Online Music Streaming Market Will Generate Record Revenue by 2029

Online Music Streaming Market is anticipated to register a significant growth of CAGR of 17.2% during the forecast period. The music streaming platforms provides a huge library of albums, podcasts, and songs that can be played by a user at any place over the internet. This gives ease of usage to the user which is one of the most crucial driving factors. The rising number of digital platforms and the growing adoption of smart devices is expected to drive the market. These platforms use AI & ML to provide users with accurate song recommendation, playlist customization, and hassle-free accessibility on browsers as well as on mobile applications, hence fueling the market growth. For instance, a French music streaming platform Deezer is offering an engrossing music experience using AR (Augmented reality) to the users, leveraging a specially created Snapchat lens.

Most platforms are providing free services with ads or an option to choose a premium subscription, which is allowing users to switch to online streaming easily. Promotional offers such as discounts on premium subscription and free monthly trials are also boosting the market growth. Further, increasing smartphone penetration across the globe and the rise in the number of service providers are positively impacting the online music streaming market. Recently, most countries affected by COVID-19 has declared lockdowns to stop the spread of the virus. This move resulted in a rise in the number of users opting for online streaming services. For instance, Tencent Music Entertainment (TME) group a China-based streaming platform released its revenue, where the year-over-year growth of revenue for online music subscriptions increased by 70.0% in the first quarter of 2020. In addition, the number of online music premium subscribers reached 42.7 million. Moreover, the availability of regional content and the rising popularity of live streaming platforms are also providing a significant opportunity for market growth.

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Market Coverage

· The market number available for - 2022-2030

· Base year- 2022

· Forecast period- 2023-2030

Segment Covered-

· By Service

· By Content-Type

· By Platform

· By End-User

· By Revenue Model

Regions Covered-

· North America

· Europe

· Asia-Pacific

· Rest of the World

· Competitive Landscape- Amazon.com, Inc., Apple, Inc., Google LLC., Spotify AB, Deezer

Online Music Streaming Market Report Segment

By Service

· On-Demand streaming

· Live Streaming

By Content-Type

· Audio Streaming

· Video Streaming

By Platform

· Browsers

· Applications

By End-User

· Residential

· Commercial

By Revenue Model

· Subscription

· Advertisement

A full Report of Online Music Streaming Market is Available @ https://www.omrglobal.com/industry-reports/online-music-streaming-market

Regional Analysis

North America

· United States

· Canada

Europe

· UK

· Germany

· Spain

· France

· Italy

· Rest of Europe

Asia-Pacific

· India

· China

· Japan

· South Korea

· Rest of APAC

Rest of the World

· Latin America

· Middle East & Africa

Company Profiles

· Amazon.com, Inc.

· Apple, Inc.

· Deezer SA

· Gamma Gaana Ltd.

· Genie Music Co., Ltd.

· Google LLC

· iHeartMedia Inc.

· Jango, Inc.

· JOOX (Tencent Holdings Ltd.)

· LiveXLive, Corp.

· Melon (Kakao Co., Ltd.)

· Musixmatch

· Pandora Media, Inc.

· Saavn Media Pvt Ltd.

· SoundCloud Ltd.

· Spotify AB

· Superplayer & Co.

· Tidal (Aspiro AB)

· Yandex NV

· Xandrie SA

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