Global Digital Music Content Market segmented by type (permanent downloads and music streaming), by age group (Below 18 years, 18-40 years, 41-60 years and Above 60 years), and by region (North America, Europe, Asia Pacific, Middle East & Africa, and South America) is expected to reach US$ 23.1Bn by 2026, at a CAGR of 8.8% during a forecast period.
Cloud computing has become an essential component in the market as it offers legal access to online music, even from the remote servers. Services like iTunes match have gained huge popularity in the digital musical content market and have accelerated the frequency of music downloads.
Music streaming segment is leading the global digital music content market.
Music streaming services enable users with uninterrupted, real-time access to music without downloading files. The users can legally benefit high-quality songs for free for a pre-defined period or by paying a minimal subscription fee.
Between 18-40 years age segment is dominating the global digital music content market.
Much of this segment’s growth can be attributed to the growth of the music streaming services, for instance, Pandora and Spotify, which has shifted the focus towards music streaming or downloading.
Europe has the largest market share for global digital music content market during the forecast period.
The European countries which include UK, Germany, and Sweden are the key revenue contributing countries considering the European region. The global market is still in its exploratory stage in most of the regions but it holds the promising potential to flourish steadily in upcoming years.
Key players operating in global digital music content market, Apple, Deezer, Google, iHeartMedia, Pandora, Spotify, CBS, Clear Channel Radio, Gaana.com, Grooveshark, Guvera, Hungama MyPlay, JB Hi-Fi Pty, Line, Mixcloud, News, RadioTime, Rara, Rhapsody, Saavn, SoundCloud.
Maximize market research, a global market research firm with a dedicated team of specialists and data has carried out extensive research about the global digital music content market. The report encompasses the market by different segments and region, providing an in-depth analysis of the overall industry ecosystem, useful for making an informed strategic decision by the key stakeholders in the industry. Importantly, the report delivers forecasts and share of the market, further giving an insight into the market dynamics, and future opportunities that might exist in the global digital music content market. The driving forces, as well as considerable restraints, have been explained in depth. in addition to this, competitive landscape describing the strategic growth of the competitors have been taken into consideration for enhancing market know-how of our clients and at the same time explain global digital music content market positioning of competitors.
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