According to Brandessence’s latest report released last month, the entertainment or rather specifically the music industry has developed significantly over the years. Embracing a more digital world than ever, key players in the music recording and publishing world including Universal Music, Song BMG, EMI, Warner Music, ABC Paramount, Virgin Records and independent labels are beginning to acknowledge the long-term significance of digital recordings over physical.
IFPI’s Global Music Report for 2019, reported that 56% of music sales globally are attributed to streaming and physical sales is continuing to decline. With increasing development in the data and analytics industry, it can now focused on identifying consumer behaviour patterns hastening the development of policies and music themes among others.
The music industry, like others, was adversely affected with less people focusing on music streaming but with news more relevant to the pandemic moving forward. For the last 12 months, it was obvious that entertainment shifted to video streaming compared to audio. However, over a more extensive period of time, music companies began to find alternative solution to boost music streaming through various platforms digitally to connect with listeners.
The report was conducted according to a few factors covering the market size by type (recording music, downloaded music, live music), by revenue generation (downloads, mobile personalisation, music streaming subscription), by end user (individual & commercial users), analysis report, regional outlook, growth potential and via competitive market share and forecast for year 2021 thru 2027.
Additionally, funneling in the factor of increased digitization as well as rising inclination towards mobile application and subscription based services are the key driving factor for the growth of the digital market of the music industry.
Brandessence Research predicted that by 2027, the digital music industry’s market revenue will rise to USD$37.61 billion, an 8.2 percent increase from 2020 (USD$17.10 billion).