Global Digital Music Market 2014-2019
About Digital Music
In digital music, the sound is encoded in digital format. The technology used records, stores, and generates music in digital form. Digital music service allows customers to listen to and download music. High-quality music is made available for purchase, access, and play back by the service provider. In this type of service, the service provider purchases digital rights from music recording companies. The service is provided through a network service, wherein the user pays a subscription fee, pays per download, or accesses the music free of charge from an ad-based streaming model. The user can also download music and playlists directly to a smartphone for offline listening on the go without requiring the use of the internet.
TechNavio's analysts forecast the Global Digital Music market to grow at a CAGR of 14.61 percent over the period 2014-2019.
Covered in this Report
This report covers the present scenario and the growth prospects of the Global Digital Music market for the period 2015-2019. To calculate market size, the report considers revenue generated by the services provided by the market vendors. The market calculation, however, does not include online radio streaming services. The report also provides the market size based on user base.
TechNavio's report, Global Digital Music Market 2015-2019, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers North America, Latin America, and the EMEA and APAC regions; it also covers the Global Digital Music market landscape and its growth prospects in the coming years. The report also includes a discussion of the key vendors operating in this market.
TechNavio Announces the Publication of its Research Report – Global Digital Music Market 2015-2019
TechNavio recognizes the following companies as the key players in the Global Digital Music Market: Amazon.com Inc., Apple Inc., CBS Inc., Deezer, EMI Music Publishing Ltd., Fox Music Publishing, Google Inc., Hungama Digital Media Entertainment Pvt. Ltd., Microsoft Corp., Sony Corp., Spotify Ltd. and Universal Music Group Recordings Inc.
Other Prominent Vendors in the market are: Aspiro, Beats Electronics, Blinkbox Music, Gaana.com, Grooveshark, Guvera, Mixcloud, Myspace, Rara, Rhapsody, Saavn, Slacker Radio, Songl, SoundCloud, Thumbplay and TuneIn Radio.
Commenting on the report, an analyst from TechNavio’s team said: “One of the major trends emerging in the market is an increase in the adoption of cloud services for music streaming. This gives vendors the flexibility of scaling and avoids the need to maintain a physical data server. Also, it gives listeners the flexibility to store their music on the cloud and access it from any connected device.”
According to the report, the growth in disposable incomes, especially in developing countries such as China, is one of the major drivers of this market. With more spending power, people choose leisure and entertainment activities.
Further, the report states that growing piracy of digital music using torrents and illegal downloading websites is a major challenge that the market faces. It has been estimated that one in four internet users is using unapproved modes to access music illegally; half of these utilize peer-to-peer systems, whereas the other half download music through websites, blogs, and stream-ripping applications, among other ways.
Amazon.com , Apple , CBS , Deezer, EMI Music Publishing, Fox Music Publishing, Google , Hungama Digital Media Entertainment, Microsoft , Sony , Spotify , Universal Music Group, Aspir, Beats Electronics, Blinkbox Music, Gaana.com, Grooveshark, Guvera, Mixcloud,Myspace, Rara, Rhapsody, Saavn, Slacke, Songl, SoundCloud, Thumbplay, TuneIn Radio