The music market size is expected to grow by USD 70.02 billion from 2023 to 2028. In addition, the growth momentum of the market will be progressing at a CAGR of 12.57% during the forecast period, according to Technavio. The increasing adoption of digital music is notably driving the music market. However, factors such as Illegal downloads and piracy may impede market growth. The market is segmented by end-user (individual and commercial), source (recording, live, and others), and geography (North America, Europe, APAC, South America, and Middle East and Africa). We provide a detailed analysis of 20 companies operating in the music market including Alphabet Inc., Amazon.com Inc., Apple Inc., Aspiro AB, Bertelsmann SE and Co. KGaA, Curb Records Inc., Deezer SA, Kobalt Music Group Ltd., NORTHERN MUSIC Co. Ltd., Pioneer Music Co., Sirius XM Holdings Inc., Sony Group Corp., Spotify Technology SA, Tencent Music Entertainment Group, THEME MUSIC Co. Pvt. Ltd., Universal Music Group NV, Vivendi SE, Warner Music Group Corp, Yamaha Corp., and Zee Entertainment Enterprises Ltd..
The individual segment is estimated to witness significant growth during the forecast period. This segment is driven by factors that are driving down the cost of internet services and giving people access to music services on mobile devices, like developments in network infrastructure. In addition, due to the increased use of 4G and 5G services, there has been a marginal increase in mobile data traffic.
North America is estimated to contribute 43% to the growth of the global market during the forecast period. The US, with its high population spending capacity, is one of the key markets in North America which are driving market growth across the region. In addition, collaboration between artists and obtaining exclusive rights to their songs or acquisitions of small companies in the music industry are creating opportunities for regional players.
