Global Digital Music Market To Grow To $9 Billion In 2014, Says New Study
The digital music market grew 9% in ' 12 and will grow to $9 billion worldwide in 2014. It's driven by expansion in international and regional music brands and 20%+ smartphone growth in South East Asia, India and Africa. The study, by Mahindra Comviva and Ovum Consulting, predicts that Asia-Pacific digital music markets will approach $450 million and Latin America will top $200 million in 2014.
Lean Back vs. Lean Forward
Across the nine markets surveyed (both emerging and developed), the share of devices used for listening, purchasing or downloading music shifted dramatically in 2013, as compared to 2010. Computer share has dropped significantly by 14% points while mobile and tablets were up 15%, emphasizing the importance of mobile for reaching lean-back listeners.
Segregating the group of digital music consumers into lean-back and lean-forward listeners, the study suggests that there is a huge opportunity for operators when it comes to offering personalized music packages and targeted music services that will help reduce churn, drive subscription and increase revenues.
"The study reiterates our belief that the future of digital music will be based on enhanced engagement, 360 degree music experience and addressing the needs of price sensitive markets. Localized and customized content will play a greater role in enticing consumers," said Atul Madan, Head of Digital Services, Mahindra Comviva.
Read the full study here.