Analysis of existing market
Market growth - The music publishing market is expected to grow from $7.07 billion in 2023 to nearly $10.58 billion by 2030. This growth is due to the expansion of the music industry and the advertising sector, as well as the popularity of digital platforms for music consumption. Challenges - The music industry faces challenges such as the lack of clear ownership structures for streaming music and the complexities of integrating digital and traditional publishing models. Competition - The Competition and Markets Authority (CMA) report states that the three major labels and publishers have more control over how their intellectual property is exploited than independents. Magazine sales - According to Press Gazette, magazine sales fell by 12.4% in 2023. This could potentially be from the mass audience moving away from physical copies of books and magazines, and more to online media as they find its easier and more accessible. Revenue - Magazines make money through circulation price, ...