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.
Prominent market players are adopting innovative strategies to capture the markets in developing economies. They are indulging in on-demand music to gain a larger audience. Established market participants are iHeartRadio, Spotify, SoundCloud, Amazon Music, Apple, Deezer, Google, and Pandora.
Music streaming has witnessed an upsurge in the past three years with increasing digitalization and increasing adoption of digital music. As a result of increasing adoption of music streaming, a decline in the market share of downloaded music, in the global digital music market, is witnessed, in terms of value.
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.
Increasing penetration of internet, and increasing adoption of smartphones and laptops complimented by the increasing volume of millennial population over the next decade and the transitioning consumer behavior with increasing digitalization, are expected to be the key driving factors for the global music streaming market.
Based on end-user, the music streaming market is sub-segmented into residential and commercial. The growing consumer disposable income and increasing adoption of advanced consumer electronic devices such as smartphones and laptops across the globe, especially across developing countries such as China, India etc. are some of the major factors driving the growth of residential sub-segment, in the global music streaming market. In addition to this, owing to the restricted adoption of music streaming across commercial segment, the same segment is, thus, expected to witness a comparatively lower CAGR, in the global music streaming market.
Based on content type, the music streaming market is sub-segmented into audio streaming and video streaming. The low cost associated with the advertisements showcased over free video music streaming applications such as YouTube, especially in Asia Pacific region, in comparison to free audio music streaming applications, is one the factor owing for the restricted market value in the global music streaming market. In addition to this, increasing volume of audio music streaming service subscribers globally, complimented by the high prices associated with the subscription across all major audio music streaming applications such as Apple, Spotify, Amazon Music etc., has been a major driving factor for the audio streaming segment.
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.
According to PMR analysis, increasing awareness against the adoption of pirated content, high growth opportunities across developing countries and increasing establishments of new music streaming service providers are likely to increase revenue and new innovation strategies to enable music streaming manufacturers to reach new growth markets. Some of the market participants in the global music streaming market report include Apple, Google, Spotify, Deezer, Pandora, SoundCloud, JOOX, Amaon Music, iHeartRadio, and TIDAL.
Persistence Market Research (PMR) offers an 8-year forecast for the global music streaming market between 2018 and 2026. In terms of value, the market is expected to register a double-digit CAGR during forecast period. This study demonstrates the market dynamics and trends globally across seven regions: North America, Latin America, Europe, SEA and Pacific, China, Japan, and Middle East & Africa, which influence the current nature and future status of the music streaming market over the forecast period.
This research report provides a detailed analysis of the music streaming market and offers insights about the various factors driving the popularity of music streaming and their advantages. The report includes an extensive analysis of key industry drivers, challenges, market trends, and market structure. The market study provides a comprehensive assessment of stakeholder strategies and imperatives for succeeding in the business. The report segregates the market based on type of streaming, end-user, content type and different regions globally.
The music streaming market is expected to witness significant value growth during the forecast period owing to increasing penetration of internet, increasing adoption of smartphones and tablets, declining data charges, increasing internet speed, increasing awareness against piracy and increasing millennial population.
The report starts with an overview of the music streaming market in terms of value. In addition, this section includes an analysis of key trends, drivers, and challenges from the supply, demand, and economy side, which are influencing the music streaming market.
The music streaming market is classified on the basis of type of streaming, end-user, content type and region. On the basis of type of streaming, the market is sub-segmented into live streaming and on-demand streaming. Based on end-user, the music streaming market is sub-segmented into residential and commercial. Based on content type, the music streaming market is sub-segmented into audio streaming and video streaming. Owing to the increasing adoption of on-demand paid subscription based music streaming services in developed regions such as North America and Europe, the former is expected to dominate the global music streaming market, in terms of value, throughout the forecast period.
A detailed analysis has been provided for every segment in terms of market size analysis for the music streaming market across different regions. This section provides a detailed analysis that covers key trends.
The next section contains a detailed analysis of the music streaming market across various countries in the region. It provides a market outlook for 2018–2026 and sets the forecast within the context of the music streaming market, which includes latest technological developments as well as offerings in the market. This study discusses key trends within countries contributing to growth of the market, as well as analyses the degrees at which drivers are influencing this market in each region. Key regions and countries assessed in this report include North America (U.S., Canada), Latin America (Brazil, Mexico, & Rest of Latin America), Europe (UK, France, Germany, Italy, Spain, Russia, & rest of Europe), SEA (India, Australia and New Zealand, ASEAN and Rest of SEA and Pacific), China, Japan, and MEA (GCC Countries, Turkey, South Africa, Northern Africa, & rest of MEA). This report evaluates the present scenario and the growth prospects of the music streaming market across various regions globally for the period 2018 –2026. We have considered 2017 as the base year and provided data for the remaining 12 months.
To offer an accurate forecast, we started by sizing the current market, which forms the basis of how the music streaming market will grow in the future. Given the characteristics of the market, we have triangulated the outcome of different types of analysis based on the technology trends.
As previously highlighted, the global music streaming market is split into a number of segments. All segments in terms of type of streaming, end-user, content type and different regions are analyzed in terms of basis points to understand the relative contributions of individual segments to market growth. This detailed level of information is important for the identification of various key trends in the global music streaming market.
In addition, another key feature of this report is the analysis of all key segments in terms of absolute dollar opportunity. This is traditionally overlooked while forecasting the market. However, absolute dollar opportunity is critical in assessing the level of opportunity that a provider can look to achieve, as well as to identify potential resources from a sales and delivery perspective in the global Music Streaming market.
In the final section of the report, we have included a competitive landscape to provide clients a dashboard view based on categories of providers in the value chain, their presence in the music streaming market, and key differentiators. This section is primarily designed to provide clients an objective and detailed comparative assessment of key providers specific to a market segment in the music streaming supply chain and the potential players for the same. Report audiences can gain segment-specific vendor insights to identify and evaluate key competitors based on the in-depth assessment of capabilities and success in the marketplace. Detailed profiles of providers are also included in the scope of the report to evaluate their long-term and short-term strategies, key offerings, and recent developments in the music streaming market. Some of the key market participants in the global music streaming market report include Apple, Google, Spotify, Deezer, Pandora, SoundCloud, JOOX, Amaon Music, iHeartRadio, and TIDAL.
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