The global digital music content market size reached US$ 21.9 Billion in 2023. Looking forward, the market is projected to reach US$ 45.8 Billion by 2032, exhibiting a growth rate (CAGR) of 8.54% during 2023-2032. The shifting consumer preference toward subscription-based services, the rising usage of mobile applications, and the increasing penetration of high-speed internet represent some of the key factors driving the market.
Digital music content refers to audio content that has been recorded or converted into digital format and is distributed via the internet to the end-user. There are various encoding formats used to store audio information in digital audio files, which are non-physical sources of the audio. As digital data is converted from analog data, it is supported by various hardware products for playback, such as computers, TVs, smartphones, and Bluetooth devices, for streaming and playing back different sound files.
Easy accessibility to various websites, sharing, and easy availability of songs and music online are some of the key benefits of digital music content. Cloud music allows users to stream, save, and download music, as well as share their content across social networking sites. This includes streaming services, whether ad-supported or subscription-based, and paid digital downloads of single tracks or albums/compilations.
Moreover, a considerable rise in advertising expenditure for mobile-based music applications is also providing an impetus to the market. However, the growing concerns regarding user data security and privacy are impeding the market growth. On the contrary, continual technological advancements for the development of safe, secure and legal music streaming infrastructure are creating a positive market outlook. The increasing popularity of unlimited cloud space for digital music library with sharable content among the expanding millennial population is also impacting the market positively.
Furthermore, the introduction of numerous monetization strategies resulting in a significant rise in digital streaming revenues is propelling the market. Some of the other factors contributing to the market include the augmenting demand for high-quality music, the increasing trend of cloud computing, rapid urbanization, inflating disposable income levels, and extensive research and development (R&D) activities.
Digital music content refers to audio content that has been recorded or converted into digital format and is distributed via the internet to the end-user. There are various encoding formats used to store audio information in digital audio files, which are non-physical sources of the audio. As digital data is converted from analog data, it is supported by various hardware products for playback, such as computers, TVs, smartphones, and Bluetooth devices, for streaming and playing back different sound files.
Easy accessibility to various websites, sharing, and easy availability of songs and music online are some of the key benefits of digital music content. Cloud music allows users to stream, save, and download music, as well as share their content across social networking sites. This includes streaming services, whether ad-supported or subscription-based, and paid digital downloads of single tracks or albums/compilations.
Digital Music Content Market Trends
The market is primarily driven by the shifting consumer preference toward subscription-based services across the globe. This can be attributed to the increasing penetration of high-speed internet and the rising usage of mobile applications. With rapid digitization, the data and analytics industry are more focused on consumer behavior pattern to help the music industry and artists change their music themes and other policies accordingly. In line with this, the rising trend of online distribution of music by artists and direct artist interaction via social media portals are acting as significant growth-inducing factors for the market.Moreover, a considerable rise in advertising expenditure for mobile-based music applications is also providing an impetus to the market. However, the growing concerns regarding user data security and privacy are impeding the market growth. On the contrary, continual technological advancements for the development of safe, secure and legal music streaming infrastructure are creating a positive market outlook. The increasing popularity of unlimited cloud space for digital music library with sharable content among the expanding millennial population is also impacting the market positively.
Furthermore, the introduction of numerous monetization strategies resulting in a significant rise in digital streaming revenues is propelling the market. Some of the other factors contributing to the market include the augmenting demand for high-quality music, the increasing trend of cloud computing, rapid urbanization, inflating disposable income levels, and extensive research and development (R&D) activities.
Key Market Segmentation
This report provides an analysis of the key trends in each segment of the global digital music content market report, along with forecasts at the global, regional and country level from 2024-2032. The report has categorized the market based on type, age group, and application.Type Insights
- Permanent Downloads
- Music Streaming
Age Group Insights
- Below 18 Years
- 18-40 Years
- 41-60 Years
- Above 60 Years
Application Insights
- Commercial Use
- Household Use
Regional Insights:
- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
Competitive Landscape
The report has also provided a comprehensive analysis of the competitive landscape in the global digital music content market. Detailed profiles of all major companies have also been provided. Some of the companies covered include Apple Inc., Deezer, Gamma Gaana Ltd, Hungama Digital Media Entertainment Pvt. Ltd., iHeartMedia Inc., JB Hi-Fi Limited, JioSaavn, Mixcloud, SoundCloud, Spotify AB, etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.Key Questions Answered in This Report
- How has the global digital music content market performed so far and how will it perform in the coming years?
- What are the drivers, restraints, and opportunities in the global digital music content market?
- What are the key regional markets?
- Which countries represent the most attractive digital music content markets?
- What is the breakup of the market based on the type?
- What is the breakup of the market based on the age group?
- What is the breakup of the market based on application?
- What is the competitive structure of the global digital music content market?
- Who are the key players/companies in the global digital music content market?
Table of Contents
1 Preface3 Executive Summary11 Value Chain Analysis13 Price Analysis
2 Scope and Methodology
4 Introduction
5 Global Digital Music Content Market
6 Market Breakup by Type
7 Market Breakup by Age Group
8 Market Breakup by Application
9 Market Breakup by Region
10 Drivers, Restraints, and Opportunities
12 Porters Five Forces Analysis
14 Competitive Landscape
List of Figures
List of Tables
Companies Mentioned
- Apple Inc.
- Deezer
- Gamma Gaana Ltd
- Hungama Digital Media Entertainment Pvt. Ltd.
- iHeartMedia Inc.
- JB Hi-Fi Limited
- JioSaavn
- Mixcloud
- SoundCloud
- Spotify AB
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 137 |
| Published | April 2024 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value ( USD | $ 21.9 Billion |
| Forecasted Market Value ( USD | $ 45.8 Billion |
| Compound Annual Growth Rate | 8.5% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
