NFT Music Market is booming worldwide with Rarible, Opulous, Amuseio
PRESS RELEASE
Published on February 27, 2023
The latest study released on the Global NFT Music Market by HTF MI Research evaluates the market size, trend and forecast to 2029. The NFT Music market study covers significant research data and evidence to be a useful resource document for executives, analysts, industry experts and other key individuals to have access to and self-analyzed studies to help understand market trends, growth drivers, opportunities and upcoming challenges and about competitors.
Key players in this report include:
TuneGO, Inc. (USA), The Musician MarketPlace (USA), Playtreks bv (Belgium), Rarible, Inc. (USA), OpenSea (USA), Nifty Gateway (USA), MakersPlace (USA), Opulous (Singapore), ROCKI (USA), Amuseio AB (Sweden).
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According to HTF Market Intelligence, the global NFT music market will witness a CAGR of 45.75% during the forecast period 2023-2029. The market is segmented by application (primary market, secondary market) by type (album, single, music NFT compilation, others) by end user (artist, record labels, musician) and by geography (North America, South America, Europe, Asia Pacific) , MEA)
Definition:
NFT music is a trend in the music industry. Technological innovations have influenced how music is made, played, stored, distributed and enjoyed, from the first records to streaming services such as Spotify and Apple Music, from the birth of record changing to the rise of modern electronic sound. A number of singers and musicians such as Grimes and iconic bands such as the Rolling Stones were attracted to the new technology. An NFT is a rare item recorded on a digital ledger in the music industry. Non-fungible tokens (NFTs) swept the music industry this year. Hundreds of singers and musicians, including youthful multi-hyphenate artists like Grimes and iconic bands like the Rolling Stones, were drawn to the new technology. Some of these artists have made millions of dollars by selling tokenized versions of their songs, digital art or bundles of virtual and real products. NFTs and fan tokens have the potential to completely transform the music industry. COVID-19 will put an end to the live concert industry in 2020, with record labels taking a cut in ticket sales and artists making money as well. NFT gives musicians interesting opportunities to cut out some of the industry’s middlemen and third parties, as well as tokenize their work in a whole new way. Most musicians’ managers, record companies, publishers and other industry professionals make significantly more money from their music than the performers themselves, and they only have a small piece of the pie
Market trends:
- Rising popularity of NFT as well as crypto music
- Increasing digital innovation worldwide
- High demand due to limited edition and rarity
Market drivers:
- Removal of centralized music platform
- Increasing popularity among the individual artist
- Increasing demand due to the convenience, portability and novelty effect can drive the global market growth
Market opportunities:
- Increasing adoption by artists and fast growing music fans from developed as well as developing countries
- New opportunity for the investment sector as well as unique
Important highlights i NFT music Market report published by HTF MI
Market Segmentation by Applications: Primary market, Secondary market
Market breakdown by type: album, single, music NFT collection, others
Global NFT Music market report highlights information on current and future industry trends, growth patterns, as well as offers business strategies to help the stakeholders in making sensible decisions that can help ensure the profit trajectory over the forecast years.
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Geographically, the detailed analysis of consumption, revenue, market share and growth rate is for the following regions:
- Middle East and Africa (South Africa, Saudi Arabia, UAE, Israel, Egypt, etc.)
- North America (USA, Mexico and Canada)
- South America (Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, etc.)
- Europe (Turkey, Spain, Turkey, Netherlands, Denmark, Belgium, Switzerland, Germany, Russia, United Kingdom, Italy, France, etc.)
- Asia-Pacific (Taiwan, Hong Kong, Singapore, Vietnam, China, Malaysia, Japan, Philippines, Korea, Thailand, India, Indonesia and Australia).
Objectives of the report
- -To carefully analyze and forecast the size of the NFT Music market by value and volume.
- -To estimate the market shares of major segments of NFT Music
- -To showcase the development of the NFT Music market in different parts of the world.
- -To analyze and study micro markets in terms of their contribution to the NFT Music market, their prospects and individual growth trends.
- -To offer precise and useful details on factors affecting the growth of NFT Music
- -To provide an in-depth assessment of key business strategies used by leading companies operating in the NFT Music market, which include research and development, collaborations, agreements, partnerships, acquisitions, mergers, new developments, and product launches.
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Key highlights from the table of contents:
NFT music Market research coverage:
- It includes major manufacturers, new players growth history, and major business segments of the NFT Music market, years considered, and research goals. In addition, segmentation based on type of product, application and technology.
- NFT Music Market Executive Summary: It provides a summary of overall studies, growth rate, available market, competitive landscape, market drivers, trends and issues, and macroscopic indicators.
- NFT Music Market Production by Region NFT Music Market Profile of manufacturers-players are studied on the basis of SWOT, their products, production, value, economy and other important factors.
- Key Points Covered in NFT Music Market Report:
- NFT music overview, definition and classification Market drivers and barriers
- NFT Music Market Competition by Producers
- NFT Music Capacity, Production, Revenue (Value) by Region (2023-2029)
- NFT Music Supply (Production), Consumption, Export, Import by Region (2023-2029)
- NFT music production, revenue (value), price trend by type {Album, Single Song, Music NFT Collection, Others}
- NFT Music Market Analysis by Application {Primary Market, Secondary Market}
- NFT Music Manufacturers Profiler/Analyse NFT Music Manufacturing Cost Analysis, Industrial/ Supply Chain Analysis, Sourcing Strategy and Downstream Buyers, Marketing
- Strategy by Key Manufacturers/Players, Connected Distributors/Traders Standardization, Regulatory and Collaboration Initiatives, Industry Roadmap and Value Chain Analysis of Market Impact Factors.
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Key questions answered
- How viable is the NFT Music market for long term investment?
- What are factors influencing the demand for NFT music in the near future?
- What is the impact analysis of various factors in the global NFT Music market growth?
- What are the latest trends in the regional market and how successful are they?
Thank you for reading this article; you can also get individual chapter-wise parts or region-wise report versions such as North America, LATAM, Europe or Southeast Asia.
Contact Us :
Craig Francis (PR and Marketing Manager)
HTF Market Intelligence Consulting Private Limited
Phone: +1 434 322 0091
[email protected]
COMTEX_425480635/2808/2023-02-27T05:53:00
