12 Shocking Facts About the Music Industry

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One of the most widely used artistic mediums worldwide is music. Even at the earliest ages, lullabies help babies fall asleep, while in elementary school, children try their hand at playing an instrument. By the time we are teenagers, music has become an integral part of who we are.

We identify with various genres as a way to express ourselves, and the melodies and lyrics speak to our inner selves, especially as we discover new facts about the music industry. Then, as one ages, music assumes new functions. It keeps us occupied during our commutes, aids in maintaining our concentration at work, serves as a diversion from household tasks, and creates the ideal atmosphere for gatherings and celebrations. Moreover, some of our most treasured memories are of witnessing our favorite bands play live and experiencing the passion of the audience. 

But while we’re analyzing the lyrics of our favorite singer-songwriters and arguing over which genre a band belongs in, we rarely acknowledge that music is a massive, profit-driven industry in addition to being an art form. According to the International Federation of the Phonographic Industry (IFPI), the recording industry would be worth $28.6 billion in total by 2023, one of the least acknowledged facts about the music industry.

The Recording Industry Association of America (RIAA) estimates that as of May 2024, the music industry would employ 2.5 million people in the United States. Additionally, music has contributed to several musicians’ net worths above $1 billion. Which bands end up on Spotify playlists and which ones are completely forgotten is determined by this very industry, making for some shocking facts about the music industry.

We compiled a list of 12 fascinating facts about the music industry using data from Goldman Sachs and Citibank, reports from industry leaders like the IFPI and the RIAA, news sources like the BBC, The Verge, Vice, and The New York Times, and music publications like Billboard and Rolling Stone to help readers better understand the business behind their favorite songs and albums.

Also Read: 12 Unreleased Songs by Popular Artists You May Never Hear

12. The Beatles didn’t know how to read or write sheet music

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11. Bullet For My Valentine

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10. Ghost Producing

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9. Not-Quite-Platinum

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8. Record Label Financials

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7. Songwriting Shams

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6. Frank Ocean’s Double Release

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5. Grunge Mariah

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4. The Bedlam in Goliath

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3. The Downward Spiral

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2. The Jim Sullivan Mystery

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1. Industry Plants – Shocking Facts About the Music Industry

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Ella is a digital content intern who loves writing about entertainment, media, technology, and culture. She is a recent... More about Ella Burch

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