By Vineetha Menon
According to eMarketer, mobile and online music are set to be high growth markets accounting for 40% of the total music spend in 2009
The music industry has been watching warily as sales continue to dwindle. Now, research firm, eMarketer, predicts that the unfortunate trend will continue. The good news? Online and mobile markets are gaining popularity and are set to grow rapidly.
The report, titled ‘Recorded Music: Digital Falls Short', predicts that the mobile music market is expected to jump to $3 billion by the end of this year from $1.7 billion in 2007. With more and more multimedia-capable handsets being released around the world, the figure is poised to grow to reach a staggering $7.3 billion globally in 2011.
Online sales of music are also set to increase from $4.1 billion by the end of this year to an estimated $7.5 billion in 2011.
In fact, online and mobile sales will take the biggest slice of the musical pie, accounting for 56% of the total market in just three years.
Retailers who haven't already looked at this segment should consider enhancing customer experience by offering more attractive online and mobile solutions.