Music industry statistics reveal improvement in digitally recorded music, video and downloaded music salesPress release July 25, 2014
Music is a melody that is constructed using various musical instruments. A music video is a short film integrating a song and imagery, produced for promotional or artistic purpose.
Constructed with the help of various musical instruments, music is a melody. In music videos, imagery and songs are added and used for either promotional or for artistic purposes. The music video industry has undergone changes and today it is also being used as a marketing tool to promote the sale of music recordings. Available in both physical and digital formats, the advancement of technology has affected the way music is made, stored and distributed to a great extent. The global music and video market had total revenue of USD 56,552.3 million in 2013 and has a CARC (Compound Annual Rate of Change) of -2.5% in the years 2009-2013.
This report, Global Music and Video Market 2014-2018, highlights the market landscape and the growth prospects of the industry. The performance of the market is predicted to improve with an anticipated CAGR of 1.07% in the period of 2013-2018 and drive the market to an overall value of USD 57,385.5 million by the end of 2018.
Digital recorded music revenue to surpass physical recorded revenue in 2014
As per music industry statistics, the total global digitally recorded music revenue will exceed the physically recorded music revenue in 2014 and is expected to reach USD 10.18 billion against USD 10.17 billion, respectively. The growth is driven by the consumer’s preference of digital music and its ability to flourish in different formats. Moreover, greater service appeal for the consumers would improve sales and by 2018, the year-on-year decline in total recorded music revenue will be just -0.1%.
Downloading music sales growth is slowing
Many of the emerging markets are introducing low cost smartphones which will give emerging markets new opportunities to access affordable music on the go. This is expected to contribute towards the global music revenue to rise by a CAGR of 1.5% to 2018, especially in Nigeria, Malaysia and China.
Despite the format being strong, the music industry analysis shows that the download sales may be slowing. The downloading revenue saw near an unbroken double-digit year-on-year growth from 2009-2012 and is expected to rise at a 3.3% CAGR to 2018. The key player, Apple, will dominate the market by introducing innovative releases to keep dominating. The downloading music segment is expected to reach USD 7.1 billion by 2018.
However, not all traditional brick and mortar music retailers are giving up on selling music even if the bigger retail chains have largely been excluded from the growth of digital music. These stores are adjusting their strategies and introducing streaming methods, which are expected to contribute to a 13.4% CAGR rise in global digital music streaming revenue by 2018.
Using advanced technology to engage better with customers
Recording studios and artists are turning towards digital data analysis as a means of developing targeted marketing campaigns for their music. As per the music market research, the companies are beginning to see ways in which fan data can be used to drive tailored promotions. With the help of this analysis, positive repercussions can be generated to improve record music revenues.
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