Music Streaming Market Top Key Players - Spotify AB, Baidu, Inc., Pandora Media, Amazon Inc, Apple Music, Gaana, Tencent, Yandex, Google Play Music

The global Music Streaming Market is estimated at $40 Billion in 2021, growing at 6% CAGR till 2025. Music streaming services include platforms that allow users to listen to audio, podcasts and watch music videos. Increasing popularity of digital platforms and increasing adoption of smart devices will accelerate the growth prospects of this market, focusing on personalized streaming of endless music collections selected according to user preferences and preferences. It made a big contribution.

The audio streaming market is helping artists expand well-being and democratize the music business even in remote locations around the world. The talent spreads by word of mouth quite easily, as platforms like YouTube and Sound Cloud give users the freedom to upload content. The tech giant is taking a big bet on streaming music as part of its digital ecosystem.

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

COVID-19 IMPACT ON MUSIC STREAMING MARKET

• The global pandemic, like other OTT services, seems to have catalyzed the music streaming market by allowing users to tune in for news and podcasts from the comfort of their home. This pandemic has increased the number of users engaged in live streaming through platforms such as Instagram and YouTube.

• According to Tencent Music Entertainment, revenue from online music subscriptions increased by 70% in the first quarter of 2020. Additionally, online music paying users increased by more than 50% year-over-year to 42.7 million. Additionally, users' accessibility to local content on online platforms, such as the growing popularity of live streaming, is also contributing to the growth of the market.

REVENUE MODEL IN MUSIC STREAMING MARKET

• Although subscribers are growing steadily, maintaining revenue growth has been a challenging feat for businesses. Users are willing to pay for an intuitive experience without ads using traditional, exclusive content. This is a strategy that Spotify has adopted through its partnerships with record labels and content creators.

• The streaming platform is gaining free subscribers through advertising campaign introduction campaigns and providing attractive subscription services with premium features. Apple is hesitant to join the free plan strategy. This is a luxury to get your hands on thanks to its loyal customer base and high-end tags.

MUSIC STREAMING MARKET COMPETITIVE LANDSCAPE

• Spotify is a global market leader with 2019 sales growth of 23% year-on-year. Spotify accounted for 31% of total revenue and 35% of paid subscribers in 2019, followed by Apple music (24% revenue, 19% subscribers). Amazon Music sales increased from 10% in 2018 to 15% in 2019.

• Russia in particular is one of the top 20 streaming markets in the world, and this launch opens the door for 250 million fans to start discovering new music in their own country and around the world for Spotify.

• Market participants are also committed to mergers and acquisitions to expand their business presence and remain competitive. For example, in February 2019, US-based audio entertainment company Sirius XM Holdings announced that US-based music streaming service Pandora Media, Inc. took over.

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.