The Global Music Streaming Market size is expected to reach $60.5 billion by 2026, rising at a market growth of 16% CAGR during the forecast period. The transmission of music in a compressed state by utilizing the internet is termed Music streaming. It can be recovered and played, according to the user’s time and convenience without downloading it manually. The music streaming services do not occupy any space in the storage device. It also offers a person to access millions of songs as per their choice. There is a rising graph of internet users and increasing usage of smartphones and laptops in the world that are contributing to the growth of the market during the forecast period. Additionally, the rising digitization and customer preference to adopt advanced consumer electronic products are some of the major reasons that will fuel the market during the forecast period.
Furthermore, the availability of unique and dormant music according to the user’s time and mood is another reason to fuel the growth of the market during the forecast period. Moreover, some technological development like growth in voice recognition technology to improve consumer experience is another reason behind the growing market of streaming music during the forecast period. Although, growing piracy in the world is acting as a restraint of the market. Additionally, low profit, expenditure on the licensing process, and high competition are some of the major factors that restrict the growth of the market during the forecast period.
Almost every country has been affected by the spread of the COVID-19 virus and declared a lockdown in their country. This pandemic resulted in an increasing number of users, who are engaged in live streaming through platforms like Instagram and YouTube. According to Tencent Music Entertainment, the revenue from online music subscriptions is increased by 70% in the first quarter of the year 2020. In addition, online music paying users have increased to 42.7 million with a year-over-year increase of 50%. Furthermore, the increasing popularity of live streaming and the accessibility of the users to local content on such online platforms are also contributing to the growth of the market.
By Content Type
Based on Content Type, the market is segmented into Audio and Video. The audio category of the market has dominated and accounted for the major revenue share in 2019. This is owing to increasing the number of commercial users, which includes cafes, restaurants, pubs, and Gyms, who plays a song on their commercial places for entertainment. Many customers prefer to listen to music while working, exercising, commuting, and doing household work is acting as a driver of the market.
Based on Platform, the market is segmented into Apps and Browsers. The app category has dominated and computed for the largest revenue share of the market in 2019. This category is estimated to continue its dominance during the forecast period. This thing has resulted in the availability of millions of tracks on an app that can be accessed for free. Many users also buy some songs that are available on these apps.
By Service Type
Based on Service Type, the market is segmented into On-demand Streaming and Live Streaming. The On-demand Streaming market dominated the Global Music Streaming Market by Service Type 2019. The Live Streaming market is expected to witness a CAGR of 16.9% during (2020 – 2026).
By End User
Based on End User, the market is segmented into Individual and Commercial. The commercial end-user category includes places like salons, pubs, restaurants, gyms, and cafes. This category is anticipated to grow remarkably during the forecast period due to the rising need to offer better ambiance to attract customers. Furthermore, music keeps the employees happy and maintains their energy while doing their respective work. Hence, commercial place owners are mostly adopting music streaming services.
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. North America has the largest revenue share in the market in 2019. The regional market is anticipated to maintain its dominance during the forecast period. The presence of main players of the market like Apple, Amazon, Pandora, and Google is one of the main reasons that are driving the market in that region. Furthermore, in Asia-Pacific, the market is also anticipated to offer a freemium model of streaming services to support the volume-driven market in this region and maintain the existing customers and attract new potential customers.
The major strategies followed by the market participants are Product Launches and Partnerships. Based on the Analysis presented in the Cardinal matrix; Google, Inc. and Apple, Inc. are the forerunners in the Music Streaming Market. Companies such as SoundCloud Ltd., Amazon.com, Inc., iHeartMedia, Inc., Deezer S.A., Spotify Technologies S.A., Sirius XM Holdings, Inc., Aspiro AB, and Tencent Music Entertainment Group are some of the key innovators in the market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Amazon.com, Inc., Apple, Inc., Google, Inc., Tencent Music Entertainment Group (Tencent Holdings Ltd.), Spotify Technologies S.A., SoundCloud Ltd., Sirius XM Holdings, Inc. (Pandora Media, Inc.), iHeartMedia, Inc. (Thomas H. Lee Partners), Deezer S.A. (Access Industries Holdings LLC) and Aspiro AB (Tidal).
Source: GLOBE NEWSWIRE via ResearchAndMarkets.com