The global music streaming market is projected to expand at a robust CAGR during the forecast period, 2021–2028. The growth of the market is attributed to growing popularity of digital platforms and increasing adoption of smart devices across the globe.
Music streaming services include platforms that allow users to listen audios, podcasts, and watch music videos. The music streaming services offer streaming music through Internet without purchasing or downloading the music files. Major music streaming applications in the market are Amazon music, Apple, and Spotify.
Market Trends, Drivers, Restraints, and Opportunities:
- Increasing number of consumers opting for paid subscriptions is driving the growth of the market
- Growing smartphone usage and population and increasing Internet penetration are positively influencing the market growth.
- Rising number of users that are streaming podcasts and music amidst the COVID-19 pandemic is propelling the growth of the market
- Lack of interest of people in music streaming is restraint the growth of the market
Music Streaming Market Segment Insights:
Live streaming accounts for large market share
On the basis of services, the market is divided into on-demand streaming and live streaming. The on-demand segment dominated the market with a revenue share of over 75% in 2020. On-demand streaming services have emerged as a promising solution for stakeholders, distributors, and musicians, as it restricts the illegal sharing and download of music. On the other hand, the live streaming segment is anticipated to witness substantial during the forecast period. Live streaming refers to broadcasting live content in real time to people over the internet.
Apps segment accounts for a significant market share
Based on the platforms, the market is divided into apps and browsers. The apps segment accounted for a significant share of the market in 2020, in terms of revenue. Music apps provided over thousands of songs track that can be purchased right from the app. High speed internet and growing adoption of smartphones is increasing the demand for music streaming apps globally. On the other hand, the browser segment accounted for a considerable share owing to the ability of browser to provide access playlists and libraries without a dedicated app.
Videoa segment accounts for a significant market share
On the basis of content types, the market is divided into audios and videos. The audios segment dominated the market in 2020, in terms of revenue. Increasing number of users listening songs while exercising and commuting to work is propelling the segment growth. On the other hand, the videos segment accounted for a significant share of the market during the forecast period. The availability of video content on streaming platforms make it more engaging for the users.
Commercial segment accounts for a significant market share
On the basis of the end-users, the market is divided into individual and commercial. The individual segment dominated the market owing to changing lifestyle of millennials, which has increased the penetration of music streaming applications. Conversely, the commercial segment is expected to grow a significant rate during forecast period.
North America accounts for a significant market share
Based on regions, the market is divided into Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America accounted for a significant market share in 2020, in terms of revenue. High penetration of connected devices and established digital payment infrastructure are propelling the growth of the market in the region.
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