Published Date : Oct 17, 2016
Albany, NY, Oct 17, 2016: As regulators’ grip around piracy in the music industry grows tighter, the digital music content industry is expected to gain substantially. According to a new report, the global market for digital music content will exhibit a strong CAGR of 8.73% from 2016 through 2020. The report is titled, “Global Digital Music Content Market 2016-2020.” In order to arrive at the size of the global digital music content market, the report takes into consideration revenue generated via such services across major regional markets.
In recent years, companies such as Apple, Spotify, Google, Deezer, Pandora Media, and iHeartMedia have created a stir in the otherwise quiet digital music space. The first movers in this space have promoted many smaller companies to follow suit, creating a market that is now buzzing with activity. The growth story of the global digital music content market has only just begun. With other players such as Gaana, Napster, CBS, SoundCloud, and Saavn closing in on the leaders, existing consumers will be spoilt for choice.
Despite this, revenue erosion is not the largest concern for companies yet considering that the consumer base for digital music content is only expanding year on year. The report predicts that as more consumers come into the folds of the global digital music content market, overall market revenues are expected to grow substantially.
As more consumers replace digital music devices in favor of cloud-based music services, digital music content companies can monetize this trend. However, one current challenge that companies do need to address is the prevalent safe harbor rules that dampen the negotiating power of digital music content providers with rights holders. This is leading to a value gap that’s eating into the overall revenues of the global digital music content market.
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The report segments the global market into smaller regional sections for a closer reports. Segmented thus, the market has been split into the following geographical segments: EMEA, the Americas, and Asia Pacific. Countries such as the United States and the U.K have a well-organized and well-developed digital music content market where as the market is still in its early stages of growth in other large countries such as China and India. In emerging markets, competitors are forced to keep subscription fees low so as to look appealing to subscribers. To this end, many companies are also innovatively using social media to spread their reach out across to a wider number of potential subscribers.
The report studies the impact of these trends, drivers, and challenges in detail. It also conducts a five forces reports to study the bargaining power of buyers, sellers, the degree of prevailing competition, and the threat from substitute or alternative services or products.
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