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LONDON--(BUSINESS WIRE)--The music streaming market is expected to grow by USD 7.47 billion, progressing at a CAGR of over 19% during 2020-2024. According to the report, the spread of the COVID-19 pandemic will have a neutral impact on the market. The market demand however continues to grow at a steady rate despite the spread of the pandemic. The imposition of lockdowns increased the demand for music streaming services for the short-term. Besides, the network operators across the world are focusing on improving their mobile offerings, and data plans to allow users access to high-quality music at a nominal price. Moreover, with several measures in place to control the illegal distribution of music, online streaming services are becoming a popular choice among consumers worldwide.
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The music streaming market will witness a neutral impact during the forecast period owing to the widespread growth of the COVID-19 pandemic. As per Technavio’s pandemic-focused market research, market growth is likely to increase in 2020 as compared to 2019.
The music streaming market is driven by the increasing number of subscription services. Online music streaming applications such as Spotify, SoundCloud, and Wynk are linked to social media platforms such as Facebook. This allows users to share music and playlists with their friends. This is increasing the probability of subscriptions for music streaming service providers. Besides, online music streaming applications and service providers are adopting the freemium business models. This encourages free users to opt for premium services to access unlimited and uninterrupted content. In addition, other factors such as the rise of wearable technology are expected to trigger the music streaming market toward witnessing a CAGR of over 19% during the forecast period.
With the continuing spread of the novel coronavirus pandemic, organizations across the globe are gradually flattening their recessionary curve by leveraging technology. Many businesses will go through response, recovery, and renewal phases. Building business resilience and enabling agility will aid organizations to move forward in their journey out of the COVID-19 crisis towards the Next Normal.
This post-pandemic business planning research will aid clients to:
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Key Considerations for Market Forecast:
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Major Three Music Streaming Market Participants:
Alphabet Inc. operates its business through segments such as Google and Other Bets. The company offers Google Play.
Apple Inc. operates its business through segments such as iPhone, iPad, Mac, Wearables, Home and Accessories, and Services. The company offers Apple music.
Comcast Corp. operates its business through segments such as Cable Communications, Cable Networks, Broadcast Television, Filmed Entertainment, and Theme Parks. The company offers XFINITY.
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Music Streaming Market 2020-2024: Segmentation
Music streaming market is segmented as below:
Based on the end-user, the market saw maximum growth in the individual users' segment. The segment is driven by the proliferation of smartphones and the increased penetration of low-cost, high-speed internet across the world.
Similarly, APAC presented significant opportunities for vendors with a 54% market share in 2019. The growth of the market in the region is driven by the increasing spending power of consumers.
Get more insights about the global trends impacting the future of the music streaming market
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Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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