Research Support Specialist, USA
The global music downloads market size is expected to reach USD 855.7 million in 2028, according to a new report by Million Insights. It is expected to expand at a CAGR of -4.7% from 2021 to 2028. The market is expected to witness growth due to the driving factors such as individuals focusing on convenience for accessing audio content anytime and anywhere, availability of high-speed data networks, and rising adoption of mobile devices. Additionally, the rising per capita income and the increasing purchasing power are the driving forces in this market.
The subscription segment dominated the market with a revenue share of more than 30.0% in 2020 and is expected to exhibit a high CAGR of -4.2% from 2021 to 2028. Audio downloads enable listeners to pay for the audio digital copy content and own the content for listening multiple 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 is getting more popular among the listeners and contributing to market revenue.
North America held the largest revenue share of more than 50% in 2020. The U.S. is significantly contributing 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. This is one of the promising regions to launch new technology in terms of infrastructure and advanced network technology which help to transfer audio content in the simple and fastest way. Additionally, supportive digital policies by the government are contributing to the growth of the regional market.
The report “Music Downloads Market By Access (Single Copy, Subscription), By Region, and Segment Forecasts, 2021 - 2028” is available now to Million Insights.
Million Insights has segmented the global music downloads market based on access and region: