Music software has many applications such as digital recording and creation of electronic music, musical composition, and other musical applications. The music production software market size is set to grow at a significant rate during the forecast period due to increased usage of digital music software and the ease with which the software can be downloaded. The availability of several online tutorial sites and reference articles will help professional musicians as well as music enthusiasts to learn music easily.
Social media platforms, such as Twitter and Facebook, enable artists to gather data regarding their audience so that they can interact with them at a personal level. In addition, the availability of music production software that is compatible with devices such as smartphones, laptops, and tablets is expected to drive the music production software market growth during the forecast period.
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The music production software market is gaining popularity due to technical advances in web usage that offer advanced teaching methodologies and software with user-friendly interfaces. The low cost and easily deployable software allow users to use it for a variety of purposes such as recording tracks and sound mixing.
Moreover, Artificial Intelligence (AI), big data, and music streaming trend continue to provide new opportunities for the music production software market growth. These technologies are continuously employed by the music industry to improve the overall user experience. AI combined with other machine learning algorithm helps music providers to understand the users’ listening habits and social media behavior.
North America holds a significant share of global music production software market due to the growing popularity of paid streaming services and various government initiatives to help the music industry. For example, CIMA (Canadian Independent Music Association) advocates policies and initiatives, such as Canada Stand, Canada House, and CIMA Music Mission, to promote Canadian music in international market to ensure long-term development of the sector.
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The Asia-Pacific music production market growth is fuelled by the emergence of digital landscape and the constantly-improving internet connectivity. The increasing usage of Big Data by music streaming service providers leads to more informed and effective advertising messages.
Moreover, the growing number of regional players, such as KKBox, JOOX, and Yonder, continue to fetch a large market share of the online music industry. Such consistent product development and commercializing initiatives are expected to accelerate market growth during the forecast timeline.
However, low average subscription revenue and prevalence of low-end smartphones among mass-market consumers will hamper the market growth in a few countries. The key challenges for the global music production software market growth include a dearth of trained and skilled professionals, prevalent internet legislation, and the availability of pirated content. The industry should tackle these challenges by tracing the sources of illegal distribution and eliminating accidental piracy of the content.
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COVID-19 scenario analysis:
- The music industry has been hit hard by coronavirus in which live performance revenue is the biggest loss.
- In the wake of the pandemic, physical sales, which represent a quarter of recorded music revenues, are down – given the closure of retail stores – while digital sales have also fallen drastically. This aligns with general falls in discretionary spending.
- The music industry is also facing reductions in advertising spending that are happening worldwide.
- On the distribution side, there is a growing list of artists delaying releases. This is due to the inability to use tours to promote new albums and live music in general has been badly affected. An extensive list of major concerts and events has been canceled.
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