Music Streaming Market is valued approximately USD 20.9 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 17.8 % over the forecast period 2020-2027. Music Streaming services include platform that allow audience to listen audio, podcast and music videos and also provide on demand and live streaming services of full-length content through internet without downloading. The increasing consumer preferences toward the live streaming music, the rise in number of service providers, increase in the penetration of smart phones and the rise in number of commercial end users are the major factors driving the market.
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According to the report of China Based Tencent Music Entertainment group, in the first quarter of 2020, the revenue form online music subscription raised by 70% compared to the revenue of 2019, in addition to these the subscribers of online music touches 42.7 million which is approx. 50.0% a year over year rise. However, the increasing piracy all over the globe impedes the growth of the market over the forecast period of 2020-2027. Also, with the increasing popularity of live streaming music and availability of local content on online platforms is likely to increase the market growth during the forecast period.
The regional analysis of global Music Streaming market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to the presence of key companies market such as Apple Inc., Google Inc. and high speed broadband and strong connection of network. Whereas, Europe is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2020-2027. Factors such as consumer shift in internet consumption, pattern of using smart phones would create lucrative growth prospects for the Music Streaming market across Europe region.
Major market player included in this report are:
Amazon.com, Inc.
Apple, Inc.
Deezer
Google LLC.
iHeartMedia, Inc.
Pandora Media, Inc.
SoundCloud Limited
Spotify AB
Tencent Music Entertainment Group
Tidal (Aspiro AB)
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The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.
The detailed segments and sub-segment of the market are explained below:
By Service:
On demand streaming
Live streaming
By Content Type:
Audio
Video
By Platform:
Apps
Browsers
By End Use:
Individual
Commercial
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By Region
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World
Market research objective you provided focuses on conducting a comprehensive analysis of a specific market. Here is a breakdown of the research objectives you mentioned:
To analyze and forecast the market size of the market:
- This objective involves assessing the current market size and using historical data and market trends to forecast its future size.
- This analysis helps in understanding the market’s growth potential and opportunities.
To classify and forecast the global market based on product, material, application, and region:
- This objective aims to categorize the market based on different factors such as product types, materials used, applications, and geographical regions.
- It also involves forecasting the market size and growth for each category, providing a detailed understanding of market segmentation.
To identify drivers and challenges for the global market:
- This objective focuses on identifying the factors that drive market growth and those that pose challenges or constraints.
- Understanding the drivers helps in recognizing opportunities, while understanding the challenges allows for mitigation strategies and informed decision-making.
To examine competitive developments such as mergers & acquisitions, agreements, collaborations, and partnerships in the market:
- This objective involves analyzing the competitive landscape of the market. It includes studying activities such as mergers and acquisitions, agreements, collaborations, and partnerships among market players.
- This analysis provides insights into the market’s competitive dynamics and strategic moves by key players.
To conduct pricing analysis for the market:
- This objective aims to analyze pricing strategies within the market. It involves assessing pricing trends, price variations based on different factors, and understanding price sensitivity among customers.
- This analysis helps in formulating effective pricing strategies for market players.
To identify and analyze the profile of leading players operating in the market:
- This objective involves profiling and analyzing the key players in the market. It includes studying their business strategies, financial performance, product portfolios, market share, and competitive advantages.
- This analysis helps in understanding the competitive landscape and benchmarking against industry leaders.
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