Global Music Streaming Market size is expected to reach US$ XX Bn. by 2026 from US$ XX Bn. in 2019, at a CAGR of 17.2 % during the forecast period.
The global Music Streaming market report is a comprehensive analysis of the industry, market, and key players. The report has covered the market by demand and supply-side by segments. The global Music Streaming report also provides trends by market segments, technology, and investment with a competitive landscape.
Definition of Music Streaming:
Music streaming is the process of sending music over the internet in a compressed format. It can be recovered and played at the user's leisure, without the need to manually download it. The music streaming services take up no storage space on the device. It also allows users to access millions of music based on their preferences.
Global Music Streaming Market Dynamics:
During the projected period, the rising popularity of digital platforms and the increasing usage of smart devices are likely to have a beneficial impact on industry growth. Users can listen to audio, podcasts, and see music videos on platforms that offer music streaming services. Furthermore, these platforms provide features such as song suggestions, automatic playlist customization, and others, all of which are likely to attract end-user attention throughout the forecast period. The market is being pushed even further by an increase in podcast genres on these platforms.
Some of the most popular online music streaming services are Spotify, Tidal, Apple Music, iHeartRadio, Deezer, Amazon Music Unlimited, and YouTube Music. Music platforms are mostly used by people between the ages of 16-30 because people in this age group are prepared to spend a lot of money on music streaming. Targeting new populations could help carriers increase service subscriptions and revenue.
However, increasing piracy around the world is putting a brake on the market. Additionally, poor profit, licensing procedure expenses, and intense competition are some of the primary factors limiting the market growth throughout the forecast period.
Impact of COVID-19 on the Music Streaming Market:
The majority of countries hit by COVID-19 have declared lockdowns to prevent the virus from spreading. As a result, the number of users that engage in live streaming on platforms like YouTube and Instagram has increased. In addition, the number of paying online music users crossed more than 40 million, an increase of over 50% year over year. Furthermore, the market is being propelled forward by the rising popularity of live streaming and the availability of local content on internet platforms.
As a result of the outbreak, the worldwide information and communication technology (ICT) business is one of the primary industries experiencing severe disruptions such as supply chain disruptions, technological event cancellations, and office closures.
Global Music Streaming Market Segmentation:
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Based on the content type, the music streaming market is segmented into audio and video. In 2019, the audio category led the market, accounting for more than XX % of total sales. The increased popularity of audio material can be related to consumers' desire to multitask, particularly while listening to music while commuting to work, exercising, or completing home tasks. Furthermore, the industry is expected to be driven by the growing number of commercial end-users, such as restaurants, cafés, pubs, and gyms, who use audio streaming platforms to play songs in their commercial locations. Over the projected period, the increased use of OTT platforms for live performance and streaming is expected to boost the segment's growth. Consumers' rising affinity for music videos is prompting service providers to incorporate video into their products. Furthermore, subscribers can simply make their audio and video playlists, boosting the platforms' popularity among millennials.
Based on the end-use, the music streaming market is segmented into individual and commercial. In 2019, the individual end-user segment led the market, accounting for almost XX % of total revenue. Users have had easy access to millions of songs on demand since the launch of music streaming services. The segment's growth is fueled by millennials' shifting lifestyles, which commonly include listening to music while doing their everyday duties. Furthermore, as wireless networks become more accessible and mobile devices become more common, the music streaming business is quickly displacing downloads in the digital music business.
Global Music Streaming Market Regional Insights:
Global Music Streaming Market Regional InsightsNorth America had the greatest revenue share of over 30 % in the market in 2019. Over the forecast period, the regional market is likely to maintain its dominance. One of the significant factors driving the market in the region is the presence of significant market players such as Amazon.com, Inc., Apple, Inc., Google LLC, and Pandora Media, Inc. Furthermore, fixed internet speeds and coverage, a high prevalence of connected devices, and improved digital payment infrastructure all contribute to the region's growth in these services.
In Europe, the market was worth about XX billion in 2019 and is expected to increase significantly between forecast periods. One of the major factors driving the rising usage of music streaming services in this region is a shift in consumer internet consumption patterns from traditional phones to smartphones.
Over the projected period, the market in the Asia Pacific is predicted to develop at the quickest rate. Many domestic and international companies are extending their operations in the region. Many local players offer streaming services on a free basis to maintain the region's volume-driven industry and to retain and attract new users.
The objective of the report is to present a comprehensive analysis of the Global Music Streaming Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.
Porter, svor, pestel analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analysed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding the Global Music Streaming Market dynamics, structure by analyzing the market segments and project the global Music Streaming market size. Clear representation of competitive analysis of key players By Service, price, financial position, product portfolio, growth strategies, and regional presence in the Global Music Streaming Market make the report investor’s guide.
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Global Music Streaming Market Scope: Inquire before buying
Global Music Streaming Market, by Region
• North America
• Europe
• Asia Pacific
• Middle East & Africa
• South America
Global Music Streaming Market Key Players
• Apple, Inc.
• Google LLC
• Spotify AB
• Deezer
• SoundCloud Limited
• Pandora Media, Inc.
• Tencent Music Entertainment Group
• Amazon Music
• JOOX
• TIDAL
• iHeartRadio
• Sirius XM Holdings, Inc.
• Aspiro AB
• Alphabet Inc.
• Comcast Corp.
• IHEARTMEDIA, INC.
• Microsoft Corp.
• Samsung Electronics Co. Ltd.
• Sirius XM Holdings Inc.
• Sony Corp
• Other Key Players
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