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Sound Reinforcement Market Size to Reach Revenues of around USD 10 Billion by 2026 - Arizton
https://www.arizton.com/market-reports/sound-reinforcement-market-size-growth-2024
With the rising internet penetration globally, devices are becoming more digitized, and the industries are taking notice of the same. The world has been witnessing a rising penetration of the Internet of Things (IoT) in the pro-AV industry, and various vendors are exploring ways of using IoT to streamline manufacturing processes and supply chain management (SCM) as well as to deliver a more personalized customer experience. Smart devices collect, analyze, and share real-time data with vendors to give insights into end-user preferences. Companies across the globe are increasing their spending on IoT for seamless delivery of customer experience by using IoT to deliver proactive services. Various studies indicate that the budgets remain low for investment in IoT in various companies across industries. However, with the growing popularity of smart devices, the investment is expected to increase during the forecast period.
In H1 2020, the US recorded music market revenue grew by around 5.6% to reach $6 billion . Streaming music also grew to around 85% of the market in terms of retail value. In terms of wholesale value, streaming music revenue grew by around 5.1% to reach $4 billion . The music industry witnessed certain fluctuations due to retail store closures, tour cancellations, and other impacts of Covid-19. The impact on the music industry has directly impacted the sound reinforcement market as the demand for products such as microphones sound mixers, audio amplifiers, and others declined. The live music industry suffered the most during the COVID-19 pandemic due to social distancing norms. For instance, Live Nation, a leading live entertainment company, experienced a 98% YoY revenue decline in Q2 2020, driven by global concert shutdowns. The live industry has lost around $9 billion during COVID-19 due to cancellations or postponement of concerts and lockdown measures in North America .
https://www.arizton.com/market-reports/sound-reinforcement-market-size-growth-2024
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