According to a new report available with Million Insights, the global music downloads industry is growing thanks to individuals focusing on the convenience of accessing audio content anytime and anywhere. Additionally, rising per capita income and increasing purchasing power are driving the music downloads market.
The Global music downloads market the size is expected to reach USD 855.7 million in 2028, according to a new report from Million Insights. It is expected to expand at a CAGR of -4.7% from 2021 to 2028. The market is expected to witness growth owing to driving factors such as individuals focusing on convenience to access audio content anytime and anywhere where, the availability of high-speed data networks, and the growing adoption of mobile devices. In addition, rising per capita income and increasing purchasing power are driving this market.
The subscription segment led the market with a revenue share of over 30.0% in 2020 and is expected to show a high CAGR of -4.2% from 2021 to 2028. Audio downloads allow listeners to pay for content digital audio copy and to own the content. to listen several times after purchase. Listeners can watch again and again anytime and anywhere. Subscriptions allow users to pay on a weekly, monthly, quarterly or yearly basis. Thus, this segment becomes more popular among listeners and contributes to market revenue.
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North America held the largest revenue share of more than 50% in 2020. The United States is contributing significantly to the growth of the regional market. The presence of well-established vendors is one of the key factors supporting the growth of the market. It is one of the promising regions to launch new technologies in terms of infrastructure and advanced network technology that makes it possible to transfer audio content in an easy and fast way. Additionally, the government’s favorable digital policies are contributing to the growth of the regional market.
To browse the report summary and detailed table of contents, please click on the link below:
Music Downloads Market Report Highlights:
• North America is expected to witness significant growth from 2021 to 2028. The presence of well-established brands and manufacturers is one of the key factors supporting the growth of the regional market
• Subscription segment led the market with a revenue share of over 30.0% in 2020. Audio download allows listeners to pay for audio digital copy content and owns the content to listen to it multiple times after purchase
Segmentation of the music downloads market
Million Insights has segmented the global music downloads market based on access and region:
- Access Outlook Music Downloads (Revenue, USD Million, 2017 – 2028)
- Regional Music Downloads Outlook (Revenue, USD Million, 2017-2028)
- North America
- Asia Pacific
- Central and South America
- Middle East and Africa
- North America
List of Major Music Downloads Market Players
- Amazon.com, Inc.
- Apple Inc.
- Conde Nast
- SoundCloud Global Limited & Co. KG
- Bandcamp, Inc.
- iHeartMedia, Inc.
- 8 tracks
- Bleep Ltd.
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