The global traditional music products market was valued at USD 22.7 billion in 2022 and is projected to expand at a CAGR of 4.3% from 2023 to 2030. The increasing number of concerts and performances, along with the growing popularity of traditional music festivals, is driving the demand for instruments and other traditional music products. Furthermore, technological advancements in traditional music instruments are creating new opportunities for market expansion. For instance, in October 2021, Roland Corporation launched the TD-07KV V-Drums, a digital electronic drum kit that combines acoustic sounds with electronic drums.

The growth of the market is also attributed to the rising popularity of DIY culture. Increasingly, people are engaging in activities such as learning traditional music instruments and participating in musical events and activities. This is further supported by the rising demand for online music tutoring services, driven by the emergence of new technologies such as artificial intelligence (AI) and the internet of things (IoT). For instance, in April 2021, Musai launched ‘Musai Tutor’, an online platform for music tutoring, which enables users to connect with music teachers through video conferencing.

The growing popularity of online streaming services is also creating opportunities for traditional music products. This is because streaming services are providing users with an easy and affordable way to access a wide variety of traditional music. In addition, the growing demand for traditional music among children is further driving the market growth. For instance, in April 2021, Yamaha Corporation launched the ‘Yamaha Music School’, a comprehensive online music school for students of all ages and levels of traditional music.

Moreover, the increasing focus of market participants on product innovation is expected to boost the market growth. For instance, in December 2021, Korg Corporation introduced the new Korg Pa4X ORIENTAL, a powerful arranger keyboard that combines the sound of traditional Middle Eastern instruments with modern electronic technology. Furthermore, the growing popularity of traditional music products among the elderly population is expected to create new opportunities for market expansion. Increasing disposable income and availability of products at competitive prices are further driving the market growth.

The acoustic instruments segment is expected to dominate the traditional music products market in 2022 and is expected to hold a share of 31.2% over the forecast period. Increasing popularity of musical events like concerts and festivals, rising consumer spending on musical instruments, and increasing demand for traditional musical instruments for learning purposes are some of the factors driving the growth of this segment. According to an article published by Music Radar, in April 2020, the sale of traditional musical instruments has increased significantly due to the growing demand from young individuals and beginners.

The digital instruments segment is expected to register the highest CAGR of 8.4% during the forecast period. Growing popularity of electronic musical instruments, increasing demand for digital musical instruments due to their compact size, and the emergence of various music streaming platforms are some of the factors driving the growth of this segment. Furthermore, the introduction of innovative product designs and technologies such as Bluetooth connectivity are expected to provide further impetus to the growth of the market.

The traditional music products market is mainly distributed through physical retail stores. The segment is expected to hold a major share of the market in 2022. This is mainly due to the presence of brick and mortar stores that offer customers the ability to explore, listen to, and purchase traditional music products. Additionally, physical stores provide customers with a physical presence, allowing them to easily interact with various products and make informed decisions. Furthermore, physical stores provide customers with the opportunity to receive personal advice from shop assistants, as well as providing an opportunity to test the product before buying.

Online retail stores are expected to be the fastest-growing segment of the market over the forecast period. This is due to the vast availability of traditional music products on e-commerce websites, making it easier for customers to compare prices and features of products. Additionally, the rising penetration of the internet and smartphones has enabled customers to access a wide range of products at competitive prices. Furthermore, the availability of discounts and offers on e-commerce websites further encourages customers to purchase traditional music products online.

The physical segment accounted for the largest revenue share of 76.2% in the year 2022. The increasing popularity of traditional music is driving the market for physical products. Traditional music is gaining traction among the music lovers, prompting various music labels and artists to launch physical products such as CDs/DVDs. Furthermore, the availability of traditional music products in retail stores and online stores is also driving the sales of physical products. For instance, Apple Music and Amazon Music are providing access to traditional music albums to their customers.

The digital segment is expected to expand at the highest CAGR of 11.2% over the forecast period. The introduction of advanced technology and growing penetration of the internet is driving the growth of the digital segment. Moreover, the availability of streaming services such as Spotify, Apple Music, and Amazon Music is driving the demand for digital traditional music products. These streaming services enable customers to access traditional music albums instantly, which is propelling the demand for digital products.

Europe is expected to remain the largest market for traditional music products during the forecast period, owing to the presence of a large number of traditional music festivals and the increasing number of consumers opting for traditional music. Germany, the U.K., France, and Italy are the major traditional music markets in the region. The presence of major players in the region, such as BMG Rights Management, Universal Music Group, and Sony Music Entertainment, is also expected to propel market growth.

Asia Pacific is expected to witness the highest growth rate during the forecast period, due to the increasing number of traditional music festivals and the increasing demand for traditional music products, such as CDs, DVDs, and digital music. The presence of prominent players, such as Avex Group, Arashi Productions, and Pony Canyon, is also expected to drive market growth in the region. Furthermore, the growing popularity of streaming services in the region is expected to further boost the demand for traditional music products.

In this part of the traditional music products business plan we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your traditional music products business. Usually, these projections are drafted for a 5-year period.

Revenue Assumptions
The main source of revenues for a traditional music products business comes from sales of musical instruments, sheet music, accessories, and digital products. Other possible sources of profit include royalties from music licensing, commission on sales from other businesses, and sponsorship.

Projecting Expenses
In this section, all the regular expenses related to keeping the traditional music products business running will be described. The list of operating expenses includes rent, wages, advertising, marketing, maintenance and repairs, utilities, insurance policies, and others.

Some of the key companies operating in the traditional music market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:

– In June 2022, Universal Music Group launched a virtual concert series featuring traditional folk music.

– In August 2022, Sony Music Entertainment launched a new album of traditional music from around the world.

– In October 2022, Warner Music Group launched a series of online workshops teaching traditional music from around the world.

Some of the prominent players in the traditional music market include:

– Universal Music Group
– Sony Music Entertainment
– Warner Music Group
– EMI Music Publishing
– BMG Rights Management
– Alpha Pup Records
– Naxos of America
– Harmonia Mundi
– Smithsonian Folkways
– Rounder Records

This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global traditional music products market based on product, distribution channel, type, and region:

1. Product Outlook (Revenue, USD Million, 2017 – 2030)

– Traditional Instruments
– Sheet Music
– Music Media
– Accessories

2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)

– Brick and Mortar
– Online
– Others

3. Type Outlook (Revenue, USD Million, 2017 – 2030)

– Digital
– Physical

4. Regional Outlook (Revenue, USD Million, 2017 – 2030)

– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa

[Q]: What is the Potential of Traditional Music Product Innovation?
[A]: Traditional music product innovation is focused on creating products that bring back the authenticity of traditional music, while also creating new and innovative products that are tailored to the needs of modern consumers. This includes the use of advanced technology such as artificial intelligence and machine learning to create new instruments, as well as the use of augmented reality and virtual reality to bring traditional music to life. In addition, traditional music products are also focused on creating products that are more accessible and affordable to those who may not have access to traditional music.

[Q]: Who are the Key Players in the Traditional Music Products Market?
[A]: Some of the key players in the traditional music products market include Yamaha Corporation, Gibson Guitar Corporation, Korg, Pioneer DJ, Roland Corporation, and Fender Musical Instruments Corporation.

[Q]: What are the Factors Driving the Traditional Music Products Market?
[A]: Factors driving the traditional music products market include the growing popularity of traditional music, the increasing demand for authentic traditional instruments, and the rise of digital music streaming services. Additionally, the emergence of new technology such as artificial intelligence and machine learning is creating opportunities to create new products that are tailored to the needs of modern consumers.

[Q]: What are the Trends in the Traditional Music Products Market?
[A]: Trends in the traditional music products market include the emergence of new digital instruments, the growth of virtual reality and augmented reality in traditional music, the increasing demand for affordable and accessible instruments, and the trend towards personalized products. Additionally, there is an increasing trend towards using technology to enhance traditional music, such as using artificial intelligence and machine learning to create new instruments.

[Q]: Which Region Offers the Largest Opportunity for Sales of Traditional Music Products?
[A]: North America is expected to be the largest market for traditional music products, due to the large market for traditional music, the presence of leading music instrument manufacturers, and the increasing demand for affordable and accessible instruments. The Asia Pacific region is also expected to be a growing market, due to the growing popularity of traditional music in the region.