The global digital music market is expected to grow $9 billion worldwide in 2014, a report by Mahindra Comviva and Ovum Consulting said today.
Across the nine markets surveyed (both emerging and developed), the share of devices used for listening, purchasing or downloading music has changed dramatically in 2013, as compared to 2010. Computer share has dropped significantly by 14% points with mobile and tablets together up 15% points, emphasizing the importance of mobile for reaching lean-back listeners.
Strong growth is driven by the expansion of international and regional music brands as well as active smartphone growth in South East Asia, India and Africa, all topping 20% annual growth rates, the report said.
It predicts that Asia-Pacific emerging markets are expected to approach $450 million and Latin America top $200 million in trade value in 2014.
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.