Online Music Streaming Market is estimated at growing at 6% CAGR till 2025 | Top Key Players - Spotify AB, Baidu, Inc., Pandora Media, Amazon Inc, Apple Music, Gaana, Tencent

The global Music Streaming Market is estimated at $40 Billion in 2021, growing at 6% CAGR till 2025. Strong brand presence,attractive offerings, presence in more than 90 countries, continuous product improvisation and focus on podcasts have helped Spotify retain its No.1 spot in the market among its contemporaries. In Q3, Spotify entered Russia, which gives it an opportunity to tap more than 250 million music fans there. Also, its family plan continues to attract users.

Spotify Technology SA beat Wall Street estimates for fourth-quarter revenue for the year 2020, as the music streaming company hit 155 million paid subscribers for its premium service. Total monthly active users rose 27% to 345 million. Apple Music’s free six-month subscription offering in 52 countries helped maintain its market share in 2020.

Download For Sample@ https://bit.ly/2TBNpJ5

REVENUE MODEL IN MUSIC STREAMING MARKET

Local players have attributed their success through a deep understanding of the cultural preferences and a plethora of regional content. By 2021. Music streaming app Gaana, holding the largest market share in India hopes to scale to 225 million MAUs. It is eyeing to turn operationally profitable in the next three years, riding on new user acquisitions. The platform, which has a 45 million strong library, now has 152 million monthly active users (MAUs). Paid users are still a small percentage of their total user base, but are growing rapidly.

COVID-19 IMPACT ON MUSIC STREAMING MARKET

The global pandemic seems to have had a catalytic impact on the music streaming market similar to other OTT services with users tuning into news and podcasts from the comfort of their home. This pandemic resulted in an increasing number of users, who are engaged in live streaming through platforms like Instagram and YouTube.

According to Tencent Music Entertainment, the revenue from online music subscriptions is increased by 70% in the first quarter of the year 2020. In addition, online music paying users have increased to 42.7 million with a year-over-year increase of over 50%. Furthermore, the increasing popularity of live streaming and the accessibility of the users to local content on such online platforms are also contributing to the growth of the market.

MUSIC STREAMING MARKET COMPETITIVE LANDSCAPE

Spotify is the global market leader with a 23% YOY growth in revenue in 2019. Spotify commanded a 31% share of total revenue and 35% of paid subscribers in 2019, tailed by Apple music (24% Revenue, 19% Subscribers). Amazon Music grew its revenue from 10% in 2018 to 15% in 2019.

The market comprises numerous global as well as regional players, making the competitive landscape fragmented. Service providers in the market follow a two-step approach to expand subscribers: first enrolling them in their freemium platform using advertising campaigns and then pitching them with attractive discounts and offers to convince them to become paying subscribers. Furthermore, market participants are also focusing on expanding their geographic footprint.

However, in culturally distinctive markets, local players have outpaced their global counterparts despite their aggressive strategies.

Market Leader in-
India – Gaana
Russia – Yandex
Arab Nations – Anghami
China – Tencent
France- Deezer
Africa- Boomplay

COMPANY PROFILES

Spotify AB
Baidu, Inc.
Pandora Media
Amazon Inc
Apple Music
Gaana
Tencent
Yandex
Google Play Music

Read More Information: https://mobilityforesights.com/product/music-streaming-market/

Contact:
Company Name: Mobility Foresights
Contact Person: Kunal Roy
Email: Send Email
Phone: +1-315-675-4056
Address: P3&P4, HAL 3rd Stage
City: Bangalore
State: Karnataka

About Us:
We are among the very few market research firms globally, specialized in mobility domain(s). Our zone of research entails automotive, aerospace, marine, locomotive, logistics and construction & agricultural equipment.We deal in syndicated research, custom research and consumer research for all the above domains mentioned.
We envision the future of mobility every single day, following mobility domains is not just our profession rather it’s our passion. We are here, just to serve you in the most ideal way and your fulfillment is above everything else.

This release was published on openPR.