Music Streaming Services Market Size Worth US$ 59.7 Billion By 2030 | (CAGR) 9.6%.| Competitive Landscape, SWOT Analysis, Growth Forecast 2022-2030|
The prime objective of the market report is to provide a synopsis of theoretical structure and rational approach of the Music Streaming Services Market, which additionally comprises the future market potential and in-depth knowledge of the statistics implicated in the development of the respective market. The Music Streaming Services Market is estimated to elevate at a substantial rate in the foreseeable future. The market analysts predict that the Music Streaming Services Market size will rise from 28.5 Bn in 2022 to 59.7 Bn by the year 2030, at an approximate CAGR of 9.6%. The base year considered for the study is 2020, and the market size is projected from 2022 to 2030. The comprehensive market knowledge approach even outs the criterion of the assessment findings that offers greater opportunities for the customers to put their best efforts.
The music streaming services market is estimated to reach at a value of US$ 28.5 Bn by the end of 2022 and expected to reach at a value of US$ 59.7 Bn by 2030 with a significant CAGR of 9.6%.
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Music Streaming Services Introduction
Music business all over the world is going through tough times with respect to material music consumption and sales. After the complete digitalization across the world and when the digital market is in the leading position, the music industry is also turning digital at the same rapid pace and thus, the majority of the people obtain their music digitally either by downloading music albums and tracks via legitimate websites or by acquiring music unfairly through unauthorized sources.
Whereas many consumers prefer music streaming services to access their favourite music, and this has exponentially escalated the probability for consumers to approach their desired music legally. Basically, streaming can be referred to as the method of listening to music or watching video in real time instead of listening or watching downloaded data.
With the soaring prevalence of availability of audios and videos over the internet as well as webcasts of live shows and programmes, there is no requirement to download any data, programmes streams the way it unfurls. Music streaming applications such as Amazon music, Apple music, Spotify and Pandora bring the streaming technology into play in order to provide songs that can be played on any type of device, which may propel the growth of the global music streaming services market over the forecast period.
Music Streaming Services Market Dynamics
The extensive penetration of the smartphones and internet among the consumers is majorly propelling the demand of music streaming services across the world, thereby projected to boost the growth of the global music streaming services market in the years to come.
In addition to that, there has been massive adoption of intelligent and smart devices which has further resulted in the surging demand of music streaming services in the global markets. In the present-day world, people are well aware of the advancements in the technology and the emerging digital platforms available for live streaming of music from a legitimate source, owing to which, the global music streaming services market is projected to rise higher in the forthcoming years.
Moreover, the fresh changes in digital technology over the recent decade have also diversified the consumption habits and tastes of the consumers across the world. Same is the case with the music industry, as they are briskly inclined towards digital music platforms, such as online music streaming services. The music streaming service offers authorized usage of music for consumers with both ad-supported and subscription-based forms. Attributable to which, the music streaming services gain massive traction in the global markets, therefore the global music streaming services market is anticipated to witness substantial growth in the given timeframe.
Furthermore, the sudden strike of global pandemic (COVID-19) in the past year canceled and postponed several small and big music events and concerts, leaving behind a disastrous financial impact on the music industry and artists across the world. Owing to which, suddenly, the online music streaming platforms have the responsibility, as artists earning from love shows and concerts shifted to online streaming platforms for their steady income. Such factors are further projected to positively fuel the demand of music streaming services across the world. Owing to which, the global music streaming services market is anticipated to witness significant growth over the coming years.
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Music Streaming Services Market Segmentation
The global music streaming services market is segmented on the basis of type, platform, content type, end-user and regions. On the basis of type, the music streaming services market is segmented into on demand streaming and live streaming. On the basis of platform, the market is categorized into Apps and Browsers. Furthermore, the music streaming services market is segmented on the basis of content type into Audio and Video. Furthermore, the market is segmented on the basis of end-user into Individual and Commercial.
By Type
- On demand streaming
- Live Streaming
By Platform
- Apps
- Browsers
By Content Type
- Audio
- Video
By End-User
- Individual
- Commercial
By Region
- North America
- Latin America
- Africa
- Europe
- Asia Pacific
- Middle East
Music Streaming Services Market Key Players
The global music streaming services market is dominated by Spotify AB, Apple, Inc., Amazon.com, Inc., Google LLC, Deezer, Pandora Media, Inc., Tencent Music Entertainment Group, SoundCloud Limited, Tidal, among others.
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