Music Downloads Market Size to Hit $855.7 Million by 2028, Boosted by Rising Adoption of Mobile Devices and Easy Availability of High-Speed Data Networks | Million Insights

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According to new report available with Million Insights, the global music downloads industry to grow owing to the individuals focusing on convenience for accessing audio content anytime and anywhere. Also, the rising per capita income and the increasing purchasing power are the driving forces in the music downloads market.

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.

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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.

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Music Downloads Market Report Highlights:

• North America is projected to witness significant growth from 2021 to 2028. The presence of well-established brands and manufacturers is one of the key factors supporting the regional market growth

• The subscription segment dominated the market with a revenue share of more than 30.0% in 2020. The audio download enables listeners to pay for the audio digital copy content and owns the content for listening multiple times after purchase

Music Downloads Market Segmentation

Million Insights has segmented the global music downloads market based on access and region:

Music Downloads Access Outlook (Revenue, USD Million, 2017 – 2028)
Single Copy
Subscription

Music Downloads Regional Outlook (Revenue, USD Million, 2017 – 2028)
North America
U.S.
Europe
Germany
France
U.K.

Asia Pacific
China
Japan

Central & South America
Brazil

Middle East & Africa
South Africa 

List of Key Players of Music Downloads Market

Amazon.com, Inc.
Apple Inc.
Conde Nast
DistroKid
SoundCloud Global Limited & Co. KG
7digital
Bandcamp, Inc.
iHeartMedia, Inc.
8tracks
Bleep Ltd.

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