The latest research study “Online Music Streaming Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” by IMARC Group, finds that
The global online music streaming market size reached US$ 16.11 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 29.66 Billion by 2027 exhibiting a CAGR of 9.60% during 2022-2027.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Industry Definition and Application:
Online music streaming applications assist users in listening to songs in real-time using an internet connection. They offer an on-demand service wherein audio media files are prearranged in sequential packets of data and transferred to tablets, TVs, smartphones, and computers without saving them to the hard drive. Online music streaming can be done through apps or browsers and provide content in the form of audio or video. In addition, various companies are introducing smart devices, such as Google Cast and Amazon Alexa, to stream music online with instant playback features and hands-free control.
Online Music Streaming Market Trends and Drivers:
The rising dependency on smartphones, escalating penetration of the internet, and the expanding media and entertainment industry are among the primary factors propelling the online music streaming market. Besides this, the easy access to several tunes on multiple devices and the emerging trend of on-demand songs are further augmenting the market growth.
Moreover, the integration of online music streaming with social media platforms that allow users to create and share collaborative playlists with acquaintances and offer young artists a platform to promote and upload their tracks and reach a wider audience is also catalyzing the global market. Apart from this, the elevating requirement for intelligent devices, owing to the increasing urbanization levels, inflating disposable incomes, and the development of smart homes, is acting as another significant growth-inducing factor. Furthermore, the launch of innovative applications with a user-friendly interface and a vast library of tunes and podcasts by the digital service providers (DSPs) and the growing popularity of attractive premium plans, including family packs or free subscriptions for a few months, are expected to bolster the online music streaming market in the coming years.
The report has been segmented the market into following categories:
Breakup by Service:
- On-demand Streaming
- Live Streaming
Breakup by Revenue Model:
Market Breakup by Platform:
Breakup by Content Type:
Breakup by End User:
- North America
- United States
- South Korea
- United Kingdom
- Latin America
- Middle East and Africa
List of Major Key Players:
The major players in the market are Amazon.com Inc, ANGHAMI, Apple Inc., Gamma Gaana Ltd. (The Times Group), iHeartMedia Inc., Musixmatch, Saavn Media Pvt Ltd., SoundCloud Ltd., Spotify AB and Tencent Music Entertainment Group.
Key highlights of the Report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- COVID-19 Impact on the Market
- Porter’s Five Forces Analysis
- Historical, Current and Future Market Trends
- Market Drivers and Success Factors
- SWOT Analysis
- Structure of the Market
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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