Music Streaming Market

The increase in digitalization and growth in the adoption of digital music is paving the trajectory for growth of the music streaming market. The market is moving ahead with the growth in penetration of the internet and smartphones. Both the content types, music streaming, and video streaming are witnessing high popularity across the globe. The surge in the number of service providers along with the presence of numerous subscription schemes is positively influencing the market growth. Major music streaming applications gaining demand in the market are Amazon music, Apple, and Spotify.

North America is expected to lead the global market in terms of growth owing to the high adoption rate of digital music and the availability of resources offering the advanced streaming experience to the consumers. Advanced data services such as 4g and fast broadband connectivity in the region also act in its favor. Regions such as China are exhibiting rapid market growth on the back of escalating adoption rate of applications such as Saavan and Gaana.


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Key Player

On the basis of geography, the music streaming market is segmented into various regions, which include North America, Latin America, Europe, China, Japan, SEA & Others of APAC, and Middle East & Africa. The North America music streaming market is expected to dominate the global music streaming market due to high adoption of digital music in the U.S., availability of resources for offering advanced music streaming experience to the end-users, and high disposable income of the end-users, in the region.

The region has witnessed the adoption of advanced data services such as uninterrupted 4G and high speed broadband connectivity since the past four years as well. These factors are fuelling the growth of the music streaming market in North America. Moreover, the music streaming market has high potential in SEA & Pacific and China owing to the increasing adoption of free music streaming applications such as JOOX, Saavn, Gaana etc.

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Global music streaming market

In this report, PMR has segmented the global music streaming market on the basis of type of streaming, end-user, content type and region. By type of streaming, the market is sub-segmented into rugged live streaming and on-demand streaming.

With the increasing introduction of audio music streaming applications, offering advanced features with its subscription based music streaming applications, end-users across the globe have started adopting on-demand music streaming services. In addition to this, on-demand streaming is expected to witness an incremental opportunity of US$ 25,617.78 Mn from 2018 to 2026.

However, owing to the presence of huge audience over YouTube, a considerable market share is held by live streaming segment as well. One of the recent development witnessed across this segment, is the introduction of subscription based YouTube music streaming option. This, as a result, is expected to drive the growth of on-demand music streaming segment.

Companies
 Apple
 Google
 Amazon Music
 Spotify
 Deezer
 SoundCloud
 Pandora
 JOOX
 TIDAL
 iHeartRadio
 Others

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