Global Music Market Predicted to Surge, Driven by Digital Music and Streaming Services

Dublin, Jan. 24, 2024 (GLOBE NEWSWIRE) -- The "Global Music Market 2024-2028" report has been added to's offering.

The latest industry analysis has highlighted a significant growth within the global music market. Projected to expand by USD 70,023.6 million from 2023 to 2028, the sector is expected to advance at an impressive CAGR of 12.57%.

This expansion is primarily driven by the ever-increasing adoption of digital music, a growing preference for music streaming services, and the elevated popularity of live music events.

Market Segmentation Insights

The comprehensive report segments the music market into specific categories to provide a detailed overview of the industry landscape. End-users are categorized into individual and commercial segments, with both showing robust activity.

By source, the market is divided into recordings, live performances, and others, each contributing to the market dynamics in unique ways.

Geographical Overview An extensive geographic analysis reveals North America, Europe, Asia-Pacific (APAC), South America, and the Middle East and Africa as key regions. Each area displays diverse growth potential and market trends, reflecting the global nature of the music industry.

Trends and Opportunities

  • The study identifies an increase in strategic mergers and acquisitions (M&A) within the music industry.
  • New entrants are carving their niche, intensifying market competition.
  • The rise of wearables equipped with music streaming capabilities is emerging as a new growth avenue.
  • A surge in internet and smartphone penetration is expected to bolster market demand considerably.

Vendor Analysis and Competitive Landscape

A precise vendor analysis spotlights several leading market participants, ranging from established giants to innovative players, all contributing to the industry's competitive dynamics.

The report meticulously analyzes the strategies and performances of key vendors, which include industry powerhouses and prominent recording companies. The research delivers an in-depth understanding of market influencers through a mix of primary and secondary research, involving key industry players. The methods employed ensure a reliable and comprehensive representation of the music market's current state and potential growth trajectories.

Market Projections and Strategic Insights

In an ever-evolving industry, the music market report serves as an essential tool for companies looking to improve their market standing. It highlights upcoming trends and challenges that are expected to shape future market growth, enabling firms to strategically position themselves to capitalize on forthcoming opportunities.

Expertly Synthesized Market Forecast

Through thorough market studies and data synthesis, the report presents an authoritative forecast of the music market's growth. It encompasses a blend of profit analysis, pricing trends, competition insights, and promotional strategies to offer a multifaceted view of the market. In conclusion, the global music industry is on the cusp of a transformative phase with ample growth prospects across various segments and regions. Stakeholders and interested parties can anticipate a wealth of opportunities in the years to come, based on the data and insights provided by this thorough market analysis.

A selection of companies mentioned in this report includes

  • Alphabet Inc.
  • Inc.
  • Apple Inc.
  • Aspiro AB
  • Bertelsmann SE and Co. KGaA
  • Curb Records Inc.
  • Deezer SA
  • Kobalt Music Group Ltd.
  • Pioneer Music Co.
  • Sirius XM Holdings Inc.
  • Sony Group Corp.
  • Spotify Technology SA
  • Tencent Music Entertainment Group
  • THEME MUSIC Co. Pvt. Ltd.
  • Universal Music Group NV
  • Vivendi SE
  • Warner Music Group Corp
  • Yamaha Corp.
  • Zee Entertainment Enterprises Ltd.

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