The Music Publishing market was valued at USD 4813.9 million in 2019 and is expected to reach USD 7265.02 million by 2025, at a CAGR of 7.1% over the forecast period. Wearable and wireless technology are trending solution in the global music publishing market. Such devices offer movability and are of huge importance in concerts and live performances. Most of the vendors in the music industry partners with the value chain enablers to have easy access and reach to the consumer base, which enables listening to music through these medium and have a significant user base.
– The growing popularity of music streaming devices is set to drive the market. According to IFPI, there is a year on year growth of 45.5% in paid media streaming, and 176 million users for paid subscription. Moreover, the global music publishing market revenue has 38.4% of revenues from the streaming.
– An increasing number of concerts and live performances worldwide is also another factor driving the market. In the USA alone there are around 50 big music festivals that are organized fro 2019.
– The trends in digital music are also set to drive the market as the digital revenues are growing and accounted for approximately 54% of total recorded music industry revenues worldwide in 2018.
– Whilst technology undoubtedly drives growth it no longer operates against or even adjacent to the music industry, it is part of the industry and, indeed, is being enhanced as well as harnessed by record companies.
– However, piracy and unethical downloading using proxy sites are a few of the factors that hinder the growth of the market.
Get a PDF Sample for more detailed market insights: https://www.sdki.us/sample-request-80082
Scope of the Report
In the music industry, a music publisher or publishing company is responsible for ensuring that the songwriters and composers receive payment when their compositions are used commercially. Through an agreement called a publishing contract, a songwriter or composer assigns the copyright of their composition to a publishing company. In return, the company licenses compositions, helps monitor where compositions are used, collects royalties and distributes them to the composers. They also secure commissions for music and promote existing compositions to recording artists, film and television.
Key Market Trends
Digital Revenues has the Largest Growth in the Market
– Digital revenues grew 19.1% to USD 9.4 billion and accounted for over half 54% of total recorded music industry revenues worldwide according to IFPI. The surge in streaming has been a key driver, up 41.1%, with paid subscription audio streams up 45.5% according to IFPI.
– The evolution of streaming has not just been embraced by the music industry, it has been proactively driven by it. Streaming’s growth is just one chapter in the business that is focused on maximizing the opportunities offered by advances in technology and has developed relationships with the biggest and most forward-thinking companies in the tech sector
– In the past few years, voice control has moved rapidly up the industry agenda and into people’s homes, widely seen as the point at which smart speakers went mainstream. According to Microsoft in 2018 the percentage of respondents who own a smart home speaker increased by 22%. In 2018, the Microsoft survey found that 23% of respondents currently own a smart speaker with another 30% planning to purchase. In January 2019, the Microsoft survey found that 45% of respondents currently own a smart speaker with an additional 26% planning to purchase one soon.
– Moreover, many music companies are turning from product-based music company to a music-based media company. Companies like Universal Music have already taken a step ahead in becoming a music-based media company.
Latin America is Expected to have the Largest Growth over the Forecast period
– According to IFPI the Latin America’s growth of 17.6% YoY growth, the highest among all the regions. The regions streaming revenue was also the highest among all the regions 48.9% according to IFPI.
– This growth is driven by the growth of streaming, in harness with record companies. They are not only playing a key part in building out the market infrastructure, but also nurturing artists, giving them a global stage and working on the ground, with local partners, whilst constant. Chile and Argentina have the highest growth and adoption in the region.
– For the Latin American the growth is driven by smartphone ownership, internet penetration and increase in disposable incomes in the region. The internet penetration is set to increase from 50% in 2017 to 66% in 2025 according to GSMA.
– The companies are trying to come up with unique payment options for the region’s challenges like, drive consumers to paid subscription streaming, something which is made more difficult by the absence of more offers in local currency and pre-paid options in a region where there are a huge number of consumers who do not have credit cards.
Get the inside scoop with Sample report- https://www.sdki.us/sample-request-80082
The music publishing market is highly fragmented due to the presence of a large number of local and regional players. Some of the major players in the market include Sony/ATV Music Publishing LLC, Disney Music, Universal Music Publishing Group among others.
16-Hexanediol Global Market Research Report
Automotive Adhesives Global Market Research Report
Sorbitol Global Market Research Report
Silane Market Research Report
Composite Bearing Market Research Report
Global Market Research Report for Polyurethane Additives
Solvent Market Research Report
Metal Finishing Chemicals Market Research Report
Automotive Lead Acid Battery Market Research Report
Aluminum Extrusion Products Market Research Report