LONDON--(BUSINESS WIRE)--Technavio has announced the top five leading vendors in their recent global music market report. This market research report also lists 17 other prominent vendors that are expected to impact the market during the forecast period.
Competitive vendor landscape
According to the research analysis, the global music market is expected to grow at a CAGR of close to 9% during the forecast period. The growth of the global music market is primarily driven by the increasing adoption of digital music worldwide. The growing number of subscription services and concerts will lead to an inflow of revenue.
According to Ujjwal Doshi, a lead analyst at Technavio for publishing and advertising research, “Live events across the globe are experiencing an increase in attendance of audiences, thus, propelling the growth of the global music market. Also, the increasing popularity of nightlife regarding pubs and discos, where DJs play music on a regular basis, has motivated individuals to become more passionate about live performances.”
The global music market is highly competitive because of the presence of numerous big players. Leading vendors with improved technological innovations gain a competitive advantage in the global music market. However, vendors deal with intense competition based on pricing, the number of albums, streaming music library, and artists. The major vendors in this market include BMG Rights Management, Kobalt Music Group, Sony/ATV Music Publishing, Universal Music Group, and Warner Music Group.
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Technavio media and entertainment market research analysts identify the following key vendors:
BMG Rights Management
BMG Rights Management offers a digital service alternative to artists, songwriters, and rights owners in the music industry. The catalog includes more than one million music publishing copyrights and a wide range of recordings of popular music. The company has long-term contracts with artists and songwriters and owns thousands of copyrights. It also offers a range of services, such as recording and synchronization, that help songwriters and artists to optimize their careers and income. The company supports recording artists, songwriters, and producers to manage, develop, promote and market their copyrights globally.
Kobalt Music Group
Kobalt Music Group is one of the leading independent rights management and publishing companies in the US and has offices worldwide. It represents more than 8,000 artists and songwriters, 600,000 songs, and 500 publishing companies. The company offers various services to its clients including global licensing management, royalty collection, and processing; works and rights distribution; online data and royalty statements; creative services; sync and brand partnerships; record release management; and marketing.
Sony/ATV Music Publishing
Sony/ATV Music is one of the largest music publishing companies in the world with more than 2 million songs under management. The company focuses on increasing its music catalog by adding new artists to its portfolio. In November 2015, the company received a multi-year licensing agreement from Pandora, one of the world’s leading music discovery platforms. This agreement helps the company and its artists to reach more audience with their music on Pandora's streaming services.
Universal Music Group
Universal Music Group is engaged in music recordings, publishing, merchandising, and offers audiovisual content in more than 60 countries. It identifies and develops recording artists and songwriters. Universal Music Group is home to the most iconic and influential labels and brands in music including Virgin Records, Republic Records, Universal Music Enterprises, EMI Records, and Island Records. The company also owns Universal Music Publishing Group, one of the top music publishing companies in the world.
Warner Music Group
Warner Music Group is a recording company that has operations in more than 50 countries around the world. Some of the major recording labels of the company include Warner Bros. Records, Parlophone Records, and Atlantic Records. In December 2015, the company received a multi-year licensing agreement with Pandora, one of the leading music discovery platforms in the world.
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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