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)
- Gamma Gaana Limited (Ganna.com)
- Google LLC (You Tube)
- Spotify Technology S.A. (Spotify)
- 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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