eMarketer: U.S. Music Industry Now Valued At $7 Billion
January 7, 2014
A new report from eMarketer says that the U.S. music industry was valued at a total of $7 billion in 2012, which is less than half of its peak in 1999, when the industry was worth $14.6 billion. The report is titled "Marketing Opportunities in Digital and Live Music: More Musicians Say, 'I'm With The Brand.'"
eMarketer notes that "to put the industry's current valuation into perspective," Samsung and Coca-Cola spent over $7 billion combined last year in marketing alone. However, "brands are in a position to invest, and some see plenty of upside in music properties. As a result, they are getting involved in ways that were unimaginable as recently as a few years ago, including launching new releases, running recording studios, nurturing underground talent, making music videos and creating original programming."
The report gives examples, such as American Express and VEVO partnering for the "Unstaged" series of streaming concerts, as well as deals between VEVO and Nissan, and Live Nation and Ford.