Music Market size to grow by USD 70.02 billion between 2023 - 2028 | The increasing adoption of digital music to drive the market growth - Technavio
NEW YORK, Nov. 27, 2023 /PRNewswire/ -- The Music Market size is projected to increase by USD 70.02 billion, accelerating at a CAGR of 12.57% from 2023 to 2028 according to Technavio. An influential factor driving the music market's growth is the increasing embrace of digital music. The increase in digital music, encompassing streaming and downloading, contributes to nearly 60% of the revenue generated within the recording segment. Moreover, the accessibility and download convenience of Internet-based songs further fuel the adoption of digital music. The upward trend in mobile device penetration, including smartphones and tablets, with widespread high-speed Internet availability, boosts the expansion of digital music. These factors collectively exert a positive impact on the market, anticipated to drive its growth during the forecast period. The report offers a detailed analysis of the impact of the COVID-19 pandemic on the music market in optimistic, probable, and pessimistic forecast scenarios. Buy the Full Report
Music Market 2024-2028: Segmentation
- End-user
- Individual
- Commercial
- Source
- Recording
- Live
- Others
- Geography
- North America
- Europe
- APAC
- South America
- Middle East And Africa
The individual segment is expected to witness substantial growth during the forecast period. This growth is driven by advancements in network infrastructure, leading to reduced costs of Internet services and enabling widespread access to music streaming services via mobile devices. Additionally, the segment experiences a gradual rise in mobile data usage due to the expansion of 4G and 5G services.
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Music Market 2024-2028: Company Analysis and Scope
To help businesses improve their market position, Technavio provides a detailed analysis of around 25 companies operating in the market. Some of these companies include Alphabet Inc., Amazon.com Inc., Apple Inc., Aspiro AB, Bertelsmann SE and Co. KGaA, Curb Records Inc., Deezer SA, Kobalt Music Group Ltd., NORTHERN MUSIC Co. Ltd., Pioneer Music Co., Sirius XM Holdings Inc., Sony Group Corp., Spotify Technology SA, Tencent Music Entertainment Group, THEME MUSIC Co. Pvt. Ltd., Universal Music Group NV, Vivendi SE, Warner Music Group Corp, Yamaha Corp., and Zee Entertainment Enterprises Ltd.
The report also covers the following areas:
Market trends such as an increase in mergers and acquisitions (M and A) and strategic alliances among companies and entry of new players is likely to emerge as one of the primary drivers of the market. However, factors such as Illegal downloads and piracy may threaten the growth of the market.
Music Market 2024 – 2028: Market dynamics
Leading trends influencing the market
- Increased mergers, acquisitions, and strategic alliances among market players, including the entry of new companies, significantly shape the music market growth.
- Global and regional companies offering distinct products increase competition, prompting a focus on new strategies like partnerships with technology providers to gain a competitive edge and maintain market positions.
- Collaborations for business expansions through new distribution channels and investments in mergers and alliances enhance service providers' market reach and customer base, positively impacting market growth during the forecast period.
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Music Market 2024-2028: Key Highlights
- CAGR of the market during the forecast period 2024-2028
- Detailed information on factors that will assist music market growth during the next five years
- Estimation of the music market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
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Related Reports:
Music Streaming Market: The music streaming market size is forecast to increase by USD 31.10 billion between 2022 and 2027, accelerating at a CAGR of 15.67%. In 2017, the US held the largest market share, projecting an annual revenue of USD 54.74 billion.
Live Music Market: The live music market size is estimated to grow at a CAGR of 4.39% between 2022 and 2027. The market size is forecast to increase by USD 6.2 billion.
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Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide 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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SOURCE Technavio
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