Report : Asia Pacific Music Streaming Market Forecast to 2027 - COVID-19 Impact and Regional Analysis by Content Type (Audio Streaming, Video Streaming), Streaming Type (Live Streaming, On-demand Streaming), End User (Commercial, Individual), and Country
Audio Streaming Segment to Dominate APAC Music Streaming Market during 2020–2027
According to The Insight Partners market research study on “Asia Pacific Music Streaming Market Forecast to 2027– Covid-19 Impact and Analysis – by Content Type, Streaming Type, End-User, and Country,” the market is expected to reach US$ 13.9 billion by 2027 from US$ 6.9 billion in 2019. The market is estimated to grow at a CAGR of 8.9% from 2020 to 2027. The report provides trends prevailing in the APAC music streaming market along with the drivers and restraints pertaining to the market growth.
The music streaming market in APAC has been analyzed based on historical, current, and future trends in the countries across the region. The music streaming market players in the region are experiencing significant demand for their products due to rising disposable, high smartphone penetration, and willingness to spend on paying for subscription fees. Moreover, changing technology structure, competitive environment due to the presence of different entertainment products, and rising customer inclination towards streaming services are some other factors responsible to impact the growth of the music streaming market in Asian territory.
As per IFPI, the region has experienced strong growth in South Korea, China, India, Indonesia, the Philippines, and Singapore. Digital revenue has been increased in Japan, owing to strong subscription revenues. The consumers throughout Asia have the leverage to get engaged on YouTube, Spotify, KKBOX, and iTunes platforms. In addition to mentioned gigantic music streaming service providers, there are some other companies that also cater the Asian market. Express Melody is Singapore's headquarter has expanded its business in Malaysia and China. The company offers high-quality audio solutions for every type of business, from shopping complexes to hotels and retailers. The company also provides hardware to handle sound ambiance remotely and a 14-day free trial before subscribing. Similarly, in Australia, StorePlay and Qsic are other music streaming service used to improve ambience of stores and other commercial places.
India has a population of 135 crores by 2018 out of which nearly half of the population have access to internet. The numbers of smartphone consumers are projected to reach 859 million by 2022. With lesser data tariff rates and more use of smartphones in the country, the use of streaming services is booming. The country has the presence of immense streaming service providers such as Apple Music, Spotify, Amazon Music, and YouTube, The country also has the existence of national music streaming services such as Gaana.com and JioSaavn. To retain existing customers while attracting newcomers, Spotify has introduced a three-month free trial period. The yearly plan fees have been reduced to 699.
The government of Asia Pacific countries is taking possible steps to reduce the effects of coronavirus pandemic by announcing lockdown. China was the first country with COVID -19 confirmed cases. However, China has emerged from a 2-month containment phase and moved into the mitigation stage. The COVID-19 outbreak in China negatively impacted Tencent Music Entertainment, China’s largest online music business. However, due to the containment phase, the significantly gained profit due to the increase in the number of paid subscribers. The subscription was traditionally not a dominant business model for Tencent Music Entertainment. So, the acceleration in paying subscriber numbers was welcomed by the company’s management. They rose 70% YoY to reach 42.7 million at the end of March, now representing 6.5% of the company’s monthly users.
APACMusic Streaming Market, By Country, 2019 (%)
APAC Music Streaming Market Segmentation
APAC Music Streaming Market, by Content-Type
APAC Music Streaming Market, by Streaming Type
APAC Music Streaming Market, by End-User
APAC Music Streaming Market, by Country