IMARC Group has recently released a new research study titled, “Digital Music Content Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” offers a comprehensive analysis of the industry, which comprises insights on the digital music content market. The report also includes competitor and regional analysis, and contemporary advancements in the market.
Market Performance:
The global digital music content market reached a value of US$ 20.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach a value of US$ 34.8 Billion by 2028 exhibiting a CAGR of 9.5% during 2023-2028.
Year Considered to Estimate the Market:
Base Year of the Analysis: 2022
Historical Period: 2017-2022
Forecast Period: 2023-2028
Industry Definition and Application:
Digital music content refers to audio content that has been converted or recorded into digital format and is broadcasted via the internet to the end-user. Various encoding formats are used to store information, which are non-physical sources of audio. As digital music content is converted from analog data, it is supported by several hardware products for playback, such as TVs, smartphones, computers, and Bluetooth devices for streaming and playing back various sound files.
Easy accessibility to several websites, sharing, and wide availability of songs and music online are some of the essential benefits of digital music content. In addition, cloud music allows users to save, stream, download tunes, and share their content across social networking sites. This includes whether ad-supported or subscription-based, streaming services, and paid digital downloads of single tracks or albums/compilations.
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Digital Music Content Market Trends:
The shifting consumer preference toward subscription-based services across the globe, the increasing penetration of high-speed internet, and the rising usage of mobile applications are primarily driving the digital music content market. Moreover, the growing popularity of unlimited cloud space for digital music libraries with sharable content among the expanding millennial population is also catalyzing the global market.
Besides this, the escalating focus of the data and analytics industry on consumer behavior patterns to aid artists in changing their melody themes and other policies, owing to the emerging trend of digitization, is further augmenting the market growth. Apart from this, the high online distribution of music by artists and direct interaction via social media portals are acting as significant growth-inducing factors.
Additionally, the development of safe, secure, and legal music streaming infrastructure is also stimulating the market growth. Furthermore, the introduction of monetization strategies bolstering the demand for online streaming revenues is anticipated to propel the digital music content market over the forecasted period. nan.
| Digital Music Content Market Report Scope | |
| Report Coverage | Details |
| Market size value in 2022 | US$ 20.0 Billion |
| Market forecast in 2028 | US$ 34.8 Billion |
| Growth Rate | CAGR of 9.5% from 2023 to 2028 |
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Digital Music Content Market Analysis and Segmentation:
The report has segmented the market on the basis of type, age group, and application.
Type Insights
- Permanent Downloads
- Music Streaming
The report has provided a detailed breakup and analysis of the digital music content market based on the type. This includes permanent downloads and music streaming. According to the report, music streaming represented the largest segment.
Age Group Insights
- Below 18 Years
- 18-40 Years
- 41-60 Years
- Above 60 Years
The report has provided a detailed breakup and analysis of the digital music content market based on the age group. This includes below 18 years, 18-40 years, 41-60 years and above 60 years. According to the report, 18-40 years represented the largest segment.
Application Insights
- Commercial Use
- Household Use
A detailed breakup and analysis of the digital music content market based on the application has also been provided in the report. This includes commercial use and household use. According to the report, commercial use accounted for the largest market share.
Regional Insights:
- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
The report has also provided a comprehensive analysis of all the major regional markets that include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and Middle East and Africa. According to the report, North America was the largest market for digital music content. Some of the factors driving the North America digital music content market include the presence of several key players, rapid digitization, increasing use of cloud computing, etc.
Competitive Landscape With Key Players:
The competitive landscape of the digital music content market has been studied in the report with the detailed profiles of the key players operating in the market.
List of Major Key Players:
- SoundCloud
- JioSaavn
- Mixcloud
- Deezer
- JB Hi-Fi Limited
- Hungama Digital Media Entertainment Pvt. Ltd.
- iHeartMedia Inc.
- Gamma Gaana Ltd
- Spotify AB
- Apple Inc.
Kindly note that this only represents a partial list of companies. The complete list has been provided in the report.
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
Key Highlights of the Report:
- Porter’s Five Forces Analysis
- SWOT Analysis
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
Note: We are in the process of updating our reports. If you want to receive the latest research data covering the time period from 2023 to 2028, along with industry trends, market size, and competitive analysis, click on the request sample report. The team would be able to deliver the latest version of the report in a quick turnaround time.
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