Technavio Announces the Publication of its Research Report Global Digital Music Content Market 2016-2020
Technavio recognizes the following companies as the key players in the global digital music content market: Apple, Deezer, Google, iHeartMedia, Pandora Media, and Spotify.
Other Prominent Vendors in the market are: CBS, Gaana, Guvera, Hungama MyPlay, Line Music, Mixcloud, Napster, RadioTime, Saavn, and SoundCloud.
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Commenting on the report, an analyst from Technavios team said: Wearable technology is an emerging trend in the global music streaming market. Smartphone manufacturers are investing heavily in wearable devices to give the users an overall experience. For instance, the Apple Watch, along with displaying time, helps users track health, access maps, Wi-Fi, Bluetooth, music, and sync with their iPhone. Another example is Rusty’s wired series, which is a hoody with earphones that double as the elastic strings of the hood. It reduces the hassle of wearing headphones while listening to music.
According to the report, music artists have become a vital part of the social networking websites. Recording companies facilitate this by helping artists create the content to increase their fan base. In April 2016, seven of the top 10 most followed people on Twitter, seven of the top 20 most liked people on Facebook, and five of the top 10 most followed people on Instagram were music artists. The industry is also helping in driving the revenue generated by these social networking sites. For example, Twitters market capitalization in February 2016 hit $12.3 billion while Instagram, owned by Facebook, generated revenues of $35 billion. The music market is one of the major drivers for the growing popularity of YouTube.
Further, the report states that piracy is one of the major challenges faced by the digital music content market. Pirated versions of almost every soundtrack released in the market is available on the internet or through pirated DVDs. Consumers get access to these pirated copies either through various websites for free or purchase of a pirated DVD at nominal price. Piracy drastically affects the revenue of music companies and reduces the profit margin for distributors. It also hampers the market value of the artists associated with the music content since their bona fide content is available free of cost to a wide variety of consumers.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.
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Music by service can be broadly classified into two categories:
In this kind of music, the user has access to soundtracks with the help of digital music content websites, generally on a monthly subscription and free-to-access mode. However, the user cannot store it either in physical or in digital form. Spotify is an example of such service.
Technavios analysts forecast the global digital music content market to grow at a CAGR of 8.73% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global digital music content market for 2016-2020. To calculate the market size, the report considers the revenue generated from the digital music content market by different regions.
The market is divided into the following segments based on geography:
Technavio’s report, Global Digital Music Content Market 2016-2020, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
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