Music in the EU 2024
Sustaining an Environment for Thriving Music in Europe
Europe has long been a leader in the global music industry, boasting a rich history from classical compositions to modern genres like hip-hop and flamenco pop. The EU's music market supports a diverse range of artists and provides exceptional opportunities for local and international collaboration. Record companies play a crucial role in fostering this ecosystem by investing heavily in artist development and marketing, contributing significantly to job creation, economic growth, and exports.
Key Data and Insights
- Economic Contribution: Record companies directly contribute an additional €1.8 billion to the GDP through various aspects of the music sector.
- Investment: Record companies invest €6.8 billion annually in artist acquisition and marketing.
- Artist Success: Artists today benefit from a growing share of industry revenue and enhanced opportunities to connect with fans globally.
- Competition: Other regions are evolving faster, posing a risk to the EU's position in the global music industry.
Challenges and Opportunities
- Digital Services: Proper implementation of the Digital Services Act, Digital Markets Act, and AI Act is crucial.
- Intellectual Property: Strengthening enforcement of intellectual property rules is necessary to combat piracy and ensure effective protection for creators.
- Policy Support: EU institutions need to focus on fully implementing existing EU laws to support the music industry's growth and innovation.
Conclusion
To ensure the continued vibrance and global competitiveness of Europe's music ecosystem, it is essential to address these challenges through robust policy measures and effective enforcement of intellectual property rights. By doing so, Europe can continue to foster a thriving music industry that benefits both artists and the broader economy.
