Dublin, Aug. 15, 2023 (GLOBE NEWSWIRE) -- The "Global Music Publishing Market 2023-2030" report has been added to ResearchAndMarkets.com's offering.
This report highlights the growth of the global music publishing market, projecting it to reach $9.0 billion by 2030 at a CAGR of 6.7% during the forecast period (2023-2030). Several factors contribute to this growth:
Key Drivers
- Growing Music Industry: The overall growth of the music industry worldwide supports the expansion of the music publishing market. The increasing interest in music and passion for music, especially among the younger generation, has led to a rise in the number of concerts and live performances globally, thereby bolstering market growth.
- Demand for EDM: The growing demand for electronic dance music (EDM) has attracted large crowds to music festivals like Ultra Music Festival in Miami and the BPM Festival in Mexico. EDM's success is contributing to the growth of live music events globally.
- Shifting to Digital Revenue: The market is witnessing a shift from physical to digital music consumption. As more consumers adopt digital music streaming, the digital revenue sub-segment is expected to hold a prominent share in the music publishing market.
Opportunities
- Increase in Singles Population: The rise in the number of singles, particularly among the younger population due to education and financial dependence, presents an opportunity for online dating platforms to cater to this growing demographic.
- Integration of Advanced Technologies: The integration of machine learning and artificial intelligence can enhance the matchmaking process, leading to more accurate and compatible matches, thus attracting and retaining users.
Challenges
- Trust and Safety Issues: Concerns about data privacy, security, and the presence of fraudulent users on dating platforms have deterred some individuals from fully embracing online dating, leading to potential limitations in market growth.
Regional Outlook
- North America: North America is expected to hold a considerable share of the music publishing market, driven by wide acceptance of digital music distribution. The USA contributed the highest share, with numerous independent and traditional music publishing houses in the country offering opportunities for artists to showcase their talent.
Market Players
Major companies serving the global music publishing market include Sony Music Publishing LLC, Universal Music Publishing Group, Warner/Chappell Music Inc., Broadcast Music Inc., Concord Music Group Inc., and others. Market players are adopting strategies such as mergers, acquisitions, partnerships, and new product launches to stay competitive in the market.
Note: The report also includes detailed market value data analysis, country-wise analysis, and competitive strategies of key market players.
For more information about this report visit https://www.researchandmarkets.com/r/2ulnej
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