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2024 U.S. Industry Statistics & Market Forecast - Musical Groups and Artists
Market Size & Industry Statistics
The total U.S. industry market size for Musical Groups and Artists:
Industry statistics cover all companies in the United States, both public and private, ranging in size from small businesses to market leaders.
In addition to revenue, the industry market analysis shows information on employees, companies, and average firm size.
Investors, banks, and business executives use growth rates and industry trends to understand the market outlook and opportunity.
| Statistics | 2019 2020 2021 2022 2023 | |
|---|---|---|
| Market Size (Total Sales/Revenue) |
Order at top of page | |
| Total Firms | ||
| Total Employees | ||
| Average Revenue Per Firm | ||
| Average Employees Per Firm | ||
| Average Revenue Per Employee | ||
Market Forecast
Market forecasts show the long term industry outlook and future growth trends. The following extended five-year forecast projects both short-term and long-term trends.
| Forecast / Industry Outlook | 2024 | 2025 | 2026 | 2027 | 2028 | |
|---|---|---|---|---|---|---|
| Market Forecast ($ millions) | ||||||
| Projected Industry Growth Rate (%) | ||||||
Industry Insights
The Musical Groups & Artists industry has witnessed significant transformation in recent times, driven by technological advancements and changing consumer preferences. One of the most prominent trends is the increasing use of digital platforms for music distribution and consumption. Streaming platforms, such as Spotify and Apple Music, have become the primary mode of music consumption for many people, leading to a decline in physical album sales.Another key trend is the growing importance of social media platforms for musicians to connect with fans and promote their work. Social media has become a crucial tool in building a fan base and driving engagement through live streams, Q&A sessions, and behind-the-scenes content.
The industry is also witnessing a shift towards live performances and tours, as artists are recognizing the potential revenue generated from ticket sales and merchandise. This trend has been facilitated by advancements in technology, such as virtual reality and hologram concerts, which have opened up new possibilities for immersive fan experiences.
Furthermore, the rise of independent musicians has disrupted the traditional record label model and enabled artists to have greater control over their artistic expression and revenue streams. Crowdfunding platforms, such as Kickstarter and Patreon, have provided independent musicians with an alternative means of funding their projects and connecting with their audience.
Finally, the industry has seen a growing emphasis on social and political activism among musicians, with many using their platform to raise awareness and drive change on issues such as climate change, racial inequality, and LGBTQ rights. This has led to collaborations with non-profit organizations and increased engagement from socially conscious consumers.
Product & Services Breakdown
Research products and services in the Musical Groups and Artists industry generating sales. Note that products are broken into categories with different levels of classification.| Product Description | Number of Companies | Sales ($ millions) | Percent of Total Sales |
|---|---|---|---|
Industry Total |
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Admissions To Live Performing Arts Performances |
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Admissions To - Symphony And Classical Music Performances |
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Admissions To - Popular Music Performances |
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Contract Live Performing Arts Performances |
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Contract Live - Popular Music Performances |
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Licensing Of Rights To Use Intellectual Property - Protected By Copyright |
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Resale Of Merchandise |
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All Other Receipts |
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All Other Operating Receipts |
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Contributions, Gifts, And Grants - Private |
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Contributions, Gifts, And Grants - Private - Individuals |
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Contributions, Gifts, And Grants - Private - Foundations |
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Contributions, Gifts, And Grants - Private - Business And Industry |
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Investment Income, Including Interest And Dividends |
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All Other Revenue |
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U.S. Geographic Distribution: Revenue Statistics by State
Market Size by State ($ millions) indicates how the industry's competition is distributed throughout the country. State-level information can identify areas with higher and lower industry market share than average.
Income Statement (Average Financial Metrics)
Financial metrics provide a snapshot view of a benchmark "average" company. Key business metrics show revenue and operating costs. The data collected covers both public and private companies.| Industry Average | Percent of Sales (Industry Benchmark) | |
|---|---|---|
| Total Revenue | Order at top of page |
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| Operating Revenue | ||
| Cost of Goods Sold | ||
| Gross Profit | ||
Operating Expenses | ||
| Pension, profit sharing plans, stock, annuity | ||
| Repairs | ||
| Rent paid on business property | ||
| Charitable Contributions | ||
| Depletion | ||
| Domestic production activities deduction | ||
| Advertising | ||
| Compensation of officers | ||
| Salaries and wages | ||
| Employee benefit programs | ||
| Taxes and Licenses | ||
| Bad Debts | ||
| Depreciation | ||
| Amortization | ||
| Other Operating Expenses | ||
| Total Operating Expenses | ||
| Operating Income | ||
| Non-Operating Income | ||
| EBIT (Earnings Before Interest and Taxes) | ||
| Interest Expense | ||
| Earnings Before Taxes | ||
| Income Tax | ||
| Net Profit Net Income | ||
Financial Ratio Analysis
Financial ratio information can be used to benchmark how a Musical Groups and Artists company compares to its peers. Accounting statistics are calculated from the industry-average for income statements and balance sheets.| Profitability & Valuation Ratios | Industry Average |
|---|---|
| Company valuation can be measured based on the firm's own performance, as well as in comparison against its industry competitors. These metrics show how the average company in the Musical Groups and Artists industry is performing. | |
| Profit Margin Gross Profit Margin, Operating Profit Margin, and Net Profit Margin. Show company earnings relative to revenues. |
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| Return on Equity (ROE) Return on Equity (ROE) is net income as a percentage of shareholders' equity. Shareholders' Equity is defined as the company's total assets minus total liabilities. ROE shows how much profits a company generates with the money shareholders invested (or with retained earnings). |
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| Return on Assets (ROA) Return on Assets (ROA) is net income relative to total assets. The market research on Musical Groups and Artists measures how efficiently the company leverages its assets to generate profit. ROA is calculated as Net Income divided by Total Assets. |
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| Liquidity Ratios | Industry Average |
|---|---|
| Bankers and suppliers use liquidity to determine creditworthiness and identify potential threats to a company's financial viability. | |
| Current Ratio Measures a firm's ability to pay its debts over the next 12 months. |
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| Quick Ratio (Acid Test) Calculates liquid assets relative to liabilities, excluding inventories. |
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| Efficiency Ratios - Key Performance Indicators | Industry Average |
|---|---|
| Measure how quickly products and services sell, and effectively collections policies are implemented. | |
| Receivables Turnover Ratio If this number is low in your business when compared to the industry average in the research report, it may mean your payment terms are too lenient or that you are not doing a good enough job on collections. |
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| Average Collection Period Based on the Receivables Turnover, this estimates the collection period in days. Calculated as 365 divided by the Receivables Turnover |
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| Inventory Turnover A low turnover rate may point to overstocking, obsolescence, or deficiencies in the product line or marketing effort. |
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| Fixed-Asset Turnover Generally, higher is better, since it indicates the business has less money tied up in fixed assets for each dollar of sales revenue. |
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Compensation & Salary Surveys for Employees
Compensation statistics provides an accurate assessment of industry-specific jobs and national salary averages. This information can be used to identify which positions are most common, and high, low, and average annual wages.| Title | Percent of Workforce | Bottom Quartile | Average (Median) Salary | Upper Quartile |
|---|---|---|---|---|
| Management Occupations | 9% | Order at top of page |
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| Top Executives | 6% | |||
| Chief Executives | 0% | |||
| General and Operations Managers | 5% | |||
| General and Operations Managers | 5% | |||
| Business and Financial Operations Occupations | 10% | |||
| Business Operations Specialists | 9% | |||
| Educational Instruction and Library Occupations | 8% | |||
| Other Teachers and Instructors | 8% | |||
| Self-Enrichment Teachers | 8% | |||
| Self-Enrichment Teachers | 8% | |||
| Arts, Design, Entertainment, Sports, and Media Occupations | 39% | |||
| Entertainers and Performers, Sports and Related Workers | 31% | |||
| Actors, Producers, and Directors | 9% | |||
| Producers and Directors | 6% | |||
| Musicians, Singers, and Related Workers | 17% | |||
| Musicians and Singers | 14% | |||
| Food Preparation and Serving Related Occupations | 6% | |||
| Personal Care and Service Occupations | 7% | |||
| Entertainment Attendants and Related Workers | 5% | |||
| Office and Administrative Support Occupations | 8% | |||
Musical Groups and Artists Competitor Landscape & Key Companies [PREMIUM]
The most influential companies in the Musical Groups and Artists industry and adjacent industries either have large market share or are developing new business models and methods that could disrupt the status quo. We look at leading and emerging companies in the Musical Groups and Artists industry and adjacent sectors:| Market Leaders: Direct Competitors Companies with the largest market share, focused in this industry |
Market leaders: Diversified Competitors Largest companies that have diversified operations in this and other industries |
| Innovators: Direct Competitors Innovative, Emerging, and Disruptive Companies that may influence the future direction of the industry. |
Innovators: Diversified Competitors Innovators and Disruptors in adjacent industries that may also affect the Musical Groups and Artists industry. |
Source:
Innovation News
- Jan 19, 2024: Twenty One Pilots trademarks "TOP CLIQUEART" - Entertainment services
- Sep 07, 2023: Limitless Entertainment trademarks "INTL NIGHTCLUB" - Night club services
- Dec 14, 2021: Annapolis Symphony Orchestra trademarks "SYMPHONY+" - Entertainment and educational services
- Apr 08, 2019: Roa OB raises $3 million in funding.
Recent Federal Contracts for Musical Groups and Artists- Mar 29, 2024: MISCELLANEOUS FOREIGN AWARDEES (Washington, DC) awarded $13,499
- Mar 19, 2024: IDEMMA LLC (Orlando, FL) awarded $18,781
- Mar 05, 2024: MUSIC MINISTRY INTERNATIONAL, INC. (Albuquerque, NM) awarded $74,792
- Feb 28, 2024: SIEMENS, ELAINE (Elizabeth City, NC) awarded $28,763
- Jan 31, 2024: RUESINK, DARCY JUNE (Saint Joseph, MN) awarded $35,464
- Jan 24, 2024: BRYNN DOUGHTY (Norwich, CT) awarded $18,900
- Mar 29, 2024: MISCELLANEOUS FOREIGN AWARDEES (Washington, DC) awarded $13,499
- Mar 19, 2024: IDEMMA LLC (Orlando, FL) awarded $18,781
- Mar 05, 2024: MUSIC MINISTRY INTERNATIONAL, INC. (Albuquerque, NM) awarded $74,792
- Feb 28, 2024: SIEMENS, ELAINE (Elizabeth City, NC) awarded $28,763
- Jan 31, 2024: RUESINK, DARCY JUNE (Saint Joseph, MN) awarded $35,464
- Jan 24, 2024: BRYNN DOUGHTY (Norwich, CT) awarded $18,900
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