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The Impact of COVID-19 on the Music Industry Revenue: Live Concerts and Music Records

In: Proceedings of the 2022 2nd International Conference on Economic Development and Business Culture (ICEDBC 2022)

Author

Listed:
  • Jingwen Liang

    (The National University of Australia, College of Business and Economics)

  • Xinyi Mao

    (McGill University, Faculty of Arts)

Abstract

The widespread COVID-19 pandemic has negatively impacted various industries to some extent. Many have speculated that the music industry is no exception, and the revenue of this industry will see a dramatic fall. However, this conjecture only holds in the live section of music. When the paper examines another mainstream segment of the music industry, recorded music, the results are in stark contrast. In order to analyze the change in revenue of the two sections of the music industry, this article collected data of the revenue of recorded music and live concerts from four representative countries – the U.S, Spain, Japan and Norway. Conspicuous drops in revenue in the live music industry are observed, whereas no unambiguous evidence shows the pandemic impacts recorded music negatively. Empirical analysis of the collected data showed that the pandemic led to a great recession in the live music industry. However, it provoked a growth in the recorded music industry. The analysis of fluctuations of music industry revenue during this period may have implications for the business model of the music industry during and post COVID-19.

Suggested Citation

  • Jingwen Liang & Xinyi Mao, 2022. "The Impact of COVID-19 on the Music Industry Revenue: Live Concerts and Music Records," Advances in Economics, Business and Management Research, in: Yushi Jiang & Yuriy Shvets & Hrushikesh Mallick (ed.), Proceedings of the 2022 2nd International Conference on Economic Development and Business Culture (ICEDBC 2022), pages 375-381, Springer.
    • Handle: RePEc:spr:advbcp:978-94-6463-036-7_55
    DOI: 10.2991/978-94-6463-036-7_55
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