Digitalisation has changed our day-to-day life by enhancing the availability and accessibility of digital technologies. Music has not remained obscured and users want to access it instantly in the form of digital music. Throughout the globe, people are seeking digital platforms for entertainment that includes news, music, videos and others, and conventional music is being transformed into digital music. The new generation is increasingly using digital music because of the ease of downloading and its abundant availability. Music that has been recorded or converted into digital format is termed as digital music.
Technological advancements are also driving the digital music market. The digital music market is expected to witness significant growth in the forecast years due to the advent of high-speed technologies and high-speed Internet. Moreover, there has been growth in digital streaming revenues, along with the surging demand for high-quality music, and these are among factors boosting the digital music market. In terms of revenue, the digital music market is growing in-spite of a decline in the physical music market.
Digital Music Market: Drivers and Challenges
Increasing usage of mobile applications is one of the primary factors driving the digital music market. Increase in the number of subscription service offerings is also enhancing the potential demand for digital music. Other factors, such as live music promotion and the usage of social media & websites, are creating potential growth opportunities for the digital music market. At present, various sites are promoting digital music via e-mails. Moreover, the digital music market revenues are expected to escalate further due to the continuously surging mobile ad spending.
Another factor that is expected to increase the scope of the digital music market during the forecast period is the continuous improvement of mobile networks and high-speed Internet access. Moreover, the easy availability of songs & music online, ease of sharing and quick access to various websites are some of the other factors boosting the customer base in the digital music market.
However, the risk of various viruses, bugs and redundancy are among significant factors hampering the growth of the digital music market. Another factor hampering the growth of the digital music market is the age-group of users as only the young population is inclined towards the usage of digital music, whereas music lovers belonging to older age-groups are still using conventional music.
Digital Music Market: Segmentation
The digital music market can be segmented as follows:
On the basis of music type, the global digital music market can be segmented into:
Live music is available live on TV or radio or another medium for users to listen to in real time. Songs can be downloaded from several websites and apps. Recorded music is recorded using a microphone on a cell phone or any other device.
On the basis of revenue generation, the global digital music market can be segmented into:
On the basis of end-user, the global digital music market can be segmented into:
Digital Music Market: Key Players
Some of the key players of the digital music are Sound Cloud, Jamendo, QTRAX, Amazon MP3, Pure Volume, Noise Trade, Sound Owl and Free Music Archive. Digital Music can also be downloaded from various websites, which include Google Music, Apple Music and Youtube Music. Some apps that provide online collections of digital music are Deezer, iHeart Radio, Jango Radio, Pandora, Music Ally, etc. Apps such as Music ally and Saavn have brought about remarkable global growth in the number of customers downloading and listening to digital music.
Digital Music Market: Regional Overview
In terms of geographical regions, the digital music market can be segmented into North America, Latin America, Western Europe, Eastern Europe, China, Japan, SEA & others in Asia Pacific and the Middle East & Africa. Among these regions, the digital music market in North America is expected to lead the other regional digital music markets during the forecast period. The U.S. is expected to hold a considerable fraction of the North America digital music market. Asia Pacific (including Japan and China) and Europe are expected to follow North America in terms of revenue generated in the digital music market. Significant growth opportunities are available in Asian countries for the digital music market. Countries including Japan, South Korea, China, India, Thailand, etc. are generating considerable revenues in the Asian digital music market. Moreover, the number of downloads of digital music in these countries is also expected to increase during the forecast period, thus boosting the digital music market. Major factors driving the digital music market in Asian are improvements in Internet speed, bandwidth usage and high-speed technologies such as Wi-Fi, Li-Fi and 5G deployment. However, the digital music market is expected to experience restricted growth in some under-developed countries due to factors such as the popularity of conventional music technologies, lack of proper Internet infrastructure, privacy on Internet data sharing and insufficient storage for cloud computing.
The report covers exhaustive analysis on:
Regional analysis for Digital Music Market includes
The report is a compilation of first-hand information, qualitative, and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.