Market Snapshot:
NFT music is a trend in the music industry. Technological innovations have influenced how music is made, played, saved, distributed, and enjoyed, from the first discs to streaming services like Spotify and Apple Music, from the birth of record changing to the rise of modern electronic sound. A number of singers and musicians like Grimes and iconic bands like the Rolling Stones were drawn to the new technology. An NFT is a rare item that is 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 tunes, digital art, or bundles of virtual and real-world 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 of ticket sales and artists profiting as well. NFT provides musicians with interesting opportunities to cut out some of the industry's intermediaries and third parties, as well as tokenize their work in a completely new way. Most musicians' managers, record labels, publishers, and other industry professionals make significantly more money from their music than the performers themselves, leaving them with only a little portion of the pie
Highlights from NFT Music Market Study
Attributes | Details |
---|
Study Period | 2017-2027 |
Base Year | 2021 |
High Growth Market | Asia Pacific |
Largest Market | North America |
Largest Market Growth Rate | 41.3% |
Forecast Value (2027) | USD 438.67 Million |
Unit | Value (USD Million) |
CAGR | 45.76% |
The key Players profiled in the report are TuneGO, Inc. (United States), The Musician MarketPlace (United States), Playtreks bv (Belgium), Rarible, Inc. (United States), OpenSea (United States), Nifty Gateway (United States), MakersPlace (United States), Opulous (Singapore), ROCKI (United States) and Amuseio AB (Sweden). Additionally, other players that are part of this comprehensive study are MozikNFT (China) and Live Undiscovered Music, Inc. (United States).
Geographic Breakdown and Segment Analysis
The Global NFT Music market presents a comprehensive analysis of the NFT Music market by product type (Classic Music, DJ Music and Others), by end-user/application (Album Releases, Beat Selling, Merch Sales and Other), and by geography (North America, South America, Europe, Asia-Pacific and MEA) along with country level break-up. This section of our report presents a realistic picture of the Global NFT Music industry. Investors and Players can easily understand the inherent opportunities and challenges for their products in geographical region of interest. For instance, while the North America holds majority 54.2% of market share of the NFT Music market, the Europe has emerged as a crucial market for several NFT Music brands.
Analyst at AMA have segmented the market study of Global NFT Music market by Type, Application and Region. On the basis of Type, DJ Music are dominating the market and hold 41.0% of market share in the year 2021 where as Classic Music stood as second largest market share. On the basis of application, Album Releases segment is dominating the market and hold 47.5% of market share where as Merch Sales segment stood as second largest market.
Influencing Trend:
Rising Popularity of NFT as well as Crypto Music, Growing Digital Innovation over the Globe and High Demand Due To Limited Edition And Rarity
Market Growth Drivers:
Removal of Centralized Music Platform, Increasing Popularity Between The Individual Artist and Rising Demand because of the Convenience, Portability, And Novelty Effect can Drive the Global Market Growth
Challenges:
Regulatory Guidelines on NFT Music
Restraints:
Increasing Digital Fraud and Copy Activities and The Concern Related to Copy fraud And Copyright Infringement Issues
Opportunities:
Growing Adoption from Artist and Rapidly Growing Music Fans of Developed as well as Developing Countries, New Opportunity For The Investment Sector As Well As Unique and Rights
Market Developments Activities:
In December 2021, the Non-fungible token (NFT) marketplace Rarible has launched its integration with energy-efficient, proof-of stake blockchain Tezos after announcing the plan last month. Tezos is also the blockchain being used by video game giant Ubisoft for its recent entry into the NFT space. Rarible’s integration with Tezos marks Rarible’s third supported blockchain, following Ethereum and Flow.
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. and In 2020, eMusic has launched Digital eMU Token. The new launch helps to create a unique opportunity to build a sustainable music ecosystem for the benefit of artists, fans, and music services.
Regulatory Insights:
Under United States law, the creator owns the copyright to the creative work for its creation. This copyright is owned for its fixation in tangible form. The copyright holder enjoys a bundle of rights with respect to the work. This group of rights can be held by a copyright holder. However, in several conditions, unless the right is assigned away, they remain with the copyright holder. There is no need for the creator to be essentially a copyright owner. For instance, employees hold copyright in works which is created by them. Music commissioning parties can hold copyright in certain categories created by independent contractors if they are allowed to be "work made for hire" agreements.
Global NFT Music 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.
Key Target Audience
NFT Music Regulatory Bodies, Potential Investors, Venture and Capitalist, Research and Development Institutes and Others