India Music Streaming Market to be Fueled by On-Demand Music Streaming During the Forecast Period
India music streaming market is primarily driven by
the rising
trend of streaming of audio files like music, podcasts, voice-overs, etc. over
the internet, the increasing preference for on-demand listening, and the
growing availability of distinguished music category.
According to TechSci Research report, “India Music Streaming Market”- By Region,
Competition Forecast and Opportunities, 2019-2029F,” Music streaming refers to
the process of listening to music over the internet. This is made possible
through music streaming services, which allow users to access a vast library of
songs and listen to them on demand.
Music streaming services often
offer both free and paid subscription options. Free users usually have limited
access to the service and may have to listen to advertisements. Paid
subscribers, on the other hand, have access to the full library of songs and
can listen to music without any ads. Some popular music streaming services
include Spotify, Apple Music, and Amazon Prime Music.
Music streaming has grown
in popularity over the years as it provides customers with fast access to
millions of songs from across the world. With low data costs and increasing
adoption of 5G connection, music streaming has become more accessible than
ever, allowing users to listen to their preferable music on the go.
Social listening features
are also driving the growth of India music streaming market. These features
enable users to listen to music in real time with friends and family, making
music streaming more social and engaging. This trend has gained
popularity among younger customers looking for new and innovative methods
to connect with their friends and share their musical interests. Additionally,
in order to improve the personalized experience with online music streaming,
music service providers such as Spotify, and Apple Music not
only offer music on one device, but across multiple devices simultaneously with
the same paid membership.
Major challenges in the
music streaming market in India is the intense competition among various
streaming platforms. India has witnessed a significant increase in the number
of music streaming services, both local and international, entering the market.
Additionally, with multiple streaming platforms available, users have a wide
range of options to choose from. This leads to intense competition in terms of
pricing and subscription plans. Music streaming services need to offer
competitive pricing and attractive subscription packages to attract and retain
customers. Finding the right balance between affordability for users and
sustainable monetization for the platforms is a challenge.
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Pages and an in-depth TOC on the "India Music Streaming Market"
The India music streaming market is segmented into revenue
model, service, platform, and region.
Based on service, the India music streaming market is
segmented into on-demand and live streaming. Among these, on-demand music streaming
has a significant share in the market during the forecast period due to the
increasing availability of high-speed internet access and the widespread
adoption of smartphones and laptops, which has made it easier for users to
stream music on the go. The popularity of on-demand streaming services like
Spotify, Gaana, and JioSaavn has also contributed to the growth of the market.
These services offer users access to a vast selection of songs across multiple
languages and genres, as well as personalized recommendations based on user
preferences.
Based on platform, the India music streaming market is
segmented into application based and web based. Among these, application-based
music streaming has a significant share in the market during the forecast
period. Music streaming applications are user-friendly, offer a better user
experience, and load content faster. Music streaming applications also send
push notifications to users who have the app installed on their system.
Major companies operating in the India music streaming
market are:
- Spotify
India LLP (Spotify)
- Saavn
Media Limited (JioSaavn)
- Gamma
Gaana Ltd. (Gaana)
- Airtel
Digital Limited (Wynk Music)
- Apple
India Private Limited (Apple Music)
- Amazon
Seller Services Private Limited (Amazon Prime Music)
- Hungama
Digital Media Entertainment Pvt Ltd. (Hungama)
- Google
India Private Limited (Youtube Music)
- SoundCloud
Limited (SoundCloud)
- Bytedance
Ltd. (Resso)
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“India's music streaming market is anticipated to grow
during the forecast period, driven by a large and youthful population that is
increasingly embracing digital platforms for entertainment. One of the key
factors driving the growth of the music streaming market in India is the
increasing availability of high-speed internet access across the country. The
widespread adoption of smartphones has also played a significant role, as
consumers are increasingly using their mobile devices to access music streaming
services.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based
global management consulting firm.
India Music Streaming Market By Revenue Model (Subscription-Based Services, and Ad-Supported
Services), By Service (On-Demand Music Streaming, Live Music Streaming), By
Platform (Application Based, Web Based), By Region, By Company, Forecast
& Opportunities, 2019-2029F, has
evaluated the future growth potential of India music streaming market and
provides statistics & 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 essential drivers,
challenges, and opportunities in the India music streaming market.
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