The global digital music content market size reached US$ 20.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 34.8 Billion by 2028, exhibiting a growth rate (CAGR) of 9.5% during 2023-2028. 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.
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:
IMARC Group provides an analysis of the key trends in each segment of the global digital music content market, along with forecasts at the global, regional, and country level from 2023-2028. Our report has categorized the market based on type, age group, and application.
- Permanent Downloads
- Music Streaming
The report has provided a detailed breakup and analysis of the digital music content market based on the type. This includes permanent downloads and music streaming. According to the report, music streaming represented the largest segment.
Age Group Insights
- Below 18 Years
- 18-40 Years
- 41-60 Years
- Above 60 Years
The report has provided a detailed breakup and analysis of the digital music content market based on the age group. This includes below 18 years, 18-40 years, 41-60 years and above 60 years. According to the report, 18-40 years represented the largest segment.
- Commercial Use
- Household Use
A detailed breakup and analysis of the digital music content market based on the application has also been provided in the report. This includes commercial use and household use. According to the report, commercial use accounted for the largest market share.
- North America
- South Korea
- United Kingdom
- Latin America
- Middle East and Africa
The report has also provided a comprehensive analysis of all the major regional markets that include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and Middle East and Africa. According to the report, North America was the largest market for digital music content. Some of the factors driving the North America digital music content market include the presence of several key players, rapid digitization, increasing use of cloud computing, etc.
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.
|Base Year of the Analysis
||Permanent Downloads, Music Streaming
|Age Group Covered
||Below 18 Years, 18-40 Years, 41-60 Years, Above 60 Years
||Commercial Use, Household Use
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||Apple Inc., Deezer, Gamma Gaana Ltd, Hungama Digital Media Entertainment Pvt. Ltd., iHeartMedia Inc., JB Hi-Fi Limited, JioSaavn, Mixcloud, SoundCloud, Spotify AB, etc.
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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?
Key Benefits for Stakeholders:
- IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the digital music content market from 2017-2028.
- The research study provides the latest information on the market drivers, challenges, and opportunities in the global digital music content market.
- The study maps the leading as well as the fastest growing regional markets. It further enables stakeholders to identify the key country-level markets within each region.
- Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the digital music content industry and its attractiveness.
- Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.