The constantly growing number of subscribers on the music streaming platforms is increasing the audience globally. High-quality, hassle-free services, free trials, and discounted prices offered by music streaming service providers are attracting a huge customer base. According to the International Federation of Phonographic Industry (IFPI), around 62.1% of the revenue of the global recorded music market is generated from online streaming. These factors are responsible for propelling the growth of the global online music streaming market.
The online music streaming services allow users to play and listen to music of their choice anytime and anywhere. This is facilitated by the wide scale penetration of internet and increase in users of digital devices such as smartphones, Bluetooth, and speakers. Moreover, the upcoming technological advancements such as 5G, artificial intelligence, virtual reality, and machine learning would enable service providers to offer customized playlists and a seamless user experience to customers, which is expected to fuel the growth of the online music streaming market.
Kenneth Research, in its repository of market research reports, have recently added a report on Music Streaming Market which emphasizes on the latest trends, key opportunities, drivers, and the challenges associated with the growth of the market during the forecast period, i.e., 2021 2030. The Music Streaming Market is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide. According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019.
Additionally, exports of ICT services increased from 5.61% of service exports (BoP) in 2001 to 10.37% of service exports (BoP) in 2017. On the other hand, growing awareness amongst individuals for using the internet is also anticipated to contribute to the market growth. For instance, the total number of individuals using the internet grew from 8% of total population in 2001 to 49% of total population in 2017. Moreover, backed by the increasing demand for high-speed internet amongst the individuals, organizations operating in the field of telecom are increasingly working on deploying 5G network technology, as this technology provides internet access at very high speeds. By 2025, it is estimated that as many as 1.2 billion of total internet connections will account to 5G. Further, one-third of the world is projected to be covered with 5G connectivity by the end of 2030.
The report covers the forecast and analysis of the Music Streaming Market on a global and regional level. The study provides historical data from 2015 to 2019 along with a forecast from 2019-2026 based on revenue (USD Million). In 2018, the worldwide GDP stood at USD 84,740.3 Billion as compared to the GDP of USD 80,144.5 Billion in 2017, marked a growth of 5.73% in 2018 over previous year according to the data quoted by International Monetary Fund. This is likely to impel the growth of Music Streaming Market over the period 2019-2026.
The outbreak of COVID-19 pandemic further boosted the growth of the global online music streaming market. During the first phase of the pandemic, certain behavioral changes prevailed among consumers.
According to the Tencent Music Entertainment, people were streaming music using home appliances such as TV more than their smartphones during the lockdown. Moreover, upsurge has been witnessed in the number of subscribers on various platforms such as Spotify, Tencent Music Entertainment, and Amazon Music. People in the U.S. are more engaged in streaming more video content rather than audio content. Therefore, the pandemic resulted in an upsurge in the video segment. Hence, the COVID-19 had a positive impact on the global online music streaming market.
Why should you develop Jango Live Website and Mobile App?
Jango can be an internet audio streaming service that’s designed to allow customers to make and share free customized radio stations. Users may choose their favourite artists to stream and Jango subsequently plays with music from similar artists. The platform allows users to continually refine their stations by evaluation songs so they play more or less usually in their own station. In 2007, Jango became the very first music streaming platform to introduce a social media feature to online radio by creating the’Jango social media’ of channels. But despite being a popular of being recently featured from The Telegraph’s overview of this most useful available on the web radio channels, Jango’s advantage is much limited in comparison to streaming internet websites like Spotify, who also provide radio station and play list features. The platform also includes little to no presence inside the United Kingdom with all the vast majority of traffic generated by united states.
Jango is one of the very popular on the web Audio streaming and Custom radio service providers in the present world. The platform enables users to always refine their channels by rating songs in order that they play less usually on their channel.
Jango is an audio streaming agency available online all over the world. Jango supplies you with a playlist for tasks like waking , concentrating, party, work out, sleeping, fun and unwinding. Here users are not able to skip unlimited songs, such as several songs and will total up to six artists at a playlist. The Jango service can have adapted into the user’s personal preference according to the preferences. Your own Jango Clone allows its users for producing a profile based on their attention towards a different sort of music by recording different tracks through different gadgets, allowing your visitors to show up their musical ability and a harmonious way. With this kind of attractive professional services of Jango clone, it will help one boost up your audio streaming script business.
