When the world is flooded with music, the US is often the first to hear about it, according to a new study by the Recording Industry Association of America (RIAA).
The US is second only to Australia as the biggest market for music in the world.
The industry is also growing at a rapid rate.
As a result, the global market for recording is expected to grow to $6.8bn in 2020, up from $3.9bn in 2021, according the report released on Wednesday.
It also predicted the US to be the biggest music market in the OECD, accounting for 12.5 per cent of global sales.
In terms of total sales, it will surpass the UK’s 10.2 per cent, Japan’s 11.4 per cent and Germany’s 11 per cent.
The RIAA says that is because of the US’s dominant position in the music business.
In 2017, US record labels sold $1.7bn in the US, which is roughly two times the number of the next highest-selling country, the UK, which sold $3bn.
According to the report, the music industry is worth $2.4tn, with the majority of that money going to labels and the top 10 recording artists.
But the report said that while the US has an outsized influence in terms of revenue, it is not necessarily the main driver of music sales.
It noted that China is the second largest music market, accounting in the region for 12 per cent on US sales, followed by South Korea at 8 per cent followed by Japan at 7 per cent as well as Australia at 6 per cent while Germany has a market share of 1 per cent in the industry.
The report says that China will soon overtake the US as the world’s biggest music markets in 2020.
The country will overtake Germany in 2020 to become the second biggest music consumer in the Americas, with an estimated global sales of $1tn, according RIAAA.