Online Music Streaming Market Size Is Booming Worldwide | Amazon, Inc., Anghami, Apple, Inc., Deezer, iHeartRadio

The global online music streaming market size was valued at $12,831.2 million in 2019, and is estimated to reach $24,711.3 million by 2027, registering a CAGR of 9.8% from 2021 to 2027. The emergence of online music streaming platforms such as Spotify and Apple Music have drastically reduced the illegal sharing and downloading of music over the internet that generated no revenue to the music labels and the artists. This has considerably minimized the threat of piracy, thus making online music streaming platforms a reliable option for artists and music labels such as Universal Music Publishing Group, Sony Music Entertainment, and Warner Music Group.

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Moreover, the constantly growing number of subscribers on the music streaming platforms is increasing the audience globally. High-quality, hassle-free services, free trials, and discounted prices offered by music streaming service providers are attracting a huge customer base. According to the International Federation of Phonographic Industry (IFPI), around 62.1% of the revenue of the global recorded music market is generated from online streaming. These factors are responsible for propelling the growth of the global online music streaming market.

The online music streaming services allow users to play and listen to music of their choice anytime and anywhere. This is facilitated by the wide scale penetration of internet and increase in users of digital devices such as smartphones, Bluetooth, and speakers. Moreover, the upcoming technological advancements such as 5G, artificial intelligence, virtual reality, and machine learning would enable service providers to offer customized playlists and a seamless user experience to customers, which is expected to fuel the growth of the online music streaming market. Furthermore, exponential growth rate of global population, rapid urbanization, rise in disposable income, and love for music among the population foster the growth of the global online music streaming market in the forthcoming years.

The outbreak of COVID-19 pandemic further boosted the growth of the global online music streaming market. During the first phase of the pandemic, certain behavioral changes prevailed among consumers. According to the Tencent Music Entertainment, people were streaming music using home appliances such as TV more than their smartphones during the lockdown. Moreover, upsurge has been witnessed in the number of subscribers on various platforms such as Spotify, Tencent Music Entertainment, and Amazon Music. People in the U.S. are more engaged in streaming more video content rather than audio content. Therefore, the pandemic resulted in an upsurge in the video segment. Hence, the COVID-19 had a positive impact on the global online music streaming market.

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The online music streaming market is segmented into service, revenue model, platform, end user, content type, and region. On the basis of service, the market is bifurcated into on-demand streaming and live streaming. By revenue model, it is segregated into subscription and non-subscription based model. According to platform, it is categorized into app and browser. Depending on end user, it is differentiated into individual and commercial. As per content type, it is divided into audio and video content. Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (the UK, Germany, France, the Netherlands, Italy, Spain, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).

The players operating in the global online music streaming market have adopted various developmental strategies to expand their market share, exploit the online music streaming market opportunity, and increase profitability in the market.

KEY BENEFITS FOR STAKEHOLDERS
- The report provides a quantitative analysis of the current market trends, estimations, and dynamics of the market size from 2019 to 2027 to identify the prevailing opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis and the market size and segmentation assist to determine the prevailing online music streaming market opportunities.
- The major countries in each region are mapped according to their revenue contribution to the market.
- The market player positioning segment facilitates benchmarking and provides a clear understanding of the present position of the market players in the online music streaming industry.

The players operating in the global online music streaming market have adopted various developmental strategies to expand their market share, exploit the online music streaming market opportunity, and increase profitability in the market. The key players profiled in this report include Amazon, Inc., Anghami, Apple, Inc., Deezer, iHeartRadio, NetEase, Inc., Pandora Media, LLC., Spotify AB, Tencent Music Entertainment, and Tidal.

KEY MARKET SEGMENTS
- By Service
o On-demand Streaming
o Live Streaming

- By Revenue Model
o Subscription
o Non-subscription

- By Platform
o App
o Browser

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- By Content Type
o Audio
o Video

- By End User
o Individual
o Commercial

- By Region
o North America
? U.S.
? Canada
? Mexico
o Europe
? UK
? Germany
? France
? Netherlands
? Italy
? Spain
? Rest of Europe

o Asia-Pacific
? China
? Japan
? India
? South Korea
? Australia
? Rest of Asia-Pacific
o LAMEA
? Latin America
? Middle East
? Africa

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Request full Report :- https://reportocean.com/industry-verticals/sample-request?report_id=AMR1773

About Report Ocean:

We are the best market research reports provider in the industry. Report Ocean believes in providing quality reports to clients to meet the top line and bottom line goals which will boost your market share in today's competitive environment. Report Ocean is a 'one-stop solution' for individuals, organizations, and industries that are looking for innovative market research reports.

This release was published on openPR.