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The music and video market size is estimated to grow at a CAGR of 19.7% between 2022 and 2027. The market size is forecast to increase by USD 413.28 billion. The growth of the market depends on several factors, including rising Internet and smartphone penetration, rising popularity of online video streaming services, and launch of new content on online streaming apps.
This music and video market report extensively covers market segmentation by platform (digital and physical), type (video and music), and geography (North America, Europe, APAC, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Rising Internet and smartphone penetration is the key factor driving the growth of the global music and video 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 music and video market during the forecast period.
Integration of advanced technologies with online streaming services is the primary trend in the global music and video 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 music and video 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.
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 music and video 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. It 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.
Global Music and Video 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.com 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 86.66 billion in 2017. 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 music and video market. The region is home to several production companies producing world-famous web series, 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 music and video 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 music and video market in North America during the forecast period.
In 20200, the COVID-19 pandemic positively affects and makes steady growth in the music and video market in North America. Due to the pandemic situation and the lockdown implementation, many people have been stuck at their homes. To capitalize on this opportunity, several production companies have released his web series and movies on his OTT platform. This raised the customer base, which in turn led to the growth of the North American music and video market. moreover, in 2021, the initiation of large-scale vaccination drives?lifted the lockdown restrictions. Therefore, the activities of media and entertainment will continue to support the growth of the regional music and video market during the forecast period.
The music and video market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Music And Video Market Scope |
|
Report Coverage |
Details |
Page number |
163 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 19.7% |
Market growth 2023-2027 |
USD 413.28 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
19.39 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 32% |
Key countries |
US, China, Japan, UK, 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 inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the 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. |
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