Global Portable Music Industry
Record company revenue from digital music rose 8% in 2011 to exceed $5 billion, reports IFPI. Market growth the previous year was around 5%, representing the first year-on-year increase in six years. The number of paid users of digital music is expected to grow at a yearly rate of 17%, reaching almost 1.6 billion in 2014, reports IE Market Research.
Users of digital music can take advantage of several digital channels to access music, including downloading online or though mobile devices and subscribing to online download portals. It is expected that the 500 million consumers downloading music through mobile headsets in 2009 will double to exceed 1 billion in 2013. Subscriptions to online and mobile music channels will represent the fastest growth in the worldwide digital music market, with online subscription users outpacing growth in the larger mobile channel segment.
One major obstacle to market growth in the digital music industry is piracy. To tackle the problem, various industry players will need to pool their efforts, with advertisers, search engines, mobile service providers and internet service providers all working together to limit revenue loss caused by piracy.