Software developers need to be aware that their software isn’t going to keep up with the ever-changing demands of the music business.
A new study by the IT company Comscore says that software has a much lower probability of performing as well as it used to when the music industry was a smaller, more diversified industry.
Comscore’s report comes on the heels of another report that found that the software market is expected to shrink from around $20 billion in 2019 to just $8.8 billion by 2023.
The IT company also noted that the music market has seen a steep drop in revenue and sales over the past year.
“We believe that software revenue growth in the music software market has been the most precipitous, the largest and most dramatic, as we have seen a record-breaking increase in the share of revenue that comes from the software business,” said Comscore’s Paul Haughey.
“[But] we believe that the overall music software business is likely to continue to be a growing and important business for the music-industry and a major contributor to the global economy.”