Similarly to 2016, in 2018 HETFA Research Institute prepared a comprehensive report about the Music Industry commissioned by ProArt.
The research shows that the Hungarian music industry has continued to increase, similarly to the previous years. In 2017, it amounted to 53.4 billion HUF, from which the recording industry received 18.4 billion HUF. It shows an increase of 3.6% compared to 2016. The estimated value of live music industry represents 35 billion HUF, representing 6% increase compared to previous years.
The report emphasises that music festivals play a decisive role in the functioning of music industry. In 2017, 1041 festivals were organized and 13.5 thousand concerts which means that every third concert was organized within the frame of a festival.
Festival market was characterised by continuous growth in the past few years. According to the estimations of industrial actors and the statistics of Artisjus regarding the number of visitors, the size of the festival market is around 17-19 billion HUF. The biggest festivals hit records regarding the number of visitors. New festivals have been launched as well, some of them may compete with the most popular ones.
Beyond festivals, the role of live music is extremely important. Concerts are first source of income for musicians. Half of the musical incomes comes from concerts.
The current report also deals with several extremely important questions, determining the future of music industry, such as the role of popular music in education; VAT of concert tickets; lack of festival scenes; problem of value gap; foreign presence or the national access of students.
It is available HERE in Hungarian.