The global music market consists of physical music copies, digital music, music publishing and concerts. Physical music copies segment is the fastest-declining segment. However, this offset is balanced by the popularity of digital music.
Technavio’s analysts forecast the global music market to grow at a CAGR of 8.93% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global music market for 2017-2021. To calculate the market size, the report considers the revenue generated from the sales of concert tickets, digital music, music publishing, and physical music copies.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Music Market 2017-2021
Technavio recognizes the following companies as the key players in the global music market: BMG Rights Management, Kobalt Music Group, Sony/ATV Music Publishing, Universal Music Group, and Warner Music Group
Other Prominent Vendors in the market are: Deezer, Gaana.com, Guvera, Pandora Radio, Saavn, SoundCloud, Spotify, Apple Music, Aspiro Group, Curb Records, Disney Music, Fox Music, Imagem Music, Wrensong Entertainment, Eventbrite, StubHub, and Ticketmaster
Commenting on the report, an analyst from Technavio’s team said: “Wearable technology is one of the fastest growing segments in consumer electronic market. With the availability of wearable devices, such as Apple Watch, Moto 360, LG Watch R, many music service providers are focusing on developing wearable device-compatible music apps. For instance, SoundHound, Shazam, and Pandora Radio are some of the compatible music apps for Apple Watch, while Google Play is compatible with Moto 360. These apps enable direct access to the music service through the wearable device, providing users with a convenience of music on the go.”
According to the report,
Further, the report states that the growing penetration of mobile devices, such as smartphones and tablets, and the high-speed Internet connectivity is expanding the digital music market as they are used in music streaming and downloading. The development of several mobile apps and websites helped digital services gain a large audience. The number of smartphones shipped around the world in 2016 was nearly 1.5 billion units compared to 1.43 million units in 2015 and 1.3 million units in 2014. This number is expected to increase during the forecast period, while the number of tablet users in the world is expected to reach 1.4 billion in 2017. The rapid rise in the sales of mobile devices has increased the adoption of digital music exponentially. Furthermore, owing to the easy availability and affordability, a large number of individuals have active Internet connectivity on their mobile devices. In 2016, 49% of the total world population used the Internet. Therefore, the increased internet penetration is driving the growth of the global music market.
BMG Rights Management, Kobalt Music Group, Sony/ATV Music Publishing, Universal Music Group, Warner Music Group, Deezer, Gaana.com, Guvera, Pandora Radio, Saavn, SoundCloud, Spotify, Apple Music, Aspiro Group, Curb Records, Disney Music, Fox Music, Imagem Music, Wrensong Entertainment, Eventbrite, StubHub, Ticketmaster.