Crypto Music and Audio Market Scope
Crypto is a form of payment that can circulate without the need for a central monetary authority including a government or bank. Crypto music is the use of non-fungible tokens (NFTs). Indeed, it was the first album to be released as a non-fungible token, an emerging digital collectible technology revolutionizing the art and music industry. It is the first truly major example of what many in the industry are rising to as crypto music and audio. A non-fungible item is a unique digital asset that is not interchangeable. The crypto music and audio NFT could encompass anything from an album, song, piece of merchandise. An NFT is a rare item that is recorded on a digital ledger in the music and audio industry. It making some serious waves in the artistic industry, with the new music niche gathering
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
High Growth Market | Asia Pacific |
Largest Market | North America |
Unit | Value (USD Million) |
Key Companies Profiled | Digimarc (United States), Vezt Inc. (United States), Mediachain (United States), Open Music Initiative (United States), Musicoin Foundation (China), Mycelia (United Kingdom), Viberate (Slovenia), Blokur (United Kingdom), eMusic (United States) and VOISE (Canada) |
CAGR | 43.56% |
Global Crypto Music and Audio is a fragmented market due to the presence of various players. The companies are planning strategic activities like partnerships, mergers, and acquisitions which will help them to sustain in the market and maintain their competitive edge. Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global Crypto Music and Audio market throughout the predicted period.
Digimarc (United States), Vezt Inc. (United States), Mediachain (United States), Open Music Initiative (United States), Musicoin Foundation (China), Mycelia (United Kingdom), Viberate (Slovenia), Blokur (United Kingdom), eMusic (United States) and VOISE (Canada) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are BitSong (Malta).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Crypto Music and Audio market by Type , by Application (Games, Videos, Media and Others) and Region with country level break-up.
On the basis of geography, the market of Crypto Music and Audio has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2022. Europe on the other hand stood as second largest market due to the presence of key companies into the region and high technological advancement.
Market Leaders and their expansionary development strategies
In July 2021, Opensea Released a statement announcing that it has acquired USD100 million Series B round, led by Andreessen Horowitz valuing the organization at USD1.5 billion. As the first cross-blockchain NFT marketplace, the company is also announcing official support for various blockchains. With this funding, OpenSea will continue to scale its NFT platform, with an initial focus on adding engineering expertise and expanding worldwide to new regions and audiences, allowing users to buy and trade NFTs more easily.
In July 2023, Viberate Released Crypto Music and Audio market study has evaluated the future growth potential of Crypto Music and Audio market and provides information and useful stats on market structure and size.
As per the United States guidelines, "Sell NFTs requires a careful evaluation of the basket of legal rights owned by the artist, and those rights owned or granted to third parties such as music labels, publishers, and merchandise rights holders."
Influencing Trend:
Rising Popularity of Crypto Music and Growing Digital Innovation over the Globe
Market Growth Drivers:
Removal of Centralized Music Platform and Rapidly Growing Music Fans
Challenges:
Regulatory Guidelines on Crypto Music and Audio
Restraints:
Increasing Digital Fraud Activities
Opportunities:
Artist Preference to Grow Community is the Major Factor can Drive the Global Market Growth and Rising Demand due to the Convenience, Portability, And Novelty
Key Target Audience
Crypto Music and Audio Regulatory Bodies, Potential Investors, Venture and Capitalist, Research and Development Institutes and Others