The latest news in the world of digital music and media is coming from the digital music industry.
On Wednesday, April 25, 2017, the World Economic Forum (WEF) released its 2017 Global Competitiveness Report, which looked at how the digital media industry is doing in comparison to other sectors.
The report found that the digital market is growing at a faster rate than the other sectors in the global economy.
The main finding is that the growth of digital revenue is outpacing the growth in revenue from the traditional media market, which is now up to 17.3 per cent.
Digital revenue grew by 16.6 per cent in 2017 compared to 2016.
Digital media revenue is expected to be up 23.4 per cent to $2.7 trillion in 2021, according to the WEF.
Digital media is projected to account for 30 per cent of all digital revenue in 2021.
In 2017, digital media revenues were $2,921 billion, according the WEA.
According to the report, digital revenue growth is driven by the rise of mobile, video, and audio platforms and the growth rate of video.
The digital growth rate is predicted to accelerate to 32 per cent by 2021, up from 28 per cent currently.
“The growth of mobile is a key driver of digital growth,” the report said.
“The rapid growth of smartphones and tablets in the last three years has enabled digital content to be downloaded and shared more rapidly, and that has enabled more people to access it in a variety of different ways,” the WEB noted.
“As a result, the digital world is expected not only to continue to expand, but also to be more inclusive and diverse.”
The report found there are “high expectations” for the digital industry in 2021 and the digital space is expected “to continue to grow as the digital economy and ecosystem evolves”.
“As this global ecosystem evolves, digital content is expected both to be monetized more broadly and to become more widely accessible to consumers,” the paper noted.
“As a consequence, the growth rates of digital media revenue and revenue from traditional media are projected to grow at a much faster pace than other sectors of the global economic ecosystem,” the IT industry group said.
“In 2020, digital revenues will reach $1.3 trillion, while revenues from traditional and non-traditional media are expected to increase by 19.5 per cent and 15.4 percent respectively.”
The WEF said it will be a good time to review the digital entertainment market in the context of the emerging global economy, as it will provide a framework for assessing the state of the market in 2021 as well as future growth prospects.”
More than half of the world’s entertainment market is now digital, with digital revenue expected to reach $6.9 trillion by 2021.”
The WEF said it will be a good time to review the digital entertainment market in the context of the emerging global economy, as it will provide a framework for assessing the state of the market in 2021 as well as future growth prospects.
The global economic landscape will evolve rapidly in the next decade, the report noted.
The future is uncertain, the IT group noted.