Latest News- Music Market: Individual is expected to lead the End-user segment during 2025-2029

The Music Market is being driven by Increasing adoption of digital music

The Music Market is expected to grow at a CAGR of 18.1% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 184.69 billion. In the dynamic music market, numerous global and regional vendors are differentiating their offerings, leading to heightened competition. To gain a competitive edge, vendors are implementing innovative strategies, such as collaborating with technology providers and entering into strategic partnerships for business expansion. Mergers and acquisitions, as well as strategic alliances, have become commonplace in this intensely competitive landscape. These investments enable service providers to expand their reach and customer base, capture a significant share of the global online streaming services market, and establish a strong presence in new regions. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• End-user
  • Individual
  • Commercial
• Source
  • Recording
  • Live
  • Licensing
• Distribution Channel
  • Physical
  • DigitalLive Events
• Geography
  • North America
    • Canada
    • US
  • Europe
    • Germany
    • UK
    • France
    • Italy
  • APAC
    • China
    • Japan
    • South Korea
  • South America
    • Brazil
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increasing adoption of digital music
• Increasing preference for music streaming services
• Increased popularity of live events

However, the market also witnesses some limitations, which are as follows:

• Illegal downloads and piracy
• Decline in physical sales of music
• Increasing threat from hacking

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Market Scope in Music Market Research Report

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Research Analysis Overview

The Music Market is experiencing a significant shift with the rise of digital platforms like Youtube Music, Apple Music, Tencent Music, Wynk Music, and others. Bollywood and artists from the Music Industry, including DIVINE and Naezy, are capitalizing on this trend. Nielsen reports a surge in music streaming services, websites, podcasts, and playlist customization. Intelligent devices and digital platforms are driving the internationalization of the music community. The app store, desktop applications, mobile apps, social networking, games industry, in-app purchases, and downloads are key components of the digital economy. A modeling approach and bottom-up approach are being used to understand this evolving landscape.

Market Research Overview

The global entertainment market encompasses businesses involved in advertising, broadcasting, cable and satellite, publishing, movies and entertainment, interactive home entertainment, and interactive media and services. This sector includes companies engaged in the production, distribution, and screening of films and television shows, as well as those producing and selling music and operating entertainment theaters and sports teams. Notably, the market now extends to firms offering online entertainment content. According to Technavio, the market size is determined by the consolidated revenue of these entities providing media, entertainment, and interactive media and services. Key players in the music industry, such as YouTube Music, Apple Music, Tencent Music, Wynk Music, and artists like DIVINE and Naezy, contribute significantly to this sector. Bollywood and the recording industry are substantial components of the movies and entertainment segment. Nielsen, a leading global provider of information and analytics, plays a crucial role in measuring audience engagement and advertising effectiveness within this market.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

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/