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The music and video market size to increase by USD 875 billion, at a CAGR of 29.09% between 2023 and 2028. The increasing penetration of the Internet and smartphones, alongside the burgeoning popularity of online video streaming services, is reshaping the digital entertainment landscape. As more individuals gain access to high-speed Internet and mobile devices, the consumption of online video content continues to soar. This trend is further fueled by the continuous launch of new and diverse content on streaming platforms, catering to a wide range of interests and preferences. From original series and movies to live events and user-generated content, the abundance of offerings on streaming apps provides consumers with unparalleled choice and convenience. Consequently, the convergence of rising Internet and smartphone penetrations, coupled with the expanding array of content on online streaming services, underscores the enduring appeal and transformative impact of digital entertainment in today's interconnected world.
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The market is undergoing a transformative evolution with the proliferation of digital platforms and smart devices. Music streaming services and websites are at the forefront, offering access to music videos, podcasts, and audio files. Personalized song recommendations and automatic playlist customization are enhancing user experiences, fueled by advancements like 5G connectivity and machine learning (ML). In the on-demand streaming segment, platforms like Instagram, YouTube Live, Twitter, and Facebook Periscope are revolutionizing content delivery. Over-the-Top (OTT) platforms cater to individual and commercial segments, Commercial Advertisement including restaurants, cafeterias, salons, and gyms, leveraging data and analytics tools for platform insights.
In the dynamic and evolving world of media, the music and video market continues to expand, encompassing various platforms and industries. Short films, for instance, have gained significant traction, with video streaming service providers showcasing them alongside feature-length films. The use of high-quality microphones and megaphones in film production ensures optimal audio output, enhancing the overall viewing experience. Traditional broadcast media outlets still hold a substantial presence in the market, but the podcast industry has emerged as a formidable competitor. Fitness-related podcasts, in particular, have garnered a massive following, catering to individuals seeking motivation and guidance for their work schedules. Moreover, the integration of G and G connectivity in media production and distribution has revolutionized the way content is accessed and shared. This technological advancement has enabled seamless music and video streaming, bridging geographical gaps and providing unparalleled convenience to consumers. In conclusion, the music and video market is a vibrant and diverse landscape, characterized by continuous innovation and adaptation to consumer demands. Short films, podcasts, traditional broadcast media, and video streaming services all coexist and contribute to the ever-evolving media ecosystem.
Rising Internet and smartphone penetration is the key factor driving the growth of the global market. With the advent of high-end smartphones and easy access to the Internet, users have opted for online streaming services. The raised number of smartphones has made it easier for users to access video and music content on the go. As the number of mobile internet subscribers continues to grow, many online streaming service providers are considering his OTT platform to offer online streaming services. Large screens and high-definition mobile devices provide users with a superior viewing experience.
Moreover, the rising penetration of low-cost 4G and 5G technologies has improved access to the Internet. This will eventually lead the vendors to launch an online streaming service specifically for mobile devices. Hence, the growing penetration of smartphones and easy access to the Internet is boosting the growth of the global market during the forecast period.
Integration of advanced technologies with online streaming services is the primary trend in the global market. Emerging technologies such as artificial intelligence (AI), deep learning, natural language processing, and blockchain technology are expected to become market-changing technologies for improving video quality and streaming and should provide growth opportunities for providers of online music and video streaming services.
Moreover, AI technology can now recognize spot patterns in videos that have offensive content and take action without human intervention. In addition, artists can use blockchain-based smart contracts to enforce license terms and track all related activities such as content usage, ownership transfer, and quick royalty payments. The application of this technology in the market is still in the primary stage and is expected to fuel the growth of the market during the forecast period.
The increasing threat from hacking affects the growth of the global market. Cybercrime, with the number of hackers and cybercriminals rising rapidly in recent years, poses a major threat to global music and video providers. In addition, attacks on the reputation and credibility of a service provider can significantly damage it. The number of cyberattacks, such as data attacks or network attacks by hackers is growing across the globe. For example, in 2020, over 1.1 million cyberattacks were reported across India.
Further, although service providers offer online streaming services with increased security while reducing process steps and data storage, but hackers and cybercriminals find their way through systems to hack and steal data. Such activities will hamper the growth of the global market during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. The market forecast focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Amazon Inc.: The company offers music and video such as Amazon Prime Music.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The digital segment is estimated to witness significant growth during the forecast period. The digital segment of the market includes revenue generated from the audio and video downloading content and music streaming available on OTT platforms and online sites. The rising penetration of smartphones and enhanced internet connectivity are the factors for the growth of the digital segment.
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The digital segment was the largest segment and was valued at USD 106.20 billion in 2018. Acceptance of OTT platforms for music streaming is also increasing worldwide. With millions of songs available in different languages ??and arranged in different playlists according to mood, occasion, and year of release, consumers can easily access a wide variety of music content. This attracts new subscribers to online music streaming platforms such as Spotify, Apple Music, and Gamma Gaana Ltd. The increasing number of subscribers to such online platforms is driving the growth of the digital segment during the forecast period.
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North America is estimated to contribute 32% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Demand for OTT services for video streaming is the main driver of the growth of the North American market. The region is home to several production companies producing world-famous web browsers, movies, and animated series that can be accessed through video streaming apps. North America has also seen a significant increase in demand for online music streaming.
Furthermore, the prevalence of smartphones and improved internet connectivity across North America have increased the demand for online music and video streaming services. Considering to the growing opportunities in the North American market, several new players are entering the market to expand their customer base. Thus, such factors are expected to drive the number of paid subscribers for OTT services, which will boost the market in North America during the forecast period.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
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The market is dynamic, encompassing global music video production and video content creation. Music video production companies play a pivotal role in the music and advertising industries, employing various techniques from pre-production to post-production. Tie-in marketing campaigns and merchandising complement music videos, spanning animation, live action, documentary, and thematic approaches. The market landscape depends on the market encompasses various segments, including the live streaming segment, video segment, individual segment, and commercial segment, all supported by cloud-based infrastructure. Concert performances are captured and distributed across electronic media, utilizing SD card and solid-state storage technologies. Forward-looking analysis, business plans, and presentations drive innovation and growth, particularly in developing countries. As the music video station expands into online video and video advertising strategies, addressing piracy and privacy issues while enhancing visual graphics and narrative storytelling remain paramount for the industry's future.
In the dynamic and innovative realm of modern media, the Music and Video Market has emerged as a significant player, bridging the gaps between the music industry and the advertising industry. This marketplace thrives on the creation and distribution of various multimedia content, including promotional videos, short films, and music recordings. Filmmaking techniques have evolved, with contemporary videomaking employing nonnarrative approaches and abstract film. Visual images and film stock are meticulously curated to complement the interpretation of songs' lyrics and thematic approaches. The filmed version of music performances, be it live concert recordings or studio sessions, is a popular trend. Solid state storage and flash storage have revolutionized the way these multimedia assets are produced, processed, and distributed. Toys and food industries have also embraced this medium, using music and video content for advertising and branding purposes. The Music and Video Market is a vibrant and ever-evolving industry, where music, visuals, and storytelling converge to captivate audiences.
Market Scope |
|
Report Coverage |
Details |
Page number |
172 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 29.09% |
Market growth 2024-2028 |
USD 875 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
21.65 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
APAC at 32% |
Key countries |
US, China, UK, Japan, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Alphabet Inc., Amazon.com Inc., Apple Inc., Bharti Airtel Ltd., Block Inc., ByteDance Ltd., Deezer SA, Gamma Gaana Ltd., iHeartMedia Inc., Microsoft Corp., Netflix Inc., Reliance Industries Ltd., Sirius XM Holdings Inc., Sony Group Corp., SoundCloud Global Ltd. and Co. KG, Spotify Technology SA, Tencent Music Entertainment Group, The Walt Disney Co., Viacom18 Media Pvt. Ltd., and Vimeo.com Inc. |
Market dynamics |
Parent market analysis, market growth analysis, Market forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Platform
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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