Metadata is the information embedded in a music file that provides information about its audio content such as the track name, artist's name, and bit rate. The introduction of digital music has increased the importance of metadata. Vendors in the Global Music and Video market are exploring this field to integrate various features such as lyrics and sing-along into the audio file. This provides market vendors with a selling point, which will drive market growth during the forecast period.
One of the key factors influencing the growth of the Global Music and Video market is an upsurge in subscription services for the digital formats of music and video. The rise of social media platforms such as Facebook has led to an increase in music subscriptions worldwide as more music streaming applications are integrated with social network sites
The market is witnessing a decline in the sales of physical format of music and video because of a rise in popularity of digital formats.
Analysts forecast the Global Music and Video market will grow at a CAGR of 1.07 percent over the period 2013-2018.
The following companies are recognised as key players operating in the Global Music and Video Market: Amazon.com Inc., Apple Inc., Google Inc., Microsoft Corp., Rdio Inc., Sony Corp., Spotify AB, Aspiro, Beats Electronics LLC, Bertelsmann SE & Co. KGaA, Best Buy Co. Inc., Blinkbox Music, Carrefour SA, Deezer, Entertainment One Ltd., Gaana.com, Grooveshark, Guvera, HMV Retail Ltd., Hungama MyPlay, Indigo Books & Music Inc., JB Hi-Fi Pty Ltd, Last.fm, Metro AG, Mixcloud, MOG, Myspace LLC, Nokia Mixradio, Rara, Rhapsody, Saavn LLC, Samsung Music Hub, Slacke, Songl, Songza, SoundCloud, Thumbplay, TuneIn Radio, Wal-Mart Stores Inc., We Are Hunted.
About Music and Video
Music is a melody that is constructed using various musical instruments. A music video is a short film integrating a song and imagery, produced for promotional or artistic purpose. It is also used as a marketing tool to promote the sale of music recordings. Music and video are available in both physical and digital forms. With the advancement in technology, the physical format is losing its importance to the digital format because of the ease with which the digital format can be stored and distributed.
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