Global Music and Video Market by Content Type (Audio and Video), Revenue Model (Advertising, Rental & Subscription) By Service (Live streaming and On-demand) By Platform (App and Browser) By End Use (Individual and Commercial) and Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022-2030
Music and Video Market size was worth around USD 97.25 billion in 2021 and is predicted to grow USD 211.78 billion by 2030 with a compound annual growth rate of roughly 10.2% between 2022 and 2030. The report analyzes the market's drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the market.
The increasing penetration of digital platforms and the expanding use of smart devices are propelling the music and video market growth forward. The platforms allow users to listen to audio and podcasts as well as see music videos. These platforms are growing in popularity as a result of features such as automatic playlist customization, trouble-free connectivity, and song recommendations on apps and browsers.
The standard of video can be improved by advanced technologies such as blockchain technology and artificial intelligence (AI). The use of artificial intelligence is playing an important role in a variety of facets of video production and uploading, including editing, cinematography, voice-overs, and scriptwriting. It is anticipated that these advancements will have a constructive impact on the expansion of the market.
AI is being used by a variety of different video streaming service providers to improve the overall quality of video content. The past few years have seen a significant rise in the number of people favoring online platforms over traditional broadcast media outlets like YouTube and Netflix.
The increasing rate of podcast industry penetration through digital platforms, as well as the benefits of using smart devices not only for entertainment but also for other features for fitness, work schedule, and safety, are factors that will contribute to the growth of the market in the forecasted years.
Easy access, more functionality, and personalized usage, along with the introduction of new technologies, are all contributing factors to the app's rising popularity. Customers are able to benefit from improved connectivity when utilizing the services through apps and browsers with the advent of 4G and 5G connectivity.
In addition, COVID-19 has pushed market growth owing to lockdowns, and several IT giants along with other organizations are rather eager to work from home in order to cut short their expenses have improved the market condition. This has led to an improvement in the market growth.
- As per the analysis shared by our analyst team, the global Music and Video market is estimated to grow annually at a CAGR of around 10.2% over the forecast period (2022-2030) and is projected to reach USD 633.12 Billion, by 2030. Due to a variety of driving factors, the market is predicted to rise at a significant rate
- Based on content type, the audio segment was predicted to show maximum market share in the year 2021
- By revenue model, the subscription segment was the leading revenue-generating type in 2021
- On the basis of service, the live-streaming segment was projected to show the largest share in the year 2021
- Based on platform, the app segment was dominating the market share in the year 2021
- By end use, the individual segment was projected to show the largest share in the year 2021
- On the basis of region, North America was the leading revenue generator in 2021
Rapid Advancements in Connectivity to Propel Music and Video Market Growth Forward
The IT industry is observing rapid growth in technology from 2G, 3G, and 4G to 5G which in turn, allows fast internet users without any interruption. In addition, the internet service provider is providing huge internet data services at a cheaper rate. The increasing adoption of 5G connection has grown into one of the biggest prominent music and video market trends globally.
- Amazon has taken advantage of opportunities by introducing a new audio HD service that will offer lossless music streaming and downloading to music fans in the United States, the United Kingdom, Germany, and Japan.
With 5G's ability to transmit data several times quicker than 4G, companies will be able to provide high-quality audio streams as the technology gains traction. Augmented Reality (AR), hologram concerts, and Virtual Reality (VR) are anticipated to achieve widespread popularity for live-streaming music videos. These advancements are driving the music and video market expansion.
Smart Speakers and HD Music Continues to Drive Traffic on Streaming Apps
Streaming platforms are meeting the demands of the mainstream music community by rendering it uncomplicated and inexpensive for music lovers to gain lawful access to the content of high quality, originating from any region of the planet. The companies competing in the market for streaming music are stepping up their attempts to provide customers with a more individualized experience in an effort to raise viewership and encourage artists to produce more music. With the proliferation of smart speakers, High Definition (HD) audio, and data-driven insights, businesses in the music streaming sector are attempting to bring the HD music listening experience into the 21st century.
Rising Concern Pertaining to Content Protection and Piracy is Likely to Hamper the Market Growth
The streaming of music and videos faces problem piracy issues and illegal downloads are likely to hamper the market growth. Movie torrents are available for internet users on the Internet which allow audio and video content to be downloaded for free. Additionally, the reason behind fewer subscriptions to OTT platforms is due to torrent download services. Moreover, strict laws are implemented to avoid illegal downloading from torrents, and the accountability of such downloads needs to fix to overcome the situation, in turn, affects music and video market revenue.
- For instance, according to research conducted by the Digital Citizens Alliance and NAGRA in August 2020, the value of pirate subscription services in the United States is in the billions of dollars. In the United States, around 9 million internet users subscribe to a pirate IPTV service. These services are accessed by users via at least 3,500 illicit websites and social media pages.
Based on type, the global market is bifurcated into audio and video. The audio segment dominates the market share owing to listeners being able to multitask more effectively because of the availability of audio content, particularly while traveling, working out, or performing tasks around the house. In addition, public spaces like gyms, cafes, restaurants, and pubs all use audio-streaming services to play music, which contributes to the expansion of the market segment.
On the basis of the platform, the subscription segment dominates the market share owing to the ever-increasing number of video streaming subscriptions all around the world can be credited to the expansion of this market segment. In addition, the streaming of internet videos can be accessed through the subscription model for an access charge or a subscription cost. For example, Prime Video provides a number of different programs and options for monthly subscriptions.
By service, the on-demand segment dominates the market share owing to the rising demand for digital media devices as well as the increased availability of faster internet for remote access to media content. Both of these factors have contributed to the growth of this market segment. Some of the additional characteristics that contribute to the improvement of live video streaming include material that does not contain advertisements, mobile viewing, analytics tracking, abundant content utilization, vast audience potential, and high-quality streams.
North America is dominating the global music and video market share due to geographical presence
North America is dominating the market share of the market owing to the presence of major players such as Amazon, Google, Pandora Media, and Apple. Moreover, due to factors such as the proliferation of mobile devices and tablet computers, rapid technological advancements, and the widespread use of online streaming services.
April 2022- Deezer is planning to go public via SPAC at $ 1.1 billion valuation to give competition to Spotify by merging with "blank-check" company I2PO.
December 2021- Spotify AB collaborated with Tinder, an online dating app, to enhance the Christmas spirit of music for singles.
September 2021: Amazon introduced aggregating video and live streaming software, which provides access to multiple other OTT services including 8 global services in India.
July 2020: Tencent Holdings launched a video streaming service in Thailand to expand its geographical presence outside of China. Thailand saw the expansion of WeTV, Tencent's music and streaming service JOOX, and the company's mobile PUBG game.
Key players in the music and video industry are Amazon (Prime Video), Apple, Inc., Deezer, Alphabet Inc., Iheartmedia, Inc., Netflix, Inc., Disney+Hotstar (The Walt Disney Company), Pandora Media, Inc., SoundCloud, Tencent Holdings Ltd, Zee Entertainment Enterprises Ltd., Hulu, LLC, Spotify AB, Kaltura, Inc., Qobuz USA Inc., Tidal (Aspiro Ab), amongst others.
The global music and video market is segmented as follows:
By Content Type
By Revenue Model
- Live Streaming
By End Use
- North America
- The U.S.
- The UK
- Nordic countries
- Benelux Reunion
- The Netherlands
- Rest of Europe
- Asia Pacific
- New Zealand
- South Korea
- Southeast Asia
- Rest of Southeast Asia
- Rest of Asia Pacific
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Rest of Latin America