Providing free trial and paid subscription enhances the use of digital music streaming services.
NEW YORK CITY, NEW YORK, USA, April 13, 2022 /EINPresswire.com/ — The global music streaming market size is expected to reach USD 80.6 billion in 2028 and register a CAGR of 16.5% over the period forecast, according to the latest report from Reports and Data. Growing competition among music streaming service providers and growing number of users streaming digital content on smartphones, tablets and desktops are key factors that are expected to continue driving the market revenue growth during 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 achieve a competitive advantage and take advantage of revenue opportunities. Also, the advent of enhanced features such as track mixing, one-touch automated custom playlists, and voice assistance are expected to continue improving the user experience on these platforms in the future.
Consumers prefer to pay for music content due to increased disposable income. Providing free trial and paid subscription expands the user base and provides information to further improve online music streaming services. However, certain user privacy and security threats and copyright related issues related to streaming music in audio and video recording are expected to restrain the market growth to some extent during the forecast period.
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Other main findings of the report
• Since May 2021, Apple has integrated 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 built-in speakers in the latest iPhone, iPad, and Mac versions.
• Audio segment is the fastest growing segment revenue during the forecast period. The growing popularity of streaming and the trend of multitasking like listening to music while working, exercising, driving or doing household chores are supporting other market trends. The growing number of commercial users such as restaurants, offices, and cafeterias is also expected to fuel the growth of the market.
• Application segment revenue is expected to register the fastest revenue growth rate during the forecast period. App-based music streaming services have a strategic market advantage, allowing service providers to offer a large volume of digital content that can be paid for through the app, and even a large number of tracks that can be 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 users with external tools and suggestions based on their previous records for their convenience.
• The music streaming market in North America accounted for the largest share of revenue in 2020, high-speed Internet services and distribution, the growing number of connected devices and the improvement of the digital payment infrastructure are factors contributing to the growth of the market in the region.
• Major companies in the market are 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 purposes 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:
Content Type Outlook (Revenue, USD Million; 2018-2028)
Platform Outlook (Revenue, USD Million; 2018-2028)
Services 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
• Asia Pacific
• Latin America
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Key Questions Answered by the Report
• What was the size of the global music streaming market in 2020?
• What compound annual growth rate (CAGR) will the music streaming market revenue register?
• Which region is expected to account for the maximum revenue share in the music streaming market during the forecast period?
• What factors are likely to hinder the adoption of music streaming?
• What factors are expected to drive the growth of the global music streaming market?
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