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Music Industry Market Review 2010 Second Edition, February 2010 Edited by Katie Hughes ISBN 978-1-84729-579-8 Music Industry Music Industry Foreword In today’s competitive business environment, knowledge and understanding of your marketplace is essential. With over 25 years’ experience producing highly respected off-the-shelf publications, Key Note has built a reputation as the number one source of UK market information. Below are just a few of the comments our business partners and clients have made on Key Note’s range of reports. “The Chartered Institute of Marketing encourages the use of market research as an important part of a systematic approach to marketing. Key Note reports have been available in the Institute’s Information and Library Service for many years and have helped our members to build knowledge and understanding of their marketplace and their customers.” The Chartered Institute of Marketing “We have enjoyed a long-standing relationship with Key Note and have always received an excellent service. Key Note reports are well produced and are always in demand by users of the business library.” “Having subscribed to Market Assessment reports for a number of years, we continue to be impressed by their quality and breadth of coverage.” The British Library “Key Note reports cover a wide range of industries and markets — they are detailed, well written and easily digestible, with a good use of tables. They allow deadlines to be met by providing a true overview of a particular market and its prospects.” NatWest “Accurate and relevant market intelligence is the starting point for every campaign we undertake. We use Key Note because they have a report on just about every market sector you can think of, and the information is comprehensive, reliable and accurate.” J Walter Thompson “Market Assessment reports provide an extremely comprehensive source of information for both account handling and new business research, with excellent, clear graphics.” Saatchi & Saatchi Advertising James Donovan Managing Director Key Note Limited © Key Note Ltd 2010 Music Industry Contents Contents Executive Summary 1 1. Industry Overview 3 REPORT COVERAGE.......................................................................................................................3 Report Background ................................................................................................................... 3 ECONOMIC TRENDS.......................................................................................................................4 Population ................................................................................................................................. 4 Table 1.1: UK Resident Population Estimates by Sex (000), Mid-Years 2004-2008 ............... 4 Gross Domestic Product ............................................................................................................ 4 Table 1.2: UK Gross Domestic Product at Current and Annual Chain-Linked Prices (£m), 2004-2008 .................................................................. 5 Inflation ..................................................................................................................................... 5 Table 1.3: UK Rate of Inflation (%), 2004-2008 ...................................................................... 5 Unemployment.......................................................................................................................... 6 Table 1.4: Actual Number of Unemployed Persons in the UK (million), 2004-2008 ............. 6 Household Disposable Income.................................................................................................. 6 Table 1.5: UK Household Disposable Income Per Capita (£), 2004-2008 ............................... 6 MARKET SIZE AND SEGMENTATION..........................................................................................7 Table 1.6: The UK Music Market by Sector by Value (£m at rsp), 2005-2009 ....................... 7 Figure 1.1: The UK Music Market by Sector by Value (£m at rsp), 2005-2009 ...................... 8 INDUSTRY STRUCTURE..................................................................................................................9 MARKET SHARES............................................................................................................................9 MARKET POSITION ......................................................................................................................10 Table 1.7: Popular Leisure Activities in the Home (% of adults), 2008 ............................... 10 KEY TRENDS ..................................................................................................................................11 LEGISLATION.................................................................................................................................12 ‘Digital Britain’ ........................................................................................................................ 12 KEY TRADE ASSOCIATIONS........................................................................................................12 British Recorded Music Industry ............................................................................................. 12 International Federation of the Phonographic Industry ...................................................... 12 UK Music .................................................................................................................................. 13 © Key Note Ltd 2010 Contents Music Industry 2. PEST Analysis 15 POLITICAL FACTORS ....................................................................................................................15 ECONOMIC FACTORS ..................................................................................................................15 SOCIAL FACTORS..........................................................................................................................15 TECHNOLOGICAL FACTORS .......................................................................................................16 3. Key Note Primary Research 19 ATTITUDES TO MUSIC .................................................................................................................19 Table 3.1: Consumer Attitudes to Music and Its Role in Consumer Lifestyles (% of adults), 2006 and 2009 .......................................................... 19 THE CORE MUSIC CONSUMER ...................................................................................................21 Table 3.2: Daily Listening to Music at Home or in the Car and Music ‘Hobbyists’ by Sex, Age and Social Grade (% of adults), 2006 and 2009 ............................................... 21 FAVOURITE ARTISTS ....................................................................................................................23 Table 3.3: Favourite Artists or Composers for a Desert Island (% of adults), 2006 ............ 23 MUSIC IN HOME LEISURE ...........................................................................................................25 Table 3.4: Popular Leisure Activities in the Home (% of adults), 2006 and 2008 ............... 25 4. Competitive Structure 27 THE MARKETPLACE .....................................................................................................................27 RECORDED AND PUBLISHED MUSIC COMPANIES .................................................................27 Universal Music Group ............................................................................................................ 29 Table 4.1: Universal Music Group Financial Results (€m), Years Ending 31st December 2006-2008 ............................................................................... 31 Sony Music Entertainment...................................................................................................... 31 EMI Group................................................................................................................................ 34 Warner Music Group ............................................................................................................... 36 OTHER MAJOR COMPANIES IN THE MUSIC SECTOR.............................................................38 Apple Inc .................................................................................................................................. 38 HMV Group.............................................................................................................................. 39 Live Nation............................................................................................................................... 40 Table 4.2: Live Nation Operations in the UK (number and 000), Years Ending 31st December 2006-2008 ............................................................................... 41 Table 4.3: Live Nation Financial Results ($m), Years Ending 31st December 2006-2008 ............................................................................... 41 Yamaha Corporation............................................................................................................... 42 © Key Note Ltd 2010 Music Industry Contents BROADCASTERS ...........................................................................................................................43 British Broadcasting Corporation ..........................................................................................
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