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Content Creation in the U.S.
While we were able to find that the North American digital audio workstations market is currently valued at $385 million, publicly available data on the individual market sizes of audio content/creators in the US or the North American region was not found. However, based on the information that was available, we were able to estimate that there are around 35 million music tracks created by 28 million US-based musicians, 900,000 podcast creators, and 10 million video content creators in the US.
AUDIO CONTENT CREATORS: US MARKET SIZE
MUSIC
- According to Business of Apps, Spotify has over 50 million music tracks and is the world’s biggest music streaming platform by the number of subscribers. It holds a 36% share of the global streaming market. In the US, Apple Music is the leading music streaming platform and is ahead of Spotify in terms of reach. However, the difference in market penetration is negligible at 0.1%.
- An article from Sound Chart states that Americans are leading the music industry and that the US market is the largest in the world. It has reported that as of "March 2019, over 70% of the songs on Spotify’s Global Top-50 playlist were recorded by US-based artists."
- Based on the above findings, if we assume that Spotify's top 50 is a representation of its music overall, we can estimate that around 35 million music tracks were created by US-based artists (50 million*70%).
- According to Statista, there are around 28 million musicians in the US (the latest data is from 2014). It was also found that digital revenues accounted for 88% of the total US music industry (2018).
PODCASTS AND VIDEO
- As per our previous findings, there are an estimated 900,000 podcast creators 10 million video content creators in the US.
OTHER FINDINGS
- According to Transparency Market Research, the digital workstation market revenue of the North American region was valued at $305.5 million in 2017 and is projected to grow at a CAGR of 8% between 2018-2026. Therefore, the current market value (2020) can be calculated as $385 million (305.5*1.08^3).
- The report states that digital audio workstations are extensively used in applications such as editing, recording, and mixing digital audio and that software digital audio workstations are expected to have a higher market share within the forecast period (compared to standalone digital audio workstations).
- It further notes that the growth in digital marketing, increase in the number of content creators, high demand OTT platform content, and consistent rise in the number of YouTube content creators will be the growth drivers of the market in the next decade.
- According to Bloomberg, the global audio and video editing software market was valued at $2.43 billion with a 12% CAGR during 2019-2023. Market Watch states that the US market held a 41% share of the global market in 2016.
- AP News has reported that North America dominates the global audio editing software market due to the presence of global players in the US, larger organizations, and increasing applications. The global market is expected to grow by $2.5 billion during 2020-2024 at a CAGR of 11%. It has been predicted that 36% of this growth will originate from North America.