Global Digital Music Market was valued at USD 3.4 Billion in 2022 and is projected to reach USD 5.9 Billion by 2030, growing at a CAGR of 7.3% from 2024 to 2030.
The Digital Music Market has evolved dramatically over the past decade, driven by advancements in technology and changing consumer preferences. The industry, once dominated by physical media like CDs and vinyl, has now shifted towards digital platforms, offering music streaming, downloads, and innovative ways to consume music. As streaming services like Spotify, Apple Music, and Amazon Music continue to gain market share, they have revolutionized the way people access and enjoy music. According to recent studies, the global digital music market is projected to grow at an impressive CAGR of over 12% between 2023 and 2030, reaching a market value of over $50 billion by the end of the forecast period.
This rapid growth is fueled by the widespread adoption of smartphones, increasing internet penetration, and the rise of smart devices like speakers and wearables. Streaming platforms now account for the majority of music revenue, surpassing traditional sales and radio airplay. With millions of tracks available on demand, consumers have more choices than ever before, and music streaming has become the preferred method of listening for millions of people worldwide. In fact, more than 60% of global music revenues in 2023 were generated through streaming services, marking a significant shift from the past.
Another key factor driving the digital music market is the growing popularity of podcasts, which are often bundled with music streaming subscriptions. This trend has created a multi-faceted entertainment ecosystem that includes not just music but also audio content such as news, comedy, and true crime. This diversification is attracting new audiences, particularly younger generations, who seek a variety of content across different mediums.
Artists, too, have benefited from the digital music revolution. Independent musicians now have the opportunity to distribute their work globally without the need for a record label. Digital platforms have leveled the playing field, allowing new talent to emerge and build audiences directly through social media and streaming services. This direct-to-fan model has reshaped the traditional music industry and opened doors for a new wave of creators.
In addition to streaming, other segments of the market such as digital downloads and in-app music purchases continue to hold a portion of the revenue share. These traditional digital formats still appeal to a segment of the audience that values ownership of their music, despite the growing dominance of streaming services.
Overall, the digital music market continues to experience rapid growth and diversification. As technology evolves, new trends such as immersive audio formats and integration with virtual reality (VR) could further disrupt the landscape, providing even more opportunities for both artists and listeners.
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Amazon.com
Apple
CBS
Deezer
EMI Music Publishing
Fox Music Publishing
Hungama Digital Media Entertainment
Microsoft
Sony
Spotify
Universal Music Group
Aspiro
Beats Electronics
Blinkbox Music
Gaana.com
Grooveshark
Guvera
Mixcloud
Myspace
Rara
Rhapsody
Saavn
Slacke
Songl
SoundCloud
Thumbplay
TuneIn Radio
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the Global Digital Music Market
Below 18 years
18-40 years
41-60 years
Above 60 years
Based on Types the Market is categorized into Below types that held the largest Digital Music market share In 2023.
Permanent downloads
Music streaming
Global (United States, Global and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Global, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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1. Introduction of the Global Digital Music Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. Global Digital Music Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global Digital Music Market, By Type
6. Global Digital Music Market, By Application
7. Global Digital Music Market, By Geography
Global
Europe
Asia Pacific
Rest of the World
8. Global Digital Music Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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