Music streaming

Music Streaming Market Growth Expected To Increase Significantly During 2020-2030 | gtr

The music streaming market will surpass the value of US$103.7 billion by 2030

ALBANY, NY, USA, Jan. 31, 2022 /EINPresswire.com/ — Transparency Market Research provides key insights into the global music streaming market. In terms of revenue, the global music streaming market is expected to grow at a CAGR of around 15% during the forecast period, driven by numerous factors on which TMR offers in-depth insights and forecasts in its market report world of music streaming.

Music streaming is defined as an online service that allows customers to stream and listen to songs/music using an internet-connected device. Service providers usually acquire or purchase digital rights from various music recording companies. Thereafter, customers can easily access the music/songs listed on the respective app and website on the basis of subscription type.

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Music streaming has seen a surge over the past three years with the growing adoption of digital music and the increasing digitization of the music industry. As a result, the increase in the number of music streaming service providers along with numerous subscription programs (premium, family plan, and single user plan, among others) is positively influencing the growth of the music streaming market. As a result, the market is expected to witness a healthy growth rate over the forecast period.

Music streaming market: dynamic

Rise in smartphone penetration coupled with growing use of mobile internet data to drive the global market

Rising smartphone penetration and growth in mobile internet data usage across the globe are major factors fueling the demand for music streaming services. Additionally, the increasing penetration of smartphones in developing economies such as India, Argentina, Brazil, and China is expected to boost the music streaming market. For example, Asia-Pacific recorded the highest smartphone penetration, accounting for the largest number of smartphone users across the world. This, in turn, is expected to propel the music streaming market. The increase in the adoption rate of digital music and the accessibility of resources offering advanced streaming experiences on smartphones to consumers are significantly driving the adoption of music streaming platforms on smartphones worldwide.

According to the Global System for Mobile Communications (GSMA) 2018 report, smartphone penetration is expected to increase from 57% in 2017 to 77% by 2025. Additionally, more than 2.5 billion people in developing countries were accessing Internet via their mobile devices in 2015. Thus, mobile Internet usage is expected to increase by 37% by the end of 2020, compared to 23% in 2015.

According to TMR analysis, two-thirds of the world’s population subscribe to mobile services and 70% of the population is expected to subscribe to mobile services by 2025. This, in turn, is expected to drive music streaming to worldwide. Currently, about 50% of the population uses mobile internet, and 60% of the population is expected to start using mobile internet by 2025. This is also expected to propel the demand for music streaming across the world. Furthermore, currently 65% ​​of the global population are adopting smartphones, and it is expected that 80% of the population will be adopting smartphones by 2025. This is likely to expand the music streaming market to the global scale.

Music Streaming Market: Important Regions

North America held a major share of the music streaming market in 2020 and is expected to maintain its dominance over the forecast period. According to the Recording Industry Association of America (RIAA), during the COVID-19 pandemic, the average weekly time spent and user base of music streaming apps has increased significantly in the United States. In 2020, 15 million new users in the United States subscribed to music streaming. services, which is expected to drive the music streaming market over the forecast period.

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Music streaming market: key players

The major players operating in the global music streaming market are Amazon.com, Inc., Apple Inc. (Apple Music), Aspiro AB (Tidel), Deezer, Gamma Gaana Limited, Google LLC (YouTube Music), Idagio, iHeartMedia, Inc. (iHeartRadio), LiveXLive, Microsoft Corporation, Pandora Media, Inc., QTRAX, Saavn Media Pvt Ltd., Samsung Electronics Co. Ltd., Sirius XM Holdings Inc., Sony Corporation, SoundCloud, Spotify Technology SA, Tencent Music Entertainment Group, and TuneIn, Inc.

Global Music Streaming Market: Segmentation

Music streaming market, by streaming platform

– App based
– Web based

Music streaming market, by content type

– audio
– Video

Music Streaming Market, By Revenue Channel

– Advertising
– Subscriptions (Premium)

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