Increasing Penetration of Smartphones to Drive India Music Streaming Market
Government initiatives such as Digital India
and Bharat Net coupled with rising youth population, growing smartphone user
base and increasing internet penetration in Tier II and Tier III cities to
drive India music streaming market through 2023
According
to TechSci Research report, “India Music Streaming Market By Type, By Revenue Generation, By Language,
Competition Forecast & Opportunities, 2013 – 2023’’, music
streaming market in India is projected to grow at a CAGR of over 22% until 2023.
Reducing prices of smartphones and increasing data consumption owing to the
availability of cheaper data plans are the key factors expected to boost demand
for music streaming services during the forecast period. Moreover, rising youth
population, growing investments in music streaming platforms, and various
initiatives undertaken by the government such as Digital India and Bharat Net are
anticipated to positively influence the country’s music streaming market in the
coming years.
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Launch of standalone platforms by players like
Saavn is creating a new market for Indie music and the change in the mindset of
consumers from not willing to pay for music subscriptions would help the music
streaming market to grow at a robust pace in the coming years. Backed by its
ease of use and robust music content availability, streaming services segment
dominated the country’s music streaming market in 2017 and is anticipated to
maintain its market dominance during the forecast period as well. Saavn, Google Play Music, Wynk
and Gaana are
among the major companies operating in India music streaming market. North region accounted for largest revenue share
in India music streaming market in 2017 due to high purchasing power of people as
well as huge and growing youth population.
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“With the availability of local language content
and free music streaming content on a variety of platforms, entry of global players
in the market and improving access speeds, music streaming market in India is
anticipated to register strong growth over the coming years. Moreover, tie-ups
between music streaming companies and music labels is creating an attractive
collection of music library. All the aforementioned factors are anticipated to
boost average revenue per user and propel the music streaming market in India during
the forecast period.”, said Mr. Karan Chechi, Research Director with TechSci
Research, a research based global management consulting firm.
“India
Music Streaming Market By Type, By Revenue Generation, By Language,
Competition Forecast & Opportunities, 2013 – 2023” has
evaluated the future growth potential of India music streaming market and
provides statistics and information on market size, structure and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also identifies
and analyzes the emerging trends along with major drivers, challenges and
opportunities in India music streaming market.
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