Music is an important part of entertainment industry and it is present across most of its submarkets. In the music industry, companies and individuals are making money by creating and selling sound recordings, music videos, background score for games and movies, live music performances and musical concerts. The music industry also includes radio stations, educational institutions for music, musical instruments manufacturers, among others.
The music industry has felt the full impact of internet and technology. The industry has moved from the era of vinyl records to the era of cloud-based online music, which has changed the way music was sold and accessed earlier. Internet has allowed music service providers to reach customers worldwide and in addition it has enabled consumers to have easy access to online music on their devices.
Consumption of music has exploded and growth in digital sales is on the verge of overtaking physical sales, with digital music contributing about 45% of the overall music revenue. Inclination of consumers towards connected devices such as smartphones, tablets and other connected media players to access and consume music is growing. Youtube, Spotify, Apple music, Google play music, Amazon Prime Music, Rdio, Deezer are some of the music streaming apps operating in the market.
The music business is flourishing and musical instruments market is witnessing growth, majorly driven by increasing disposable income of consumers and emergence of online music tutorials which provides simplified and affordable learning and encourage consumers to buy musical instruments. Musical instrument market is highly fragmented with a mix of both large and small vendors.
ASDReport.com provides a good coverage of reports related to music industry. The reports cover insights on various emerging technologies and musical instruments like, music synthesisers, Hi-Fi system, music streaming, cloud mobile music, mobile music accessories, and much more.