NEW
YORK, May 14, 2024 /PRNewswire/ -- The
global music streaming market size is
estimated to grow by USD 31.10 bn
from 2023-2027, according to Technavio. The market is estimated to
grow at a CAGR of over 15.67% during the forecast
period.
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historic data (2017 - 2021) - Download
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Forecast
period
|
2023-2027
|
Base Year
|
2022
|
Historic
Data
|
2017 - 2021
|
Segment
Covered
|
Type (Free and Paid),
End-user (Individual users and Commercial users), and Geography
(North America, Europe, APAC, South America, and Middle East and
Africa)
|
Region
Covered
|
North America, Europe,
APAC, South America, and Middle East and Africa
|
Key companies
profiled
|
Alphabet Inc.,
Amazon.com Inc., Apple Inc., Bharti Airtel Ltd., Curb Records Inc.,
Deezer SA, Gamma Gaana Ltd., iHeartMedia Inc., KKBOX, Meredith
Corp., Mixcloud Ltd., RealNetworks Inc., Reliance Industries Ltd.,
Sirius XM Holdings Inc., SoundCloud Global Ltd. And Co. KG,
SOUNDMACHINE, Soundtrack Your Brand Sweden AB, Spotify Technology
SA, Tencent Holdings Ltd., and TuneIn Inc.
|
Key Market Trends Fueling Growth
The global music streaming market is witnessing a surge in
differentiated services from vendors such as YouTube Music,
Pandora, Spotify, Deezer, and Tidal. These platforms offer features
like easy accessibility, auto playlist customization, high audio
quality, personalized recommendations, and various interactive and
social functionalities. Additionally, they are expanding globally,
localizing content, and integrating with smart devices, virtual
assistants, and 5G technology for enhanced user experience. Key
technologies include AI-driven personalization, lossless streaming,
and virtual concerts, while subscription bundling and
user-generated content cater to diverse user needs.
Market Challenges
- The digital music publishing landscape is dominated by
subscription-based music streaming services, driven by high-quality
streams and advancements in technologies like 5G and 4G. Consumers
access vast music collections, yet cannot own the content,
requiring constant internet connection. This lack of ownership may
hinder market growth, as individuals and businesses in sectors like
restaurants and gyms utilize music streaming services, OTT
platforms, and websites for audio and video content via
application- or web-based platforms. Unauthorized streaming and
live videos on social media add complexity, while AI and ML enhance
user experience with features like rewind, fast-forward, and pause.
Revenue channels include subscription fees, advertising, and prime
membership benefits.
Research report provides comprehensive data on
impact of trend, driver and challenges - Buy
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Segment Overview
This music streaming market report extensively covers market
segmentation by
- Type
- End-user
- 2.1 Individual users
- 2.2 Commercial users
- Geography
- 3.1 North America
- 3.2 Europe
- 3.3 APAC
- 3.4 South America
- 3.5 Middle East and
Africa
1.1 Free- The music streaming market is
experiencing significant growth in various sectors, including
restaurants, cafeterias, salons, and gyms, where consumers seek an
immersive audio-visual experience. Cloud-based infrastructure
supports application- and web-based platforms, enabling live
streaming, rewind, fastforward, and pause features for both audio
and video content. Revenue channels include non-subscription
models, such as ad-based services, and subscription plans catering
to individual and commercial use. Interactive and social features,
like collaborative playlists, user-generated content, and remix
culture, foster engagement and global expansion. High-fidelity and
lossless streaming, AI-driven personalization, live audio, and
virtual concerts cater to diverse consumer preferences. Smart
devices, smart speakers, alarms, voice command, and virtual
assistants facilitate seamless integration into daily life. Network
connection, data transfer rates, and latency impact user
experience, while smart home devices and buffering times require
optimization for optimal performance.
For more information on market segmentation with
geographical analysis including forecast (2023-2027) and historic
data (2017 - 2021) - Download a Sample Report
Research Analysis
In the contemporary digital landscape, the Music Streaming
Market has experienced significant growth, driven by advancements
in technology and consumer demand. Smart devices, equipped with 5G
connectivity, enable high-quality Music Streams, allowing consumers
to access Music videos, Podcasts, Audio files, and Music streams
seamlessly. 5G technology's faster connectivity surpasses 4G,
enhancing the user experience. Music Streaming Services, including
OTT platforms, offer Prime membership benefits, such as AI and ML
features, enabling personalized recommendations. However,
unauthorized music streaming remains a challenge for the Music
Industry. Social media websites like YouTube Live and Facebook
Periscope host live Music videos, further expanding the market's
reach. Individual segments, such as Restaurants, Cafeterias,
Salons, and Gyms, leverage cloud-based infrastructure for live
streaming Music, catering to diverse consumer preferences. The
Music Streaming Market continues to evolve, offering consumers a
rewind feature and more, ensuring an immersive and engaging
experience.
Market Research Overview
The Music Streaming Market is a significant segment of the
digital entertainment industry, driven by advanced technologies and
consumer preferences. Platforms such as Musics, Smart Technology,
and On-Demand Services enable users to access a vast library of
tunes from various artists and genres. Podcasts and video content
are also integrated into these services, expanding their offerings.
The market is competitive, with players like Audio Devices and
Social Media offering streaming services. Consumers value
convenience, affordability, and personalized recommendations,
leading to increased demand for these services. The use of
Artificial Intelligence and Machine Learning technologies further
enhances the user experience by providing customized playlists and
recommendations. The market is expected to grow further with the
integration of Virtual and Augmented Reality technologies, offering
immersive music experiences.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Type
-
- End-user
-
- Individual Users
- Commercial Users
- Geography
-
- North America
- Europe
- APAC
- South America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio