ALBANY, NY, Feb 27, 2017: A new research study has recently been added by MarketResearchReports.biz to its vast collection of market research reports. The 67-page research study, titled “Global Music Market 2017-2021,” provides a detailed analysis, focusing on the key aspects that are predicted to influence the growth of the market in the near future. The growth factors, current trends, and limitations in the global music market have been highlighted in the scope of the report. In addition, the technological developments, key segmentation, and the competitive scenario of the market have been discussed in the scope of the study.
According to the research study, the global music market is expected to exhibit a progressive 9.0% CAGR between 2017 and 2021. The rising popularity of digital music is considered as one of the major factors anticipated to encourage the growth of the global music market in the coming years. In addition, the rising adoption of the mobile devices such as tablets and smartphone and a substantial growth in the mobile ad spending market are estimated to bolster global music market throughout the forecast period.
On the basis of revenue source, the global music market has been categorized into physical music copies, digital music, concert ticket, and music publishing. In 2016, the concert ticket segment led the global music market and is expected to retain its leading position in the next few years. The growing popularity and the rising number of live performances and musical bands are some of the key factors that are estimated to encourage the growth of this segment in the near future. In addition, a significant rise in the inclination of individuals for attending live concerts is likely to contribute towards the development of the concert ticket segment in the coming years.
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From a geographical standpoint, the Americas are anticipated to witness a strong growth throughout the forecast period in terms of revenue. The robust growth of this region can be attributed to the presence of a large number of artists, publishing houses, digital music service providers, and bands. As per the research study, the North America music market has reached its maturity, owing to which the key players are expected to target the untapped market in the South America. As a result, Brazil and Mexico are estimated to witness significant growth in the next few years.
The global music market is extremely competitive in nature with a presence of a large number of players operating in it. The prominent players in the market are making remarkable efforts to expand their product portfolio with the help of technological advancements and create a brand name across the globe. Some of the key aspects on which these players are competing against each other are the number of albums, artists, streaming music library, and pricing. The key players mentioned in the global music market include Warner Music Group, BMG Rights Management, Universal Music Group, Kobalt Music Group, and Sony/ATV Music Publishing.
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