Digital Music Market to Grow $9 Billion Worldwide This Year
BARCELONA, Spain, February 28, 2014 /PRNewswire/ --
Mahindra Comviva and Ovum Consulting foresees India, Africa, Latin America and South East Asia as promising markets
Mahindra Comviva, the global leader in providing mobility solutions and Ovum Consulting, today released a research study on Digital Music Market. The study encapsulates future trends on the uptake of digital music in terms of adoption rates; devices used to consume music services and segregation of listeners and suggested target approach.
The research study reveals that digital music market grew by around 9% in 2012 and is expected to grow $9 billion worldwide in 2014. Strong growth is driven by the expansion of international and regional music brands as well as active smartphone growth in South East Asia, India and Africa, all topping 20% CAGR. It predicts that Asia-Pacific emerging markets are expected to approach $450 million and Latin America top $200 million in trade value in 2014.
Commenting on the latest trends in the mobile music industry, Atul Madan, Head of Digital Services, Mahindra Comviva said, "the music industry is witnessing dynamic changes and consumption patterns are shifting, driven by the increasing adoption of smartphones. The study reiterates our belief that the future of digital music will be based on enhanced engagement, 360 degree music experience and addressing the needs of price sensitive markets. Localized and customized content will play a greater role in enticing consumers."
Across the nine markets surveyed (both emerging and developed), the share of devices used for listening, purchasing or downloading music has changed dramatically in 2013, as compared to 2010. Computer share has dropped significantly by 14% points with mobile and tablets together up 15% points, emphasizing the importance of mobile for reaching lean-back listeners.
Segregating the group of digital music consumers into lean-back and lean-forward listeners, the study suggests that there is a huge opportunity for operators when it comes to offering personalized music packages and targeted music services that will help reduce churn, drive subscription and increase revenues.
The full study report is available for download on Mahindra Comviva website at http://www.mahindracomviva.com/ResourceCenter/White%20Papers/Comviva%20MobileMusicFinal.pdf
About Mahindra Comviva
Mahindra Comviva is the global leader in providing mobility solutions. It's a subsidiary of Tech Mahindra and a part of the USD 16.7 billion Mahindra Group. With an extensive portfolio spanning mobile finance, content, infotainment, messaging and mobile data solutions, Mahindra Comviva enables service providers to enhance customer experience, rationalize costs and accelerate revenue growth. Its mobility solutions are deployed by over 130 mobile service providers and financial institutions in over 90 countries, transforming the lives of over a billion people across the world. For more information, please visit http://www.mahindracomviva.com
About Ovum Consulting
Ovum Consulting is the consulting arm of Ovum, one of the premier ICT and telecoms-focused advisory and consulting firms with global coverage. It provides specialist consulting services in the telecommunications, content, software, and IT services industries. Ovum Consulting's clients include operators, vendors, government, regulators, and investment communities. It provides clients with independent and objective analysis that enables them to make better business and technology decisions. Ovum research is based on independently audited methodologies. Its research draws upon over 400,000 interviews each year with business and technology, telecoms and sourcing decision-makers, giving Ovum and its clients unparalleled insight, not only into business requirements but also the technology that organizations must support. Ovum is an Informa business. For more information about Ovum's consulting capabilities, please contact at firstname.lastname@example.org
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SOURCE Mahindra Comviva