Desktop Music Market Trends

Growth Drivers

• Growing Penetration of Smartphones - Owing to the growing penetration of smartphones, there has been growth in number of people streaming music and podcast. In 2021, a poll of South Korean music consumers revealed that about 85 percent of participants listened to music most frequently on their smartphones. Furthermore, in Mexico in 2021, about 89% of those who streamed music, used a smartphone to perform the action. Additionally, approximately 80% of Americans use their smartphones to listen to podcasts. Since smartphones allow viewers to access services from anywhere, their preference for listening to music and podcasts is expanding. As a result, it is predicted that more people would consume audio media, which would drive market expansion.
• Large Number of OTT Service Users - About 1 billion individuals used sub-OTT services such as Netflix, Disney+, and Amazon Prime Video in 2022.
• Growing Sales of Electric Music - Electronic artists produced an approximate 75 percent of about USD 50 million in music NFTs that were sold in the year 2020.
• Rising Adoption of Digital Audio Workstations - Panasonic and Klipsch, a tech-driven audio company, recently announced an exclusive agreement to bring the famed "Klipsch Sound" and audiophile-quality performances to the in-vehicle experience at the CES trade show in Las Vegas.
• Surge in Number of Independent Artist - There were about 1,500 independent musicians working full-time in the United States as of May 2019, an increase from the approximate 1,300 recorded the year before.

Challenges

• Challenges for Multitasking Operating Systems - The recording application programme and the computer's operating system (OS) communicate with one another. Although multitasking operating systems are becoming more and more common, they could provide problems for time-sensitive applications in sound recording. The hardware frequently needs complete focus owing to the real nature of the recording process. If numerous processes are running at once, the audio interface might not be able to use the system bus to transport data from the interface to memory or the hard drive. In order to give priority scheduling to time-critical processes, the operating system must coordinate all requests for bus and hard disc access, including those from the OS itself.
• Compositions Are Vulnerable to Loss Owing to Viruses, Data Corruption, or the Loss or Theft of a Computer.
• Disadvantages Older Composers in Comparison to Younger, More Technologically Advanced Musicians.