Music Streaming Market to See Massive Growth by 2027| Amazon, Inc., Apple Inc., Deezer, Google Inc., iheartmedia, Inc., Joox, SoundCloud, Spotify, and more
In terms of revenue, the music streaming market was valued at US$ 26.04 billion in 2019 and is projected to reach US$ 46.99 billion by 2027 and is expected to growat a CAGR of 7.4% during the forecast period 2020-2027.
The music streaming market is growing with the risingsmartphone usage, internet penetration, and growing population. The scope ofthe digital music streaming websites is taking over the musical scenario. Owingto the availability of cloud technology, regional music offerings, increasedsmartphone adoption, advanced streaming applications, and lesser cost of dataare some of the major aspects transforming the entire landscape of musicstreaming. Spotify, Tidal, Apple Music, iHeartRadio, Deezer, Amazon MusicUnlimited, and YouTube Music are some of the prominent online music streamingservices prevailing in the market. The application of music platforms ismajorly adopted within the age group of 18to 30years, as the individuals ofthis group are willing to invest high value on music streaming. Targeting newdemographics would potentially raise service subscriptions and revenue of theproviders.
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Impact of COVID-19Pandemic on Music Streaming Market
The COVID-19 outbreak, which began in Wuhan (China) in December 2019, has spread at a fast pace worldwide. The global factory shutdowns, travel bans, and border lockdowns, to combat and contain the outbreak, have impacted every industry and economy worldwide. Music and Media industry is also impacted negatively and thus act as a restraining factor forthe growth of various markets related to this industry in the coming months. One of the critical areas highly impacted is live performances. The industry isfighting back to recover the loss and come-up with new business models. Tomonetize, the companies are coming up with live shows on streaming devices. Inthe first quarter of 2020, the online music subscription was increased byaround 70% YoY, globally.
The key players profiled in this study includes
- Amazon, Inc.
- Apple Inc.
- Google Inc.
- iheartmedia, Inc.
- Pandora Media, Inc.
The objectives of this report are as follows:
To provide overview of the global Music Streaming market
To analyze and forecast the global Music Streaming market on the basis of components, category and applications
To provide market size and forecast till 2027 for overall Music Streaming market with respect to five major regions, namely; North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and South America (SAM), which are later sub-segmented across respective major countries
To evaluate market dynamics effecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend
To provide exhaustive PEST analysis for all five regions
To profiles key Music Streaming players influencing the market along with their SWOT analysis and market strategies
Key questions answered in the report include:
• What will the market size and the growth rate be in 2027?
• What are the key factors driving the Global Music Streaming Market?
• What are the key market trends impacting the growth of the Global Music Streaming Market?
• What are the challenges to market growth?
• Who are the key vendors in the Global Music Streaming Market?
• What are the market opportunities and threats faced by the vendors in the Global Music Streaming Market?
• Trending factors influencing the market shares of the Americas, APAC, Europe, and MEA.
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A thoroughgoing evaluation of the market for strategic insights and developments. The research study has amalgamated the growth analysis of different aspects that enhance the market growth scenario. It constitutes key market drivers, restraints and trends that transform the market in either a positive or negative manner.
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