The global music market is currently valued at more than USD 37 billion and is expected to surpass USD 54 billion by 2021, says Technavio.
Technavio has announced its latest market research report on the global music market, under the publishing and advertising portfolio. This market analysis discusses the major drivers and key emerging trends and offers an analysis of key vendors like BMG Rights Management, Kobalt Music Group, Sony/ATV Music Publishing, Universal Music Group, and Warner Music Group.
According to Ujjwal Doshi, a lead analyst for publishing and advertising research at Technavio, “The integration of music streaming applications with social media platforms, such as Facebook, has significantly fueled music subscriptions globally. The collaboration between Spotify and Facebook enables Spotify users to access playlists via Facebook and share them with their friends.”
Subscription services provide consumers with the benefit of choice. The freemium business model is aimed to migrate free users to premium paid services while ensuring their sustainability.
Growth in global mobile ad spending market
Nowadays, mobile apps have global positioning system integrated in them, which help vendors in segmenting the potential audience and target them with customized music playlists for marketing purposes. The increase in mobile advertising is expected to propel the growth of the digital music market and subsequently, the global music market.
Trending wearable technology
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.
This research report includes an in-depth analysis and market shares and sizes of the sub-segments and geography. An analysis of the key companies, including their market shares, business overview, key financials, etc. is provided in this study. This market study also provides a detailed analysis of key drivers, challenges, and opportunities influencing this market.
Other related reports:
- Global Musical Instruments Market 2016-2020
- Global Music Synthesizers Market 2016-2020
- Global Digital Music Content Market 2016-2020
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