Article adapted from Music Norway
A new report shows the Norwegian music industry expecting significant growth in the coming years.
Growth 2020 – an outlook on Norwegian music industry, a study initiated and conducted by Music Norway, has asked 38 of the biggest and most prominent music companies in Norway to forecast their economy up to 2020. Specifically, economic growth and changes in staff.
Based on detailed one-to-one interviews with all participants the report shows that 92 percent expect their business to grow between 2016 and 2020. Of these, 58 percent expect an annual revenue increase by more than 8 percent.
The report includes all sectors of the industry, including management, publishing, distribution, PR and labels. Both indie labels and all three major labels have responded.
Recently there have been several reports that quantifies activity, revenue and GVA in the Norwegian music industry (BI:CCI, Musikk i tall). Yet no studies have specifically looked into changes in employment and economic prospects. Growth 2020 seeks to map the industry’s outlook on jobs growth, economy and overall export activity.
Read the full report here (in Norwegian)
- 92% of respondents stated that their business will grow in the coming years. Of these, 58% expects annual revenue increase by more than 8%.
- 2 of 3 companies will increase their staff during the next four years.
- 31 % of the companies expanding will each hire 3 – 5 people over a four-year period.
- 3 of 5 companies will engage interns. Internships are most common among managements, where 9 out of 10 companies seek to engage interns.
- The most requested expertise in the industry is music knowledge, industry knowledge and experience as well as network.
- 68 % of companies recruits primarily through networks. Job listings account for 16%.
- On average export related revenue accounts for 13% of total revenue.
- The industry expects that employment in all sectors will grow proportionally