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

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

Authors
Jingwen Liang1, *, Xinyi Mao2
1College of Business and Economics, The National University of Australia, Canberra, Australia
2Faculty of Arts, McGill University, Montreal, Canada
*Corresponding author. Email: u7079700@anu.edu.au
Corresponding Author
Jingwen Liang
Available Online 31 December 2022.
DOI
10.2991/978-94-6463-036-7_55How to use a DOI?
Keywords
Music Industry; Live Concert; COVID-19
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.

Copyright
© 2022 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

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Volume Title
Proceedings of the 2022 2nd International Conference on Economic Development and Business Culture (ICEDBC 2022)
Series
Advances in Economics, Business and Management Research
Publication Date
31 December 2022
ISBN
978-94-6463-036-7
ISSN
2352-5428
DOI
10.2991/978-94-6463-036-7_55How to use a DOI?
Copyright
© 2022 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

Cite this article

risenwbib
TY  - CONF
AU  - Jingwen Liang
AU  - Xinyi Mao
PY  - 2022
DA  - 2022/12/31
TI  - The Impact of COVID-19 on the Music Industry Revenue: Live Concerts and Music Records
BT  - Proceedings of the 2022 2nd International Conference on Economic Development and Business Culture (ICEDBC 2022)
PB  - Atlantis Press
SP  - 375
EP  - 381
SN  - 2352-5428
UR  - https://doi.org/10.2991/978-94-6463-036-7_55
DO  - 10.2991/978-94-6463-036-7_55
ID  - Liang2022
ER  -