In 2022, music subscriptions progressed very rapidly and gained a large number of users, which generated a large profit. Since this trend has continued in recent years, it is thought that it will continue in 2023. In 2023, attention will continue to focus on whether the live market will recover along with the rapid growth of markets such as streaming.
Expansion of the streaming market
The global music distribution market has been expanding rapidly since the latter half of the 2010s, and is expected to grow at an average annual growth rate of 15% during the forecast period from 2023 to 2033. The streaming market will hit $20 billion in revenue by 2022. The number of music streaming users has surged from about 300 million in 2019 to 525 million worldwide in 2021. The main reasons for this are as follows.Buy more, save more with a Samsung Business Direct Account
Spread of smartphones
The early 2000s was a time when personal computers had not yet spread to ordinary households. However, smartphones became popular in the 2000s and have penetrated deeply into ordinary households, and now they have become a daily necessity. There is a fact that the number of users of music streaming services is rapidly increasing because they can be easily accessed from smartphones and can be used immediately.
Advances in hardware
Comparing the 1900s and the 2000s, the era is so different that it seems like they are different stars. Everything has become so convenient thanks to rapid advances in hardware. It has become possible to have a large number of music genres and a large number of music songs, and it has become possible to provide it as a service. With seamless music streaming every minute and hassle-free accessibility, users enjoy a very convenient service.
Privacy and security issues
The future problem is that the ease of access will raise issues of privacy protection and security. There is a possibility that personal information will be lost, so the key is how the service provider can improve this.
Change in living environment
Rapid advances in hardware have changed the needs of people. There is an increasing focus on curating platforms where people can watch music videos and podcasts and stream videos. This is exactly what streaming services are for. There are a lot of factors that make it popular.
In 2019, the live market was hit pretty hard by the virus epidemic that China caused to the world. It is said that 80% of live music performances and stages have disappeared, but the live market has yet to fully recover. The reality is that all live venues are struggling to attract customers, and attention is focused on how far the market will recover in 2023.
Number of people limit
What is troubling the live market is the prolonged limit on the number of people, which is one of the measures to prevent infection. The reality is that even at venues with a large number of customers, the number of people is limited, so there is not much profit. In the case of live music, there are many concerts that can be expected to attract tens of thousands of people, so this limit on the number of people is one of the reasons why it is difficult to make a profit.
Expectations for new drug development
In the case of businesses such as live performances that are physically enjoyed, the market is far from recovering unless a new drug that can cure the disease itself comes out. A vaccine is out, but it will take a little longer because of the high incidence of side effects. New drug development is also a key factor. Even if it develops, if it can be cured, it will not be so much of a threat. The hard work of the pharmaceutical industry holds the key to live market recovery.