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.
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Scope of Digital Music Industry Market Report:
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.
Key Players for Global Digital Music Industry Market Report:
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.
Global Digital Music Industry Market Segmentation:
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
Key Benefits for Global Digital Music Industry Market Report:
Global Digital Music Industry Market report covers in-depth historical and forecast analysis.
Global Digital Music Industry Market research report provides detail information about Market Introduction, Market Summary, Global market Revenue (Revenue USD), Market Drivers, Market Restraints, Market Opportunities, Competitive Analysis, Regional and Country Level.
Global Digital Music Industry Market report helps to identify opportunities in marketplace.
Global Digital Music Industry Market report covers extensive analysis of emerging trends and competitive landscape.
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