The global music production software market to grow at a CAGR of 9.01% during the period 2017-2021.
Global Music Production Software Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market. To calculate the market size, the report considers the revenue generated from the software type such as editing, mixing, and recording.
The latest trend gaining momentum in the market is Availability of free learning materials on web. With advances in web technology, a number of online and tutorial sites use videos, reference articles, and other teaching methodologies to help individuals to learn mixing and editing of songs. This has also simplified the learning process for individuals who have busy work schedules and do not find time to join classes despite their passion for learning music editing. This also helps individuals who cannot afford to pay a high fee for these music classes by offering courses at no or minimal cost. Hence, the availability of learning materials online encourages individuals to purchase music editing software, driving the market during the forecast period
According to the report, one of the major drivers for this market is Increasing adoption of software by DJs for song mixing. Advances in technology have led to the development of advanced mobile-based software that helps a user mix and compose tracks. For instance, DJs use Tractor and Serato, a live performance music software, along with DAW or music production software such as Ableton Live and Logic Pro, to make beats and put the mixes all together. These software are compatible with the hardware of a number of DJ consoles belonging to different brands. These allow easy plug and play options by importing songs from a local device. Therefore, with the growing number of DJs across the globe, the adoption of music production software is likely to grow during the forecast period.
Further, the report states that one of the major factors hindering the growth of this market is Declining interest in learning music. Music is one of the oldest professions and is considered as a huge source of entertainment. However, due to the emergence of alternative forms of entertainment such as smartphones and social media, people are taking less interest in learning music. In 1985, 40% of the world's population took at least one music class in their lifetime compared with 28% in 2015. Another reason for the decline is decrease in number of schools teaching music. Due to this, the passion for music is not built from a young age, hindering the sales of music production software.