A new report on the “Global Music Market 2016-2020” forecasts that the global music market will grow at a compound annual growth rate (CAGR) of 5.08% during the period 2016-2020. That’s a finding significantly higher than most music industry growth predictions.
Streaming music subscription services and mobile will drive the growth according to the study, supported by growing collaborations between music service providers and social media platforms.
Unsurprisingly, decline in the sales of physical copies is a prime challenge faced by vendors in the market, according the the report produced by Research And Markets.