Certifiedstreams™ Music Industry Forecast For 2023
The top music markets in 2023 are expected to be the all-time strategic markets such as the U.S., Canada, Europe, and LATAM.
The global music industry is thriving, with a current valuation of 15.22 billion dollars.
However, the Caribbean region is still struggling to catch up with its North American and European counterparts. The North American market is expected to account for 7.5 billion USD of revenue in 2023, with the caribbean reaping a .52% market share cut of that market share complimented by a 0.60+% European market share, with an additional 0.02% spread throughout the rest of the world.
With only 18.1% of Caribbean music consumers between the ages of 14-25 able to purchase music, the disparity highlights the major ecommerce hurdles that the Caribbean music industry must overcome in order to become a competitive player in the global music scene.
The elephant in the room still remains that a majority of Caribbean music consumers are still unable to purchase music due to limited ecommerce options, putting the region at a disadvantage.
With physical music stores on the rise, though admittedly smaller than before, they are experiencing a revival on and offline, especially with the rise in physical sales which experienced a 25% increase in 2022.
However with less that 10 locations throughout the English speaking Caribbean, and most inbound/Duty Free, this presents an innovative opportunity for music entrepreneurs in the Diaspora and the region.
The rise of digital music has led to a surge in music streaming, with 45 billion streaming hours recorded in 2023.
Digital music also accounts for 65% of music revenue and 80% of marketing budgets, with 100,000 tracks being released each day.
Despite this growth, the Caribbean region is still lagging behind in terms of consumer access and revenue.
The Caribbean music industry must take steps to resolve the ecommerce hurdles that are limiting consumer access.
This can be achieved by working with platforms like PayPal to allow for consumer purchases, or by engaging with regional governments to open up ecommerce options for consumers.
In addition to addressing ecommerce challenges, the Caribbean music industry must also focus on promoting the region's music and artists through the right platforms.
Social media channels like Facebook and Instagram, video apps like TikTok and YouTube, and music streaming services like Spotify and Apple Music are all crucial to the industry's growth this year.
TikTok, in particular, has become an influential platform for indie artists from the region. Acts like Jermaine Edwards, Sasique, and Nadg have made a mainstream impact in 2022 via the platform.
However, it is important to note that relying solely on TikTok as a solution to the Caribbean's market access challenges is not sustainable.
The UK continues to be a major player in the global music scene, acting as the biggest catalyst for ethnic music in the mainstream. Western and Central Europe are also playing a role in bringing genres like Reggae, Dancehall, Soca, and Afrobeat to North America.
The Caribbean region has the potential to make a similar impact, but it must address its ecommerce challenges and promote its music and artists through the right platforms.
In conclusion, the global music industry is flourishing, but the Caribbean region is still struggling to catch up.
The ecommerce hurdles faced by the Caribbean music industry must be addressed in order for the region to become a competitive player in the global music scene.
By working with platforms like PayPal, engaging with regional governments, and promoting the region's music and artists through the right platforms, the Caribbean has the potential to make a major impact in the global music industry in 2023.
