Music Distribution Services Market to Garner at $1683.08 Million by 2030 | Amuse, Ditto Music, Tunecore, Spotify
Music distribution service industry trends in Asia-Pacific to exhibit highest growth in forecast period, Countries such as Japan, South Korea, Singapore, China.
WILMINGTON, DE, UNITED STATES, October 26, 2023 /EINPresswire.com/ — 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.
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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.
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Competitive Analysis:
The competitive environment of Music Distribution Services Industry is further examined in the report. It includes details about the key players in the market’s strengths, product portfolio, Music Distribution Services Market share and size analysis, operational results, and market positioning. It comprises the actions taken by the players to grow and expand their presence through agreements and entering new business sectors. Mergers and acquisitions, joint ventures, and product launches are some of the other techniques used by players.
Key Players:
Amuse
Ditto Music
Horus Music
Kobalt Corp
LANDR Audio
RouteNote Inc.
The Orchard (Sony)
Spotify
Symphonic Distribution
Tunecore and Many More
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.
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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.
According to insights of the CXOs, the music distribution industry is becoming increasingly crowded. Many companies offer diversified range of products, distribution methods, and pricing ranges. To attract new clients and establish new revenue streams, distributors have begun to expand into other services. As a result, numerous new distribution businesses have emerged, each comes with a unique approach to music distribution, would provide the lucrative opportunities for the market growth in the future. For instance, on February 2019, Amuse launched the “Fast Forward” app for the independent artists. Independent musicians can use the app to self-publish music for free on Apple Music, Spotify, YouTube, and other platforms. Fast Forward’s debut coincides with a growing trend of artists questioning the legacy model of traditional record label partnerships, which typically transfer master rights for advances.
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