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Global Music on Demand Market 2018-2022 | Growth in Mobile Advertisement Spending to Boost Demand | Technavio

November 13, 2018

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.

This report is available at a USD 1,000 discount for a limited time only:

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.

Looking for more information on this market?

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 Landscape

Market ecosystem Market characteristics Market segmentation analysis

Market Sizing

Market definition Market size and forecast

Five Forces Analysis

Market Segmentation

Geographical Segmentation

Regional comparison Key leading countries

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

Vendors covered Vendor classification Market positioning of vendors Competitive scenario

About Technavio

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View source version on businesswire.com:https://www.businesswire.com/news/home/20181113005575/en/

CONTACT: Technavio Research

Jesse Maida

Media & Marketing Executive

US: +1 844 364 1100

UK: +44 203 893 3200

www.technavio.com

KEYWORD:

INDUSTRY KEYWORD: ENTERTAINMENT MUSIC TECHNOLOGY SOFTWARE MOBILE/WIRELESS COMMUNICATIONS ADVERTISING ONLINE

SOURCE: Technavio Research

Copyright Business Wire 2018.

PUB: 11/13/2018 10:05 AM/DISC: 11/13/2018 10:05 AM

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