Published on: November 13, 2019
The music market size is forecast to increase by USD 70.02 billion at a CAGR of 12.57% between 2023 and 2028. The surge in digital music adoption, with streaming and downloading contributing to nearly 60% of recording segment revenue, is driving the market’s growth. This trend is bolstered by the ease of accessing music online. Global and regional vendors are offering diverse products, intensifying competition. Moreover, companies are increasingly partnering with technology providers to gain a competitive edge and maintain market positions.
The music market covers a variety of platforms and services for music streaming, including digital platforms, smart devices, and over-the-top media (OTT) services. Revenue models include subscription, freemium, pay-per-view, one-time payments, and others. As technological advancements continue and the market expands into emerging economies, the size of the music market is expected to grow further.
Key trends in the music market include the rise of streaming media platforms, automatic playlist customization, and personalized song recommendations. Additionally, there's a growing focus on live streaming and video content creation, driven by the popularity of online and social media platforms.
The widespread availability of smartphones and smart devices, the internationalization of music streaming services, and strategic alliances between service providers and recording companies are driving the global music market, along with technological advancements and the digitalization of music distribution. Opportunities in the music market lie in data analytics for audience segmentation and user engagement, content creation for music discovery, and strategic partnerships for music distribution. Investments in technology and marketing can drive growth and innovation in the music ecosystem.
Challenges facing the music market include the complex licensing process, copyright protection issues, and the need for effective revenue models to monetize content. Low profit margins also threaten service providers and recording companies.
Technavio’s market research on this industry provides a detailed analysis of the market landscape, providing data on product types, regional markets, sales channels, and more.
Our music market segmentation covers topics such as:
North America is projected to account for 43% of the global market’s growth by 2028. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Growth is significant in the North American market due to the success of streaming services. One of the main countries in North America which is fuelling the market growth in the region is the US due to the high spending capacity of the population. In addition, Apple and Spotify are the two largest music-streaming service players in the region, with both companies having paid subscriber bases of more than 25 million. Players in the region are expanding their business by collaborating with artists and gaining exclusive rights to their songs or by acquiring small companies in the industry.
Technavio's music industry reports monitor the leading players in the global market along with their current and forecasted market share. Our analysis covers regional and global companies. Some of the top companies covered in our music market reports include:
Learn more about the music industry: Explore Reports
In order to provide you with a comprehensive view of the music industry, our experts analyze the market from many different perspectives. Our reports help identify opportunities, risks, key competitors, and more, helping you make timely, informed decisions to optimize your position in the market.
Technavio reports insights include:
1.How do I identify key trends in the music market?
Technavio’s market research reports provide an analysis of current trends and how they are affecting the market. We also identify market drivers and challenges to help you discover opportunities and avoid pitfalls.
2.How do I decide which segments of the music market to focus on?
Every Technavio report includes detailed segmentation insights, breaking down the market in terms of product type, geography, sales channels, and more. And if you’re looking for something a little more specific, our Custom Research Solutions can tailor any report to meet your unique needs.
3.Who are the major players in the music market?
We provide detailed profiles on the biggest competitors in the market, including data such as business divisions, product offerings, and news. Our reports also include an overview of the competitive landscape as a whole, including the risks and opportunities that it presents.
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