Recording Industry: A Global Outlook
San Jose, CA (PRWEB) September 2, 2008
Lately, the growing popularity of mobile music, especially among younger consumers in age groups between 18-35 years, has helped spruce up growth in the digital recorded music sector. In addition, growing numbers of single track downloads, music video online downloads, full track audio download, album downloads, and mobile tunes/ring tones, have all contributed significantly to the market's growth. With new music albums being launched on a regular basis, recording companies are closely watching consumer purchasing patterns and demographic preferences to ensure ideal product positioning. Factors such as age group, type of music, mode of delivery, and consumer lifestyle exert significant influence over sales whether physical or virtual.
Demographic factors play a critical role in the worldwide recording industry, determining the type of music and delivery mode opted for by various consumer segments. Music genres such as pop/rock, jazz, and hard rock, are successful in attracting younger generation, while country and pop music are extremely popular among over-30 years population. In recent years, the purchase of music among 15-24 age group consumers witnessed a decline, owing to the rising popularity of free music downloads over the Internet, and widespread availability of MP3 files.
Technology holds enormous significance in the recording industry, as seen in the rising popularity of Internet as a medium for delivery of music. Digital and online music formats are major driving forces in the world recording industry. Online music continues to grow in popularity among consumers and recording companies, with mobile phones and Internet emerging as favored media for downloading music, particularly single tracks. To capitalize on the rising popularity of online music, recording companies are offering licensed online music, a move that is also aimed at countering digital piracy. The physical recorded music sector comprising of CDs, cassettes, DVD Audio, LPs, SACD, and Minidisk, has been feeling the cannibalizing impact of digital recorded music. In the physical music delivery medium, CDs continue to account for a huge share of the market, while DVDs are expected to drive future sales. Faced with the onslaught of online music, conventional manufacturers of recording media are shifting towards the production of optical discs.
Digital piracy and illegal file sharing are emerging into prime concerns in the global recording industry, resulting in lower sales for various recording formats. While technological advancements have led to the discovery of novel formats and new delivery channels, misuse of technologies, such as the Internet, WAP and other mobile media for illegal music downloads, is emerging as a major challenge for recording companies. Lack of interoperability of digital systems and services is another obstacle for the digital music sector. As a result, manufacturers of digital music players are focusing on ensuring compatibility of these products with various online music services.
The report titled "Recording Industry: A Global Outlook", published by Global Industry Analysts Inc, provides a collection of statistical anecdotes, market briefs, and concise summaries of research findings. The report offers an insight into changing music recording landscape, shifting dynamics of the global music business, implications brought about by online/digital music distribution, and the impact of digital piracy and unrestricted online file sharing, among others. The global outlook series enumerates recent noteworthy mergers, and acquisitions. Major regional markets discussed in the report include United States, Canada, Mexico, Japan, Europe, Asia Pacific, and Latin America, among others. The report also includes an indexed, easy-to-refer, fact-finder directory listing the addresses, and contact details of 425 companies worldwide.
For more details about this research report, please visit http://www.strategyr.com/Recording_Industry_Market_Report.asp.
About Global Industry Analysts, Inc.:
Global Industry Analysts, Inc., (GIA) is a reputed publisher of off-the-shelf market research. Founded in 1987, the company is globally recognized as one of the world's largest market research publishers. The company employs over 700 people worldwide and publishes more than 880 full-scale research reports each year. Additionally, the company also offers a range of over 60,000 smaller research products including company reports, market trend reports, and industry reports encompassing all major industries worldwide.
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