Music And Video Market Size to grow by USD 875 billion between 2024-2028
According to a research report “ Music And Video Market” by Platform (Digital, Physical) Type (Video, Music) Geography (North America, Europe, APAC, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 875 billion, at a CAGR of 29.09% during the forecast period. The proliferation of advanced smartphones and the expansion of global Internet connectivity have led to a surge in online streaming of music and videos. Approximately 400 million new users have joined the digital world in the last year, and with the convenience of high-speed mobile internet, they are increasingly turning to on-demand streaming services. This trend is driving the growth of the music and video market, with many content providers capitalizing on the opportunity by offering their services through Over-The-Top (OTT) platforms. The ease of access to high-quality content on mobile devices is revolutionizing the way consumers engage with media..
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By Platform, the Digital segment is projected to dominate the market size in 2024
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By Type, Video segment is expected to hold the largest market size for the year 2024
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North America is forecasted to hold the largest market size by region in 2024
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The Music And Video Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
In the modern world of media and entertainment, the music and video market has seen a significant shift with the rise of digital platforms and IT giants. Filmmaking has evolved, with music videos becoming an essential promotional tool for artists in the music industry. Modern music videos are no longer just visual accompaniments to songs; they are short films that engage audiences through storytelling and creativity. The fitness industry and podcast industry have also jumped on the bandwagon, using video content to reach their audiences. Artificial intelligence and blockchain technology are being integrated into music and video platforms, offering song recommendations and playlist customization based on user preferences. IT giants like Google, Amazon, and Apple are leading the charge in this space, with their online platforms offering music recordings, visual images, podcasts, and live events. Smart devices like smartphones and smart TVs have made it easier for consumers to access this content anytime, anywhere. Microphones and audio equipment are still essential tools for music recordings, but the focus has shifted towards creating high-quality visuals. The advertising industry has also embraced video content, with promotional videos becoming a popular marketing strategy. The future of the music and video market looks exciting, with endless possibilities for creativity and innovation.
Market Research Overview
The music and video market is a dynamic and technologically advanced system that caters to both individual and commercial segments. With the advent of browsers, apps, and live streaming, consumers can now access digital media devices to enjoy on-demand music and video content from anywhere, at any time. The subscription model dominates the market, with OTT platforms offering a wide range of services from live streaming to video advertising. Commercial entities such as pubs, restaurants, cafes, gyms, and public spaces use these services for background music and video advertising strategies. The individual segment also thrives, with home working and fitness enthusiasts utilizing streaming platforms for multitasking. The advent of faster internet connections, IPTV services, and pirate subscription services have brought about challenges such as piracy issues and the need for lossless music streaming and high definition audio. Technologically advanced systems like virtual reality, hologram concerts, and augmented reality offer immersive experiences, while artificial intelligence and blockchain technology provide song recommendations and playlist customization. The music industry and advertising industry have embraced digital platforms, with Megaphone, microphones, and audio commerce becoming essential tools. The rise of podcasts, thematic approaches, and contemporary video-making techniques have expanded the scope of the market. Food, toys, and tie-in marketing campaigns have also found a place in this ever-evolving landscape. From music albums and concept videos to narrative videos and performance videos, the market continues to evolve, offering endless possibilities for creators and consumers alike. Common formats like Windows Media Video and Audio Video Interleave coexist with flash storage, solid state storage, and SD cards, making it easier for users to access and store their favorite music and video content. The future of the music and video market lies in the integration of 5G connection, Internet service providers, and the latest digital media technologies.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
