Global Music Streaming Market is valued at USD XXXX in 2019 and expected to reach XXXX by 2025 with the CAGR of X% over the forecast period.
Increasing internet penetration with the growing pace of digitisation, rising usage of smartphones and laptops by an overwhelming youth population, and cheaper annual subscriptions of digital music apps are the major factors for driving the growth of Global Music Streaming Market.
Scope of Global Music Streaming Market Report-
Music Streaming Market can be defined as the transmission of music in compressed form via the Internet, following the retrieval and playback at the convenience and time of the user without downloading the music files. These services do not require additional storage space. Depending on the user's choice, millions of songs can be accessed. The difference between online music streaming and downloading multimedia is that a copy of the music is not saved on the hard drive. If you want to hear it again, you can easily stream it again, although some paid music streaming services allow you to choose to stream and download simultaneously. The way the streaming process works is that the audio files are transferred in small packets, so that the data is cached on your computer and read immediately. As long as a stable data packet is delivered to your computer, you can hear the sound without any interference.
There are many benefits pertaining to music streaming. First of all, it is the most convenient and most popular platform for people. In the growing world of digitization, masses prefer to cherish their hobby of listening to music in the most updated and advanced manner, which is online streaming wherein they are provided with various options to personalize their music experience, like podcasts, customized playback lists and others. These features tempt the users to go for online music streaming. Another catering benefit of music streaming is its aid in eliminating privacy. Piracy is a major problem faced by music industry where due to the music and songs being pirated by anti-social elements, artists are paid no commission on their compositions. Subscription strategies and models allow artists to be paid from consumers, many of whom move from paying for pirated music to get a low cost and beneficial subscriptions on one or more music streaming platforms. Other benefits of digital music streaming are better analytics for music, easy distribution on streaming channels and others.
Global Music Streaming Market is segmented on the basis of content and end-user. On the basis of the type of content, market is segmented into audio and video streaming. On the basis of end-user, market is segmented into individual or residential, and commercial.
The regions covered in this Music Streaming market report are North America, Europe, Asia Pacific and rest of the World. On the basis of country level, market of Music Streaming is subdivided into U.S., Mexico, Canada, U.K., Germany, France, Italy, China, Japan, South East Asia, Africa, etc.
Music Streaming Companies
Global Music Streaming Market Dynamics-
Increasing internet penetration with the growing pace of digitisation, rising usage of smartphones and laptops by an overwhelming youth population, and cheaper annual subscriptions of digital music apps are the major factors for driving the growth of Global Music Streaming Market. As per the statistics, around 229 million people worldwide have streaming subscriptions in which Amazon Music topped the list with nearly 65.4% service subscriptions in the survey presented in Music Consumption-The Overall Landscape 2018. The same survey revealed that about 56.3% of the people stated exercising smartphone music listening daily, whereas laptop streaming stood at around 20%. Moreover, increase in the exclusiveness in content, with various attractive and innovative features like podcasting, originals and personalized music charts, are also driving the growth of the market.
However, increasing instances of piracy in music industry, rising competition from a large line of music streaming companies and growing expenditure on licensing and contracting are some of the factors that may hamper the growth of the Music Streaming market.
There are increasing incidences of shifting consumer behaviour and preference towards on-time, on-demand services as per their own convenience and time, along with customized and dedicated personalizing in-app post-subscription options, are expected to provide lucrative opportunities for the market growth of Music streaming.
North America is expected to remain a dominant region in the Global Music Streaming Market.
North America is expected to dominate the major share of the market due to the high uptake of digital music in the United States, and the availability of resources to provide end users with a quality streaming experience. Also, there is a disposable income of the population in the region. The region has witnessed high adoption of advanced data services, such as uninterrupted 4G and high-speed broadband connections. US has encountered the largest streaming penetration in 2018, where, 1 person listened to online music for around 32 hours a week, this makes the user penetration rate into streaming somewhere near 47.3%.Asia Pacific is expected to exhibit a significant growth in Music streaming market on account of the rising adoption of digitization, a large-scale availability of free music streaming applications like JOOX, Gaana, Saavn etc. There is an increase in awareness regarding the risks of piracy in music which is further fueling the adoption of digital music streaming. The developing countries in the region like India, China and others are exhibiting raising establishments of streaming platforms to utilize the untapped potential in the region. According to Audio OTT Economy in India, developing economies like India, a consumer, on an average, spends nearly 21.5 hours per week listening to music. The country accounts for around 225 million video streaming subscriptions and 150 million digital audio subscriptions, which is expected to grow even more in coming years. Hence, APAC region will show an inclining growth.
Key Benefits of Global Music Streaming Market Report-
Global market report covers in depth historical and forecast analysis.
Global market research report provides detailed information about Market Introduction, Market Summary, Global Market Revenue (USD), Market Drivers, Market Restraints, Market Opportunities, Competitive Analysis, Regional and Country level.
Global market report helps to identify opportunities in market place.
Global market report covers extensive analysis of emerging trends and competitive landscape.
Global Music Streaming Market Segmentation: -
By Content: Audio Streaming, Video Streaming
By End-User: Individual, Commercial
By Regional Analysis:
North America, Europe, Asia Pacific, Latin America, Middle East and Africa
Brandessence Market Research and Consulting Pvt. ltd.
Brandessence market research publishes market research reports & business insights produced by highly qualified and experienced industry analysts. Our research reports are available in a wide range of industry verticals including aviation, food & beverage, healthcare, ICT, Construction, Chemicals and lot more. Brand Essence Market Research report will be best fit for senior executives, business development managers, marketing managers, consultants, CEOs, CIOs, COOs, and Directors, governments, agencies, organizations and Ph.D. Students. We have a delivery center in Pune, India and our sales office is in London.
Contact us at: +44-2038074155 or mail us at email@example.com