Global Digital Music Content Market was value US$ 11.7Bn in 2017 and is expected to reach US$ 23.1Bn by 2026 at a CAGR of 8.8%.Global Digital Music Content Market, by TypeThe digital music content market is progressively replacing digital music records and CDs with alternatives, for instance, portable storage devices such as multimedia players, iPods, and cloud storage services. People prefer to listen to music through cloud music, where they can download, store, stream, and share their content.
The key factors driving the growth of the global digital music content market have been studied and the size and valuation of the market in the upcoming years have been expected in the report. Cloud computing has become an essential component in the market as it offers legal access to online music, even from the remote servers. Services like iTunes match have gained huge popularity in the digital musical content market and have accelerated the frequency of music downloads.
Moreover, the market is also gaining tremendous support from the social networking sites such as Facebook and YouTube, which help artists to create content that their fans demand and aid in more active participation from the audience side. Such developments will positively impact the growth of the digital music content market during the forecast period.
The music streaming segment is projected to gain huge popularity in the digital music content market during the forecast period. Music streaming services enable users with uninterrupted, real-time access to music without downloading files. The users can legally benefit high-quality songs for free for a pre-defined period or by paying a minimal subscription fee. Much of the segment’s growth can be attributed to the emerging music cloud technologies, high-speed internet, and rapidly changing customer requirements, streaming sites.
The age group between 18-40 years accounted for more than 55% of the legal downloads and streaming in 2017. Much of this segment’s growth can be attributed to the growth of the music streaming services, for instance, Pandora and Spotify, which has shifted the focus towards music streaming or downloading.
Region-wise, The Europe region is estimated to fastest growing in the digital music content market globally. The European countries which include UK, Germany, and Sweden are the key revenue contributing countries considering the European region. The global market is still in its exploratory stage in most of the regions but it holds the promising potential to flourish steadily in upcoming years. The major companies investing in digital music content market are situated in Canada, the US, India, China and some more countries of Asia Pacific region.
Global digital music content market report includes PESTLE analysis, competitive landscape, and Porter’s five force model. Market attractive analysis wherein all the segments are benchmarked based on the market size, growth rate, and general attractiveness.
Key players operating in global digital music content market, Apple, Deezer, Google, iHeartMedia, Pandora, Spotify, CBS, Clear Channel Radio, Gaana.com, Grooveshark, Guvera, Hungama MyPlay, JB Hi-Fi Pty, Line, Mixcloud, News, RadioTime, Rara, Rhapsody, Saavn, SoundCloud.
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Scope of Global Digital Music Content Market
Global Digital Music Content Market, by Type
• Permanent downloads
• Music streaming
Global Digital Music Content Market, by Age group
• Below 18 years
• 18-40 years
• 41-60 years
• Above 60 years
Global Digital Music Content Market, by Region
• North America
• Europe
• Asia Pacific
• Middle East and Africa
• South America
Key players operating in Global Digital Music Content Market
• Apple
• Deezer
• Google
• iHeartMedia
• Pandora
• Spotify
• CBS
• Clear Channel Radio
• Gaana.com
• Grooveshark
• Guvera
• Hungama MyPlay
• JB Hi-Fi Pty
• Line
• Mixcloud
• News
• RadioTime
• Rara
• Rhapsody
• Saavn
• SoundCloud
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