Publication Month: Jun 2020 | Report Code: TIPRE00003356 | No. of Pages: 160 | Category: Technology, Media and Telecommunications | Status: Published
Growing popularity of digital music streaming websites is attributing to the growth of the market. As the digital music streaming platforms and websites are changing the musical scenario, music streaming is becoming popular globally. The digital music market is accelerating as the consumers are attracted towards purchasing different contents which they can access for free. Due to increasing disposable income, the consumers are purchasing digital content. Spotify, Google, Pandora, SoundCloud, iHeartRadio, Apple Music are some of the prominent digital music platform providers. The individuals are taking advantage of music streaming platforms provided by respective service providers for their enjoyment. Additionally, the availability of free-trial and paid subscription is playing a significant role in boosting the application of digital music platforms. In the era of digital age, the music streaming industry is evolving in a rapid pace. Owing to availability of digital download feature, the physical sales of CDs is declining. In Spotify, Apple, Tidal, and You tube Music, a subscription fees is required to consume content in music streaming platforms. As the consumers are willing to pay for digital content, the number of digital music website is booming.
The introduction of cloud-based music in the music streaming market is expanding, which in turn drives the adoption of music platforms. The vendors are developing several user-friendly applications to ensure easy streaming of music over tablets and smartphones. The availability of cloud feature in music streaming platform is boosting the adoption of digital music platforms. Moreover, factors such as presence of digital savvy population, increasing disposable income, and smartphone adoption are propelling the adoption of digital music platforms at a significant rate.
Music and Media industry is also impacted negatively and thus act as a restraining factor for the growth of various markets related to this industry in the coming months. One of the critical areas highly impacted is live performances. The industry is fighting back to recover the loss and come-up with new business models. To monetize, the companies are coming up with live shows on streaming devices. In the first quarter of 2020, the online music subscription was increased by around 70% YoY, globally. The crisis has accelerated the trend in music streaming. The streaming companies are getting a significant number of subscriptions and viewers since the start of this pandemic. The overall music streaming has a significant positive impact of COVID-19 pandemic
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The on-demand streaming enable the consumer to retrieve large catalogue of music online with minimal subscription fee. The number of consumers from the US making payments for purchasing subscription of on-demand streaming such as Apple Music or Spotify has been increased from 28.7% in 2019.This has resulted into increased premium subscriptions and caused a revenue increase of 27.5%. Rise in the number of music subscribers has resulted into growing demand for on-demand streaming services. The promotions and popularity of family plans in digital music platforms such as Spotify, Apple, Alphabet, and Amazon has benefited the consumers.
The digital music providers are driving inventions across the consumer listening experience throughout phones, tablets, computers, and smart devices. Owing to the availability of in-vehicle infotainment systems and smart speakers in car and home arena respectively, the music streaming providers have an opportunity to propel their business. Some of the prominent on-demand music streaming platforms are Google Play Music, Spotify, Apple Music, Sound Cloud, Amazon Prime, and Tidal. In this context, companies such as Spotify and Amazon utilize ad-supported services to market their products. Spotify has long succeeded at converting ad-supported listeners to paid subscribers; whereas, Amazon market Prime subscriptions and Echo devices together. The strategies adopted by mentioned companies helps in gainaing more subscribers. Moreover, Amazon Prime Music includes prime subscriptions which further help the company to increase its customer base. At present, the on-demand streaming are one of the most preferred services, as they use network infrastructure and on-demand audio streaming software to stream media files. Additionally, the MIDiA Research released that n 2017the music subscription revenue grew 63%. Owing to exploration in on-demand streaming, there is significant increase in the number of subscribers.
Based on content type, the music streaming market is segmented into audio streaming and video streaming. The audio content segment held the largest market share in 2018.
Based on streaming type, the music streaming market is segmented into live streaming and on-demand streaming. The on-demand streaming segment held the largest market share in 2018.
|Market Size Value in||US$ 26.05 Billion in 2019|
|Market Size Value by||US$ 46.99 Billion by 2027|
|Growth rate||CAGR of 7.4% from 2019-2027|
|No. of Pages||160|
|No. of Tables||83|
|No. of Charts & Figures||79|
|Historical data available||Yes|
|Segments covered||Content Type ; Streaming Type ; End User|
|Regional scope||North America, Europe, Asia Pacific, Middle East & Africa, South & Central America|
|Country scope||US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Free Sample Copy Available|
Players operating in the music streaming market are mainly focused on the development of advanced and efficient products.
The List of Companies - Music Streaming Market