Global Music on Demand Market 2018-2022 | Growth in Mobile Advertisement Spending to Boost Demand | Technavio
LONDON--(BUSINESS WIRE)--Nov 13, 2018-- analysts forecast the global music on demand market to post a CAGR of over 12%, according to their latest market research report. However, the market is expected to decelerate on a year-on-year basis, during the forecast period.
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Technavio has published a new market research report on the global music on demand market from 2018-2022. (Graphic: Business Wire)
The increase in the adoption of cloud services is one of the major trends being witnessed in the . Cloud computing is a trend in the global music on demand market as it provides consumers with legal access to music online and is rapidly being adopted by music companies as it enhances portability. It also enables subscription users to access the digital content stored in remote servers. Various companies such as Apple, Google, and Amazon primarily focus on cloud services as a remote locker for downloaded tracks. Furthermore, cloud computing is rapidly being adopted by music companies because it provides users legal access to online music even from remote servers, irrespective of the type of device used. Therefore, various vendors in the market are exploring this field to integrate lyrics and sing-along features into the audio file. This provides market vendors with a unique selling proposition (USP), and enables them to differentiate themselves from other vendors, and is therefore, expected to drive market growth in the coming years.
According to Technavio analysts, one of the key factors contributing to the growth of the global music on demand market is the growth in mobile advertisement spending:
Global music on demand market: Growth in mobile advertisement spending
Mobile advertising is currently one of the most popular methods of advertising and is mainly driven by the increased penetration of tablets, smartphones, increasing Internet penetration, and the development of various mobile apps. In 2017, around 55% of the total global population had access to the Internet. Growing adoption of mobile devices and the subsequent increase in mobile application downloads have made most of the songs and albums available in-app for streaming and downloading. Furthermore, these apps also provide an easy payment option for the subscribers of premium services, which attracts more customers. Users are required to fill in their personal details, which helps vendors retain a larger customer base through targeted advertising. Thus, the growth in mobile advertising spending is driving the global music on demand market.
According to a senior analyst at Technavio for research on media and entertainment services, “A major driver for the global music on demand market is the surge in subscription services as many music streaming applications have started providing social media integration services that allow them to personalize preferences and content. Furthermore, online music streaming applications such as Spotify, SoundCloud, and WYNK MUSIC are linked to social media platforms such as Facebook, and users can share music and playlists with their friends.”
Global music on demand market: Segmentation analysis
The global music on demand market research report provides market segmentation by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The Americas held the largest share of the market in 2017, accounting for over 58% share, followed by the EMEA and APAC respectively. Although APAC held the smallest share of the market, it is expected to witness the maximum increase in its market share over the forecast period followed by EMEA region.
Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
Market LandscapeMarket ecosystem Market characteristics Market segmentation analysis
Market SizingMarket definition Market size and forecast
Five Forces Analysis
Geographical SegmentationRegional comparison Key leading countries
Vendor LandscapeVendors covered Vendor classification Market positioning of vendors Competitive scenario
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SOURCE: Technavio Research
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