The report entitled “Global Digital Music Market withFocus on Live Streaming: Size, Trends and Forecasts (2016-2020)” analyzes the
global digital music market with detailed analysis of market sizing and growth.
It analyzes market by value and market share by sources with focus on streaming
music.
Executive Summary
Music market has two major segments: Physical and digital. Physical music market comprises of music in the form of CD or vinyl whereas digital music market composed of audio content that is distributed to the music lovers through internet. Digital sector includes downloads as well as on demand digital streaming. Digital streaming is either subscription based or ad-supported which is free of charge. In ad-supported music, advertiser is liable to pay for the music streaming on behalf of customers. Current music marketplace offers a wide variety of digital options like download, streaming, cloud, music videos and ringtones.
The global digital music market is growing tremendously with astonishing growth rates over the past few years and is anticipated to grow further over the forecasted period (2016-2020). Major factors contributing in the growth of the market are rising smartphone penetration globally specially in developing economies, availability of cheap internet services, expansion of streaming format, technological advancements, change in consumer behavior and consumer desire to access latest music etc.
In the forecasted period, market will be pushed by increasing number of on- demand consumers, collaboration between music providers with social media platform, rising number of catalog software and blending of streaming music with wearable technology. In spite of high growth, market is still facing certain challenges that are hampering the growth of the market. Challenges encountered by the market are lack of unique services, rampant piracy, legal complexity and intense competition.
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