The consumption of music on mobile devices is the key trend to watch. It’s a huge market. Strategy Analytics says that the total global mobile music market value will grow from $12.8 billion in 2014 to reach $21.3 billion by 2021. However, there’s been a decline in pay-per-download sales.
The popularity of music streaming services in the UK continues unabated. The British Recorded Music Industry says music listeners in the UK streamed 14.8 billion tracks in 2014 — that’s up by 97.3% on the 7.5 billion streamed in 2013.
The competition for market share in the mobile cloud arena will escalate during 2015. The cloud content and services markets — enabled by the ubiquity of smartphones and media tablets — are now the battleground between major content providers, device manufacturers and internet service providers.
There’s no denying it – music has gone digital in Denmark. According to recent market data, digital accounted for 82% of total music revenues in the country during the first half of 2014. The key driver of this huge share is streaming services. The format accounted for 63% of music company revenues from recorded music in Denmark.
The music industry continues to be plagued with difficulties, particularly as far as recorded music is concerned. Juniper Research found that the digital music industry will experience slow growth in revenue over the next 5 years, growing from $12.3 billion this year to $13.9 billion in 2019.
Access to new music, anytime, anywhere is boosting the popularity of streaming entertainment services and driving overall growth in the global music on demand market, according to TechNavio.
The music subscription services market is growing at a CAGR of 20.64 percent from 2013-2018.
PwC forecasts that global Entertainment & Media spending is expected to rise from $1.8 trillion in 2013 to $2.3 trillion by 2018, growing at a compound annual growth rate (CAGR) of 5 percent. The U.S. remains the largest E&M market, growing at a 4.8 percent CAGR and reaching $724 billion by 2018, from $573 billion in 2013.
Globally, digital E&M spending will grow at a 12.2 percent CAGR between 2013 and 2018 and account for 65 percent of global entertainment and media spending growth by 2018.