According to a recent report published by Allied Market Research, titled, “Music distribution services Market Analysis by type, Deployment Mode and End User: Global Opportunity Analysis and Industry Forecast, 2021-2030,”
The global Music distribution services market size was valued at $911.87 Million in 2020, and is projected to reach $1,683.08 Million by 2030, growing at a CAGR of 6.2% from 2021 to 2030.
Broadband connectivity is increasingly encouraging the creation and usage of innovative material as well as the development of new technologies in PC and consumer devices. These developments have resulted in the rapid development of digital music services. Furthermore, the latest digital music service value chain generates lots of new digital intermediaries (e.g., digital rights management). The availability of digital technologies opens up numerous possibilities for music distribution services market, which would provide lucrative opportunities for the market growth. However, security breaches are concern for music distribution service, which hamper the growth of the market. Conversely, the internet already offers new types of advertising at a reduced cost as well as lower obstacles to artistic creativity and lower expenses of finding fresh talent, which are expected to offer lucrative opportunities for the expansion of the music distribution services market.
On the basis of type, the artist-to-fan segment dominated the overall music distribution services industry in 2020, also this segment is highest growing segment during year 2020 this is expected to continue this music distribution services market trends during the forecast period. This is attributed, due to rising internet penetration, the adoption of artist-to-fan business model increases to expand their fan base by independent musicians, independent music labels, music marketing experts, promoters, and others in the music industry, this will boost the growth of the market..
Depending on deployment mode, the cloud segment garnered the largest share in 2020, and is expected to continue this trend during the forecast period. This is attributed to numerous benefits provided by this cloud deployment such as high level of data security and safety. However, the cloud segment is expected to witness highest growth in the upcoming years. As cloud deployment does not need any investment in IT infrastructure as all data is stored on cloud server, which increases the demand for of music distribution service software in small and medium scale organizations.
As per music distribution services market forecast post COVID-19, the global music distribution services market size is estimated to grow from $975.88 Million in 2021, and reach $1683.08 Million by 2030, at a CAGR of 6.2%.
The pandemic has caused recessionary economy that has forced various enterprises across the globe to dramatically and rapidly shift their operations. The industries around the globe are being severely affected by the COVID-19-induced recession; however, the impact on the technology sector during the crisis was comparatively lesser than the rest of the economy. The lockdowns have encouraged proliferation of new-age digital technologies such as music distribution service software to manage supply chain challenges. The COVID-19 pandemic can contribute to trade changes. For instance, as coronavirus continues to sweep the globe, many countries will recognize that their supply chains are dependent on others. Supply chains that have been disrupted include hardware platforms of music distribution such as headsets, VR headsets, and physical music disks. Some countries may choose to start manufacturing these platforms domestically in future to be better prepared for new epidemics and pandemics. The music distribution services market is experiencing supply shortages or halted shipments of these platforms across the globe, as workforce is reduced and nonessential businesses have stopped their operations. The impact is majorly witnessed in Asia-Pacific, where majority of the hardware platforms are produced, followed by North America and Europe..
Key Findings Of The Study
- By Type, the Artist-to-fan segment dominated the music distribution services market in 2020. However, the Artist-to-fan segment is expected to exhibit significant growth during the forecast period.
- On the basis of Deployment Mode, the cloud segment accounted for the highest revenue of market in 2020; however, the cloud segment is expected to witness the highest growth rate during the forecast period.
- Depending on end user, the record companies segment generated the highest revenue in 2020. However, the independent music producers segment is expected to witness the highest growth rate in the near future.
- Region wise, the music distribution services market was dominated by North America. However, Asia-Pacific is expected to witness significant growth in the coming years.
This report gives an in-depth profile of some key market players in the music distribution services market are Amuse, Ditto Music, Horus Music, Kobalt Corp, LANDR Audio, RouteNote Inc., The Orchard (Sony), Spotify, Symphonic Distribution, and Tunecore This study includes market trends, market analysis, and future estimations to determine the imminent investment pockets