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According to the latest report by IMARC Group, titled “ Digital Music Content Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028
” the global digital music content market reached a strong growth in 2022.
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.
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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.
Looking forward, the market value is projected to reach a strong growth during the forecast period (2023-2028).
Market Summary:
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
Note: We are updating our reports, If you want latest primary and secondary data (2023-2028) with Cost Module, Business Strategy, Distribution Channel, etc. Click request free sample report.
Competitive Landscape with Key Players:
Deezer
Gamma Gaana Ltd
Hungama Digital Media Entertainment Pvt. Ltd.
iHeartMedia Inc.
JB Hi-Fi Limited
JioSaavn
Mixcloud
SoundCloud
Spotify AB,Kindly note that this only represents a partial list of companies
• the complete list has been provided in the report
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https://www.imarcgroup.com/digital-music-content-market
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