- Report ID: BMRC 1460 | Number of pages: 200 | Publish Date: Feb 2021
Status: Published | Category: Technology And Media | Delivery Timeline:
Digital Music Industry Market is valued at USD 17.10 Billion in 2017 and expected to reach USD 37.61 Billion by 2027 with a CAGR of 8.2% over the forecast period.
Digital Music Industry Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2021-2027- Increase in digitization as well as rising inclination towards mobile application and subscription based services are the key driving factor for the growth of Digital Music Industry Market.
The Music Industry has developed significantly over the years with top-rated musicians, artists, songwriters operated together with reputed music industries and organizations by creating songs, live concerts & shows, video & audio recordings, and sheet music through CDs, DVDs, Tape Recorders, Radio and now digital platforms. Digital music became popular in early 2000 than buying physical recordings. Then soon legal digital music available globally with Apple iTunes and after 2010 internet based services and mobile apps took the market positively. According to IFPI Global Music Report, 2019, 56% of music sales globally are attributed to streaming and physical sales is continuing to decline. With the rising in digital content, data and analytics industry are more focused on the consumer behavior pattern helping the music industry to change their music themes and other policies accordingly.
During the COVID-19 pandemic, some industries have positive impact and some are struggling. Music Industry has been affected adversely by lockdown as people are less focused on music streaming and shifted to virus related news. According to Music Business Worldwide, Spotify’s top 200 charts experienced the drop of 11% to 226 million plays in March, 2020. There was significant growth in video streaming compared to audio streaming. Over the period of time, artist and music companies found their way with live streaming through different digital platforms and connect with people globally.
Global Digital Music Industry Market report is segmented on the basis of type, revenue generation, end user, and region & country level. Based upon type, global Digital Music Industry market is classified into Recorded Music, Downloaded Music and Live Music. On the basis Revenue Generation, the market is fragmented into Music streaming, downloads, streaming subscription, mobile personalization, and others. Based on end users, the market is segmented into commercial users, individual users and others.
The regions covered in this Global Digital Music Industry Market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, the market of Digital Music Industry is sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, Middle East Asia, Africa, etc.
Some major key players for Global Digital Music Industry Market are Universal Music Group, Sony BMG Music Entertainment, EMI Group, Warner Music Group, Independent Labels, ABC Paramount, Virgin Records, Red Hill Records, and others.
By Revenue Generation:
By End User:
News: Google Cloud opted by BMG to enhance services
January 21, 2021; BMG, one of the world’s largest music companies has preferred Google Cloud to build giant and scalable infrastructure to increase revenue and grow its digital music industry. This strategy will help the company to meet data challenges imposed by streaming. The digital shift from physical will increase the data volume and will grow exponentially generating 1500-2000x the number of transactions.
New Artists benefited by the streaming boom
January 04, 2021; The BPI, music industry trade body of U.K. said that streaming is boosting the sales of albums. The figure shows that around 200 UK artists achieving 200m streams per year. It is countered by the industry that big labels are utilizing the profit from the market and music artists are facing issues with the structure of payments.
The major factors driving the growth of global Digital Music Industry market is increase in digitization along with high internet penetration. The factors which have significantly contributed to music industry are online distribution of music by artists, advertising spending and increase in sales due to streaming. Moreover, increase in the use of mobile based music applications as well as surge in subscription based services is also expected to amplify the market growth. Furthermore, different monetization strategies have been adopted by industry like integrating with other sectors for example; TV or gaming songs will help to generate more revenue. However, data security and privacy concerns are some issues that may hamper the growth of Digital Music Industry Market.
North America is expected to dominate the global digital music industry in terms of market share owing to the presence of developed economies such as US, Canada and others. The presence of developed infrastructure along with advanced technologies and high internet penetration in the region is likely to fuel the market growth. Europe and Asia Pacific is expected to follow North America in terms of market share. Asia Pacific is expected to develop at a significant rate owing to the advancement in internet services with an increased inclination of the young population towards mobile applications. All the above mentioned factors are expected to contribute the growth of Digital music industry market.
Key Benefits for Global Digital Music Industry Market Report:
Middle East and Africa
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Digital Music Industry Market Size By Type (Recorded music, Downloaded Music, Live music), By Revenue Generation (Downloads, Mobile Personalisation, Music Streaming, Streaming Subscription, Others), By End User (Individual Users, Commercial Users, Others), Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027