Music Streaming Market to be Dominated by North America During the Forecast Period
The
increasing use of smart devices, growing internet user base, and the growth of
digital platforms to drive the global music streaming market.
According to
TechSci Research report, “Music Streaming Market– Global Industry Size,
Share, Trends, Competition, Opportunity, and Forecast, 2018-2028F” The global music streaming
market is expected to grow during the forecast period. Music streaming
continuously sends audio and video files across a wired or wireless internet
connection. Any media content transmitted live or recorded over the internet to
computers and mobile devices and played back in real-time is referred to as
streaming. Businesses are modernizing their offline and online marketing
methods by providing memberships and complimentary services for a limited time.
Such promotions eventually increase user conversion rates, increasing income
prospects.
The global music
streaming market is anticipated to be driven by rising smartphone adoption and
mobile Internet data usage over the projected period. The growing popularity of
digital music is primarily driving the global adoption of music streaming
platforms on smartphones, and the availability of resources offering customers
improved streaming experiences. The music streaming market is expected to grow
during the projected period due to this.
Additionally,
cloud-based music is becoming increasingly popular on the market. Businesses are
concentrating on creating user-friendly apps that make it simple to stream
music on tablets and smartphones. By incorporating the cloud into piece
streaming platforms, companies may improve their offerings and provide
advantages like storage savings and simple streaming from many devices. A
population that is digitally savvy and the use of smart gadgets are two other reasons
that are propelling market expansion.
Companies are
concluding that sophisticated personalization is essential for streaming apps.
Data-driven playlists are now able to evolve thanks to the use of machine
learning (ML) and human curation. With sophisticated algorithms, app developers
are considering ways to improve user recommendations and social discovery.
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The global music
streaming market is segmented based on service, content, platform, application,
region, and competitive landscape.
Based on service,
the global music streaming market is segmented into on-demand streaming and
live to stream. Among these, on-demand streaming holds the leading share in the
market during the forecast period due to the availability of music streaming
applications. The availability for on-demand streaming services is increasing
as consumers wants to listen to the music of their own choice while doing
household chores. Additionally, they also enhance user ease by providing tools
for discovery and recommendations based on their interests.
The global music
streaming market is segmented into audio and video based on content. Among
these, the audio segment holds the leading share in the market during the
forecast period. Listeners can multitask while listening to audio information,
primarily when driving, working out, or doing housework. Additionally, the
market is growing as more commercial spaces, including gyms, cafes,
restaurants, and pubs, employ audio streaming platforms to broadcast music.
Based on the
platform, the market is segmented into application-based and web-based. Among
these, the application segment holds the leading share in the market during the
forecast period. Since they provide thousands of song tracks for sale and a
sizable number of songs to stream for free, music apps dominate the streaming
market. In addition, the global demand for music streaming applications is
driven by the growing demand for media streaming, which is propelled by factors
such as high-speed internet and the increasing use of smartphones. Many vendors
have created web and mobile media platforms to make their services accessible
for cross-device access, such as online, desktop, and mobile apps across
different operating systems.
The region's
market is segmented into North America, Europe, Asia-Pacific, Middle East &
Africa, and South America. Among these regions, North America holds the leading
share in the market during the forecast period. Significant market participants
like Apple, Inc., Amazon.com, Inc., Google LLC, and Pandora Media, Inc. are
crucial drivers pushing the industry in this region. Additionally, the
widespread use of smart gadgets, fixed wireless internet,
and online payment methods fosters regional
market expansion.
Key market
players operating in the music streaming market include:
- Amazon.com, Inc. (Amazon Prime Music)
- Apple Inc. (Apple Music)
- Aspiro AB (Tidal)
- Deezer
- Gamma Gaana Limited (Ganna.com)
- Google LLC (You Tube)
- Spotify Technology S.A. (Spotify)
- LiveXLive
- Pandora Media, Inc.,
- Tencent Music Entertainment Group
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“Due to improved 5G speeds,
live streaming of music videos and concerts is anticipated to experience
exponential expansion. Data-driven insights transform how producers comprehend
their audience and give performers the capacity to interact directly with fans.
People would choose a live music event over virtual concerts, although they are
currently popular owing to the epidemic. To maintain their user base,
businesses are therefore reevaluating their pricing, ad management, and
subscription options. As a result, music producers are getting more exposure
because consumers may access an endless amount of music with a single touch.” said
Mr. Karan Chechi, Research Director with TechSci Research, a research-based
global management consulting firm.
“Music Streaming
Market– Global Industry Size, Share, Trends, Opportunity, and Forecast,
2018-2028F, Segmented By Service (On-Demand Streaming, Live Streaming), By Content
(Audio, Video), By Platform (Application based, Web based), By Application
(Individual, Commercial), By Region, By Company, has evaluated the future
growth potential of music streaming market globally and provides statistics and information on market structure, size, share,
and future growth. The report provides cutting-edge market intelligence and helps
decision-makers to make sound investment decisions. Besides, the report also
identifies the emerging trends along with essential drivers, challenges, and
opportunities present in the market of the music streaming market.
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