MWC BARCELONA, SPAIN: Mahindra Comviva and Ovum Consulting have released a research study on Digital Music Market. The study encapsulates future trends on the uptake of digital music in terms of adoption rates; devices used to consume music services and segregation of listeners and suggested target approach.
The research study reveals that digital music market grew by around 9% in 2012 and is expected to grow $9 billion worldwide in 2014. 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 percent CAGR. It predicts that Asia-Pacific emerging markets are expected to approach $450 million and Latin America top $200 million in trade value in 2014.