Global Digital Music Market with Focus on Live Streaming: Size, Trends and Forecasts (2016-2020)
Scope of the Report
The report entitled “Global Digital Music Market with Focus on Live Streaming: Size, Trends and Forecasts (2016-2020)” analyzes the global digital music market with detailed analysis of market sizing and growth. It analyzes market by value and market share by sources with focus on streaming music.
A detailed overview of streaming music market is also discussed in the report. Streaming music market analysis has been done on the basis of value, volume and market segment. The report also provides an analysis of consumer behavior on the basis of consumer preference, spending nature of consumer, consumer interest in streaming services, consumer listening hours and consumers respond towards top streaming music players.
A brief regional analysis of the US and Germany digital music market is also being done in the report. The US is the largest market for digital music globally with the highest revenue. Germany is the largest digital music market within the European region and third largest in the world. The report provides detailed description of the US and Germany on the basis of value, volume and market share by segment.
The report also assesses the key opportunities available and summarizes the driving forces that are and will be accountable for growth of the industry. Growth of digital music market has also been forecasted for the period 2016-2020, taking into consideration previous growth outlines, growth drivers and the existing and forthcoming trends.
Furthermore, the report portrayed a competitive landscape of the digital music market with detailed comparison of top market players. Apple music is the market leader with highest revenue and number of paid subscribers in 2015.
A brief company profiling of major market players namely Apple Inc., Spotify Limited, Deezer and Pandora Media Inc. has provided in the report on the basis of aspects like business overview, financial overview and business strategies adopted by these companies.
Pandora Media Inc.
Music market has two major segments: Physical and digital. Physical music market comprises of music in the form of CD or vinyl whereas digital music market composed of audio content that is distributed to the music lovers through internet. Digital sector includes downloads as well as on demand digital streaming. Digital streaming is either subscription based or ad-supported which is free of charge. In ad-supported music, advertiser is liable to pay for the music streaming on behalf of customers. Current music marketplace offers a wide variety of digital options like download, streaming, cloud, music videos and ringtones.
The global digital music market is growing tremendously with astonishing growth rates over the past few years and is anticipated to grow further over the forecasted period (2016-2020). Major factors contributing in the growth of the market are rising smartphone penetration globally specially in developing economies, availability of cheap internet services, expansion of streaming format, technological advancements, change in consumer behavior and consumer desire to access latest music etc.
In the forecasted period, market will be pushed by increasing number of on- demand consumers, collaboration between music providers with social media platform, rising number of catalog software and blending of streaming music with wearable technology. In spite of high growth, market is still facing certain challenges that are hampering the growth of the market. Challenges encountered by the market are lack of unique services, rampant piracy, legal complexity and intense competition.