Global Digital Music Content Market 2016-2020
Music by service can be broadly classified into two categories:
Technavio Announces the Publication of its Research Report – Global Digital Music Content Market 2016-2020
Technavio recognizes the following companies as the key players in the global digital music content market: Apple, Deezer, Google, iHeartMedia, Pandora Media, and Spotify.
Other Prominent Vendors in the market are: CBS, Gaana, Guvera, Hungama MyPlay, Line Music, Mixcloud, Napster, RadioTime, Saavn, and SoundCloud.
Commenting on the report, an analyst from Technavio’s team said: “Wearable technology is an emerging trend in the global music streaming market. Smartphone manufacturers are investing heavily in wearable devices to give the users an overall experience. For instance, the Apple Watch, along with displaying time, helps users track health, access maps, Wi-Fi, Bluetooth, music, and sync with their iPhone. Another example is Rusty's wired series, which is a hoody with earphones that double as the elastic strings of the hood. It reduces the hassle of wearing headphones while listening to music.”
According to the report, music artists have become a vital part of the social networking websites. Recording companies facilitate this by helping artists create the content to increase their fan base. In April 2016, seven of the top 10 most followed people on Twitter, seven of the top 20 most liked people on Facebook, and five of the top 10 most followed people on Instagram were music artists. The industry is also helping in driving the revenue generated by these social networking sites. For example, Twitter’s market capitalization in February 2016 hit $12.3 billion while Instagram, owned by Facebook, generated revenues of $35 billion. The music market is one of the major drivers for the growing popularity of YouTube.
Further, the report states that piracy is one of the major challenges faced by the digital music content market. Pirated versions of almost every soundtrack released in the market is available on the internet or through pirated DVDs. Consumers get access to these pirated copies either through various websites for free or purchase of a pirated DVD at nominal price. Piracy drastically affects the revenue of music companies and reduces the profit margin for distributors. It also hampers the market value of the artists associated with the music content since their bona fide content is available free of cost to a wide variety of consumers.
Apple, Deezer, Google, iHeartMedia, Pandora Media, Spotify, CBS, Gaana, Guvera, Hungama MyPlay, Line Music, Mixcloud, Napster, RadioTime, Saavn, SoundCloud.