Music Streaming Market Forecast: Melodies of the Future - 2018-2028
According to the TechSci Research report titled "Global Music Streaming Market – Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2018-2028F," the global music streaming market is poised for growth in the forecast period.
Music streaming involves the continuous transmission of audio and video files through wired or wireless internet connections. The market is expected to benefit from businesses modernizing their marketing approaches by offering memberships and complimentary services, leading to increased user conversion rates and revenue prospects.
Techsci Research Report: https://www.techsciresearch.com/report/music-streaming-market/14166.html
The growth of the global music streaming market is anticipated to be fueled by the increasing adoption of smartphones and mobile internet data usage. The popularity of digital music is a key driver, with music streaming platforms gaining prominence on smartphones and providing enhanced streaming experiences. Additionally, the market is witnessing the growing popularity of cloud-based music, with businesses focusing on user-friendly apps that simplify music streaming on various devices. The digitally savvy population and the widespread use of smart gadgets contribute to the market's expansion.
Sophisticated personalization is identified as a crucial aspect of streaming apps, with companies emphasizing data-driven playlists that evolve through the use of machine learning and human curation. The report highlights the global music streaming market's segmentation based on service, content, platform, application, region, and competitive landscape.
Key Segments:
Service: The market is segmented into on-demand streaming and live streaming. On-demand streaming holds the leading market share during the forecast period due to the availability of music streaming applications, allowing users to listen to music of their choice.
Content: The global music streaming market is segmented into audio and video. The audio segment dominates the market, especially in commercial spaces like gyms, cafes, and restaurants where audio streaming platforms are used to broadcast music.
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Platform: Segmentation is based on application-based and web-based platforms. The application segment leads the market, providing a wide range of song tracks for sale and free streaming, catering to the growing demand for media streaming.
Region: The market is segmented into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. North America holds the leading market share, driven by significant market participants and widespread use of smart gadgets and online payment methods.
Key Market Players:
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Amazon.com, Inc. (Amazon Prime Music)
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Apple Inc. (Apple Music)
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Aspiro AB (Tidal)
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Deezer
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Gamma Gaana Limited (Ganna.com)
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Google LLC (YouTube)
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Spotify Technology S.A. (Spotify)
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LiveXLive
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Pandora Media, Inc.
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Tencent Music Entertainment Group
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The report emphasizes the industry's potential for exponential growth in live streaming of music videos and concerts, driven by improved 5G speeds. Live streaming is expected to transform audience comprehension and enable direct interaction between performers and fans. The report concludes by highlighting the continuous evolution of business strategies, pricing models, and subscription options to maintain user bases and provide consumers with easy access to an extensive library of music.
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