Music Streaming Market By Supply Demand Scenario, Application, By Region, Pricing Analysis, Opportunities and Forecast 2027

According to our latest market study on "Global Music Streaming Market Forecast to 2027- COVID-19 Impact and Global Analysis by Content Type (Audio Streaming, Video Streaming); Streaming Type (Live Streaming, On-demand Streaming); End User (Commercial, Individual); and Geography," the market was valued at US$ 26.05 billion in 2019 and is projected to reach US$ 46.99 billion by 2027; it is expected to grow at a CAGR of 7.4% from 2019 to 2027.

The digital music streaming platforms and websites are changing the musical scenario, by gaining global popularity. The digital music market is accelerating as the consumers are attracted towards purchasing different contents which they can access for free. Due to increasing disposable income, the consumers are purchasing digital content. Spotify, Google, Pandora, SoundCloud, iHeartRadio, Apple Music are some of the prominent digital music platform providers. The individuals are taking advantage of music streaming platforms provided by respective service providers for their recreation.

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Growing popularity of digital music streaming websites is attributing to the growth of the market. As the digital music streaming platforms and websites are changing the musical scenario, music streaming is becoming popular globally. The digital music market is accelerating as the consumers are attracted towards purchasing different contents which they can access for free. Due to increasing disposable income, the consumers are purchasing digital content. Spotify, Google, Pandora, SoundCloud, iHeartRadio, Apple Music are some of the prominent digital music platform providers.

The Key Players In The Global Music Streaming Market Are:

•Amazon, Inc.
•Apple Inc.
•Deezer,
•Google Inc.
•iheartmedia, Inc.
•Joox
•Pandora Media, Inc.
•SoundCloud
•Spotify
•Tidal

Additionally, the availability of free-trial and paid subscription are playing a significant role in boosting the application of digital music platforms. In the era of digital age, the music streaming industry is evolving in a rapid pace. Owing to the availability of digital download feature, the physical sales of CDs are declining. In Spotify, Apple, Tidal, and YouTube Music, one must pay a subscription fees to consume content in music streaming platforms. As the consumers are willing to pay for digital content, the number of digital music website is booming.

Factors such as demand for multiple digital music platforms and rising number of music subscribers will drive the growth of music streaming market. Additionally, consistent increase in on-demand streaming and availability of regional content on digital platforms will help the market to grow and provide growth opportunities to the providers prevailing in the music streaming market. On the contrary, due to the availability of pirated channels and free music platforms, the number of subscribers might decline and can negatively impact on the music streaming market. Furthermore, several music streaming service providers offer an unpaid trial period to gain traction of individuals. Additionally, to remain competitive in the market, timely updates and advancements are made in the digital music platform by the music streaming service providers to maintain a standard in the market.

The on-demand streaming enable the consumer to retrieve large catalogue of music online with minimal subscription fee. The number of consumers from the US making payments for purchasing subscription of on-demand streaming such as Apple Music or Spotify has been increased from 28.7% in 2019.This has resulted into increased premium subscriptions and caused a revenue increase of 27.5%. Rise in the number of music subscribers has resulted into growing demand for on-demand streaming services. The promotions and popularity of family plans in digital music platforms such as Spotify, Apple, Alphabet, and Amazon has benefited the consumers.

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The Segments and Sub-Section of Music Streaming Market are shown below:

By Content Type (Audio Streaming, Video Streaming);

By Streaming Type (Live Streaming, On-demand Streaming);

By End User (Commercial, Individual)

The digital music providers are driving inventions across the consumer listening experience throughout phones, tablets, computers, and smart devices. Owing to the availability of in-vehicle infotainment systems and smart speakers in car and home arena respectively, the music streaming providers have an opportunity to propel their business. Some of the prominent on-demand music streaming platforms are Google Play Music, Spotify, Apple Music, Sound Cloud, Amazon Prime, and Tidal. In this context, companies such as Spotify and Amazon utilize ad-supported services to market their products. Spotify has long succeeded at converting ad-supported listeners to paid subscribers; whereas, Amazon market Prime subscriptions and Echo devices together.

The Insight Partners Music Streaming Market Research Report Scenario includes:

•The report provides qualitative and quantitative trends of global Music Streaming Market across type, type of products, service, and geography.
•The report starts with the key takeaways (Chapter Two), highlighting the key trends and outlook of the global Music Streaming Market.
•Chapter Three provides the research methodology of the study.
•Chapter Four further provides PEST analysis for each region.
•Chapter Five highlights the key industry dynamics in the Music Streaming Market, including factors that are driving the market, prevailing deterrent, potential opportunities as well as future trends. Impact analysis of these drivers and restraints is also covered in this section.
•Chapter Six discusses the global Music Streaming Market scenario, in terms of historical market revenues, and forecast till the year 2027.
•Chapter Seven to ten discuss Music Streaming Market segments by type, type of application, service, and geography across North America, Europe, Asia-Pacific, Middle East and Africa, South and Central America. They cover market revenue forecast, and factors driving and governing growth.
•Chapter Eleven describes the industry landscape analysis. It provides detailed description of various business activities such as market initiatives, new developments, mergers and joint ventures globally along with a competitive landscape.
•Chapter Twelve provides the detailed profiles of the key companies operating in the global Music Streaming Market. The companies have been profiled on the basis of their key facts, business description, products and services, financial overview, SWOT analysis, and key developments.
•Chapter Thirteen, i.e. the appendix is inclusive of a brief overview of the company, glossary of terms, contact information, and the disclaimer section.

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This release was published on openPR.