AI-Driven Market Transformation: Music & Video Market to Grow by USD 875 Billion (2024-2028) with Rising Internet and Smartphone Penetration - Technavio Report

NEW YORK, Sept. 19, 2024 /PRNewswire/ -- Report with the AI impact on market trends- The global music and video market size is estimated to grow by USD 875 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 29.09% during the forecast period. Rising internet and smartphone penetrations is driving market growth, with a trend towards integration of advanced technologies with online streaming services. However, video piracy issues and illegal downloading of music tracks poses a challenge. Key market players include Alphabet Inc., Amazon.com Inc., Apple Inc., Bharti Airtel Ltd., Block Inc., ByteDance Ltd., Deezer SA, Gamma Gaana Ltd., iHeartMedia Inc., Microsoft Corp., Netflix Inc., Reliance Industries Ltd., Sirius XM Holdings Inc., Sony Group Corp., SoundCloud Global Ltd. And Co. KG, Spotify Technology SA, Tencent Music Entertainment Group, The Walt Disney Co., Viacom18 Media Pvt. Ltd., and Vimeo.com Inc..

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Market Driver

Advanced technologies, including artificial intelligence (AI), deep learning, natural language processing, and blockchain, are revolutionizing the online music and video market. AI enhances video production by supporting cinematography, editing, voice-overs, scriptwriting, and content improvement. Popular streaming platforms like Hulu and YouTube are driving AI adoption. Amazon Personalize, an AI-powered recommendation engine, offers demographic information to developers. Blockchain technology decentralizes communication in the industry, enabling artists to bypass traditional distribution channels and enforce license terms directly with consumers. While in its early stages, blockchain's implementation is expected to positively impact the market's growth. 

In today's digital world, the Music and Video market is thriving with trends like song recommendations, blockchain technology, and artificial intelligence. Online platforms dominate the scene, with IT giants investing heavily in the subscription segment and livestreaming app segment. The podcast industry is booming, especially during work schedules and home working. Fitness enthusiasts can access workouts on demand. Blockchain technology and artificial intelligence are revolutionizing the industry, offering secure transactions and personalized recommendations. The app segment caters to the individual segment, with smart speakers and high definition audio becoming popular. Faster internet and remote access enable live video streaming, advertising, and rental. However, piracy issues remain a challenge, with illegal downloads and movie torrents threatening the industry. OTT platforms, IPTV services, and pirate subscription services offer alternatives to traditional audio and video media. Augmented Reality, Hologram concerts, and Virtual Reality are the future of entertainment, while multitasking and public spaces like gyms, cafes, restaurants, and pubs offer new opportunities. The subscription model continues to dominate, with on-demand segment leading the way. Digital media devices and 5G connection ensure lossless music streaming, making the future of the Music and Video market exciting and innovative. 

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Market Challenges

• The global music and video market faces a significant challenge from video piracy, primarily through the use of torrents. Torrents are digital files containing metadata that enable users to download audio and video content via software like BitTorrent and uTorrent. While the use of these services is not illegal, the shared content is often copyrighted, making it a violation of intellectual property rights. Torrents offer convenience for users, allowing them to download various TV shows, movies, documentaries, and videos in one place, free of cost. The absence of ads in pirated content also makes it more appealing than ad-based video-on-demand (AVOD) streaming services. However, the expansion of the piracy market poses a threat to the growth of the global music and video industry. Strict regulations and laws have been implemented to curb illegal downloading, but the lack of accountability and the financial gains for unauthorized content distributors continue to fuel its adoption. The increasing penetration of digital music and the availability of exclusive content on online streaming platforms further complicate the issue. Despite these challenges, the market continues to grow, driven by the increasing demand for on-demand entertainment and the proliferation of digital platforms.
• In the Music and Video Market, production and post-production pose significant challenges due to the need for high-quality video and audio. Tie-in marketing campaigns with toys, food, and other products require coordination and planning. Contemporary video-making techniques, including animation and live action, documentaries, and non-narrative approaches like abstract film, demand diverse skills and resources. Thematic approaches, filmed versions of songs' lyrics, and live concert performances require different strategies. Video content in electronic media, such as SD cards, solid state storage, and flash storage, must support common formats like Audio Video Interleave (AVI) and Windows Media Video (WMV). Video streaming on music video stations, online video platforms, and social media require a tech-savvy approach. Video advertising strategies on social media platforms involve visual graphics and performance videos, narrative videos, and concept videos. Music albums, commercial advertisements, and residential or commercial content creation involve various equipment like microphones, megaphones, and digital platforms. Smart devices and podcasts also offer opportunities for customized playlists and innovative audio experiences. Overall, the Music and Video Market requires a technologically advanced system to meet the diverse needs of consumers and businesses.

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Segment Overview

This music and video market report extensively covers market segmentation by

1. Platform
• 1.1 Digital
• 1.2 Physical
2. Type
• 2.1 Video
• 2.2 Music
3. Geography
• 3.1 North America
• 3.2 Europe
• 3.3 APAC
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Digital- The Music and Video Market is a significant business sector, encompassing the creation, production, distribution, and sale of various music and video content. This industry caters to diverse audiences, providing entertainment, education, and inspiration through various mediums. Music and videos are consumed via streaming platforms, digital downloads, and physical media. Companies in this market include record labels, music, streaming services, and equipment manufacturers. Collaborations between these entities drive innovation and growth.

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Research Analysis

The Music and Video Market encompasses various sectors, including live events, music videos, and the music industry. This market is a dynamic fusion of art and technology, where songs and visual images come together to create experiences. Music videos, short films, and promotional content are essential tools for artists to showcase their talent and connect with audiences. Digital platforms and smart devices have revolutionized music consumption, enabling playlist customization, song recommendations, and access to vast libraries of music recordings. The advertising industry also plays a significant role, utilizing audio and visual content to promote products and services. Emerging technologies like blockchain and artificial intelligence are transforming the way content is created, distributed, and monetized. The podcast industry is another growing segment, offering unique storytelling opportunities and catering to diverse audiences. Fitness and work schedules often incorporate music and videos, while IT giants continue to innovate and shape the future of modern music videos and filmmaking.

Market Research Overview

The Music and Video Market encompasses various forms of audiovisual content, including live events, music videos, and filmmaking. Modern music videos combine visual images and music recordings using contemporary video-making techniques, such as animation, live action, and non-narrative approaches. Filmmaking involves pre-production, production, and post-production stages, utilizing film stock, video production equipment, and technologically advanced systems. Music videos and promotional videos are essential in the advertising industry, while short films and documentaries offer unique storytelling opportunities. Tie-in marketing campaigns use music and video content to promote products and services, ranging from toys and food to IT giants and home working. Electronic media, SD cards, and solid-state storage facilitate the creation and distribution of video content. Common formats include Audio Video Interleave (AVI) and Windows Media Video, while video streaming platforms and music video stations offer online access to a vast array of content. Music videos and live concert performances can be monetized through video advertising, social media platforms, and subscription services. Emerging technologies like blockchain, artificial intelligence, and virtual reality are transforming the music and video market, offering new possibilities for music album releases, commercial advertisements, and innovative content experiences.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Platform
• Digital
• Physical
• Type
• Video
• Music
• Geography
• North America
• Europe
• APAC
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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