Due to the technical advancements, music production software has created a change in the industry. Easy installation and relatively low cost for recording and mixing songs with a suitable user interface of these software are among the factors encouraging music producers to use them. Significant improvements in artificial intelligence (AI) and big data are using their algorithms to learn people’s musical habits in order to enhance the industry’s output.
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Market / Industry segment of music production
| Base Year | Market size(M$) | Duration(YEAR) | CAGR(%) | Source Name |
| 2019 | 23400 | 8 | 8.74% | Fior market |
| 2019 | 389.4 | 6 | 5.40% | MenaFN |
| 2017 | 21200 | 5 | 8.56% | Audio express |
| 2020 | 368.15 | 4 | 9.00% | Yahoo Finance |
| 2019 | 389.4 | 6 | 5.40% | Icrowd news wire |
Influencing factors that changes market size of music production
The size of the market value changes under the influence of many factors; the increase and decrease in the rate of these influential factors leads to changes in the value of the market size, which is provided by direct and reverse drivers in the market of music production
Direct drivers:
1. Acceptance of software by DJs
2. Young population structure
Reverse drivers:
1. High cost of software
2. Low cost of studios and musical instruments
This market may also be threatened by following risks:
In all different markets and industries, risk is always one of the factors that business founders should be sufficiently aware of. The first step is risk assessment is identification of risks in the market in order to perform risk management. The market of music production may also be threatened by following risks:
- Technology risk
- Manufacturing risk
- Competition risk
