show gross revenues. The number of live music shows had increased by 16.7 percent by mid-year 2024 compared to the same time frame in 2023, and the average ticket price had grown by 9.4 percent in that same time period, to reach $127.30 per ticket. And yet, the average gross revenue per live music show had declined by nearly 7 percent, from $1.47 million mid-year 2023 to $1.37 million mid-year 2024. Fewer tickets (.7 percent) had been sold and the average number of tickets sold per show had dropped by nearly 15 percent by mid-year 2024 compared to the same time frame in 2023.

Smaller, mid-level artists as well as music festivals and venues are expected to continue facing keen competition. According to the Pollstar report, in the U.K., about 50 music festivals had been cancelled by the middle of 2024, and U.S. festivals such as Coachella and Bonnaroo had reported lower attendance than in previous years. With ticket prices increasing to compensate for revenue losses, more music fans are questioning whether it's worth it to attend live shows, particularly when other expenses are added in, such as parking, concessions, and merchandise. Post pandemic, music consumers' behavior has changed. More people discovered that streaming concerts online and enjoying music from the comfort of their homes has saved them money and the hassles of live show crowds. Pollstar pointed out that boutique festivals, which focus on specific themes or genres, offer potential to draw more crowds and boost revenue for smaller and mid-level musicians and artists. Other potential areas of growth for the music industry include diversifying its revenue streams, increasing community engagement and inclusivity, and integrating technology such as augmented reality and virtual reality to enhance the live music experience for audiences.

The highest grossing tours of 2023 earned hundreds of millions in revenue:

• Beyoncé ($570.5 million)
• Coldplay ($342.5 million)
• Harry Styles ($338.2 million)
• Morgan Wallen ($260.4 million)
• Ed Sheeran ($256.9 million)
• Pink ($226.6 million)
• Elton John ($210 million)
• The Weeknd ($192.5 million)
• Depeche Mode ($175.2 million)
• BLACKPINK ($148.3 million)

Music publishing, which encompasses mechanical royalties (for recording a piece of music), performance royalties (for playing live), synchronization royalties (for use in films, television, commercials), and other licensing, generated $7.2 billion in revenue in the U.S. in 2024, representing 1.6 percent annual growth since 2019, according to a report by the market research group IBISWorld. The companies that hold the largest market share in the U.S. music publishing industry include Universal Music Publishing Group, Sony Music Publishing, and Warner.

Music education as well as production and repair of musical instruments offer other opportunities within the industry. The latter is a relatively small field with slightly fewer than 6,300 workers in the U.S., and it is projected to grow by only 2 percent through 2033. The former provides many more opportunities at grade schools, high schools, colleges, and for private lessons, but employment as a music educator can be affected by school budgets and varying levels of interest within a district or community.

Outside the commercial mainstream, many artists have found that they can make a decent living by catering to small, devoted audiences. In addition, advances in technology have made it possible for musicians to buy or rent at a relatively low price the equipment they need to produce their own recordings. Many artists now sell their own recordings by direct mail and through the Internet, avoiding the large record companies and producers that pop musicians must court. Self-production ensures that artists can make their own creative decisions and pocket a higher percentage of their earnings than they would receive if they worked with record companies.