Music Rights Management Market - Introduction
- Music rights management is a technology platform that allows music companies to maintain the intellectual property rights of songs and music content. Music content includes compositions, lyrics, and sound recordings which are protected under trademarks, copyrights, trade secrets, and patents.
- Music rights management helps companies to maximize the revenue generated by the royalties on music, and other content. Music rights management platforms are majorly adopted by music publishing companies, individual songwriters, record producers, management companies, and recording artists to manage all records regarding the copyrights and royalties of the music content.
- Music rights management protects the rights regarding the broadcasting of music on television, radio, or in any public concert without any legal procedure. If broadcasting companies want to broadcast the content, broadcasting companies have to purchase copyrights from musicians or music production companies.
- Music rights management services ensure that music or content royalties are collected and paid to artists or labels across all regions. Increasing awareness among artists regarding digital music platforms helps to boost the demand for music rights management solutions.
Key Drivers of the Music Rights Management Market
- Increasing demand for a digital platform to manage all royalties and copyrights of music content is expected to drive the growth of the market. The media and entertainment industry is increasing investment in digital rights management systems to control the illegal copies available online as well as offline, which is also expected to boost the growth of the market.
- Increasing adoption of music rights management by individual creators is expected to generate revenue opportunities for software providers during the forecast period.
Lack of awareness among artists and availability of open-source solutions expected to hinder growth of the music rights management market
- Lack of awareness about the advanced digital music rights platform among individual creators and musicians may restrain the growth of the market.
- Open-source music rights management solutions available on internet platforms are also expected to hamper the growth of the music rights management market.
Impact of COVID-19 on the Global Music Rights Management Market
- Popularity of on-demand music or entertainment content is increasing during the COVID-19 period across all regions. Music companies and content creators are providing rights to broadcast their content on television, online streaming platforms, and other entertainment applications. Hence, demand for music rights management is increasing among creators to manage all royalties from different streams.
- Demand for music rights management solutions is increasing during COVID-19 and also enhancing the awareness about new advanced digital platforms to secure and manage royalties of content and work.
North America to Hold Major Share of the Global Music Rights Management Market
- North America holds a prominent share of the music rights management market due to the early adoption of new technologies & platforms and also due to the presence of major solution providers in the region.
- The music rights management market in Asia Pacific and Europe is expected to expand the fastest during the forecast period due to the increasing adoption of technologically advanced software platforms to manage royalties on digital platforms and reduce the expense of companies on managing royalties manually.
Key Players Operating in the Global Music Rights Management Market
- Emperor Group
Emperor Group offers publishing services to musicians and production companies. The company also offers solutions and services in financial terms, property, hospitality, and media & entertainment sectors. The company has expertise in the distribution and production of music content publishing, concert production, and talent management. It is also engaged in TV & film production, merchandise licensing, and theater.
- Sony Corporation
Sony Corporation provides music rights management solutions for digital content which utilizes blockchain technology. The company operates its music rights management services through its subsidiaries. It also provides services in content creation, publishing, and recording of music content.
Other key players operating in the global music rights management market include BMG Rights Management GmbH, China Record Corporation, Peermusic.com, Inc., The Royalty Network, Inc.,and Merlin Network Company Limited
Global Music Rights Management Market: Research Scope
Global Music Rights Management Market, by Deployment
Global Music Rights Management Market, by Enterprise Size
- Small & Medium Enterprises
- Large Enterprises
Global Music Rights Management Market Segmentation, by Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
- Digital Rights Management
- Royalty Management System
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.