Music Streaming Market – $ 23.6 Billion in 2020, Market Growth at a CAGR of 16.5%, Market Trends – Adoption of advanced technologies such as 5G streaming, AR, VR and AI
NEW YORK CITY, NEW YORK, USA, Oct. 13, 2021 /EINPresswire.com/ – The global music streaming market size is expected to reach $ 80.6 billion in 2028 and register a CAGR of 16.5% over the period forecast, according to the latest Reports and Data report. Growing competition among music streaming service providers and growing number of users streaming digital content to smartphones, tablets and desktops are key factors that are expected to continue to drive the market revenue growth over the course of of the forecast period.
Major players are investing in advanced technologies such as 5G for streaming, augmented reality (AR), virtual reality (VR), holograms, cloud-based services and artificial intelligence (AI) to acquire a competitive advantage and take advantage of income opportunities. In addition, the advent of enhanced features such as track mixing, automated one-touch custom playlists, and voice assistance are expected to continue to improve the user experience on these platforms.
Consumers prefer to pay for music content due to the increase in disposable income. Providing both a free trial and a paid subscription expands the user base and provides information to further improve online music streaming services. However, certain threats to user privacy and security and copyright issues related to music streaming in audio and video recording are expected to restrain the market growth to some extent over the course of of the forecast period.
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Other key findings from the report
· Since May 2021, Apple integrates Dolby Atmos technology into Apple Music, as well as Spatial Audio. Apple Music will play Dolby Atmos music by definition on all AirPods and Beats headphones with an H1 or W1 processor, including the built-in speakers in the latest iPhone, iPad, and Mac versions.
· Audio segment is the revenue of the segment that records the fastest growth rate during the forecast period. The growing popularity of streaming and the trend towards multitasking, such as listening to music while working, exercising, driving or doing household chores, are supporting other market trends. The increasing number of commercial users such as restaurants, offices and cafeterias is also expected to fuel the growth of the market.
· Applications segment revenue is expected to register the fastest revenue growth rate during the forecast period. App-based music streaming services have a strategic advantage in the market, which allows service providers to offer a large volume of digital content that can be paid for through the app, and even a large number of songs that can be played. listened to for free.
· On-demand streaming services have emerged as a promising alternative to limit illegal music sharing and downloading, including all investors; from distributors to musicians. It also provides external tools to users and suggestions based on their previous recordings for their convenience.
The music streaming market in North America accounted for the largest revenue share in 2020, high speed internet services and distribution, growing number of connected devices and improving digital payment infrastructure are factors contributing to market growth in the region.
Leading companies in the market include Amazon, Music Inc., Google LLC, Apple, Inc., Spotify AB, Pandora Media, Inc., iheartmedia, Inc., Deezer, SoundCloud Limited, Tencent Music Entertainment Group, and Tidal HiFi.
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For the purpose of this report, Reports and Data has segmented the global music streaming market on the basis of content type, platform, service, end use, and region:
Outlook Content Type (Revenue, USD Million; 2018-2028)
Platform Outlook (Revenue, USD Million; 2018-2028)
Service Outlook (Revenue, USD Million; 2018-2028)
· Live broadcast
· On demand
End-Use Outlook (Revenue, USD Million; 2018-2028)
Regional Outlook (Revenue, USD Million; 2018-2028)
· North America
o United States
o Rest of Europe
· Asia Pacific
o South Korea
o Rest of APAC
· Latin America
o Rest of LATAM
o Saudi Arabia
o United Arab Emirates
o Rest of the MEA
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