Global Music Streaming Market size is expected to reach US$ 65.79 Bn. by 2027 from US$ 20.90 Bn. in 2020, at a CAGR of 17.8 % during the forecast period.
Global Music Streaming Market Overview:
Sending music in a compressed format via the internet is known as music streaming. Without having to actively download it, the user can restore it and play it whenever they want. The devices' storage is unaffected by the music streaming services. Users can also access millions of songs based on their choices.
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Global Music Streaming Market Segmentation:
Based on the content type, the music streaming market is segmented into audio and video. In 2020, the audio category led the market, accounting for more than of total sales. The increased popularity of audio material can be related to consumers' desire to multitask, particularly while listening to music while commuting to work, exercising, or completing home tasks. Furthermore, the industry is expected to be driven by the growing number of commercial end-users, such as restaurants, cafés, pubs, and gyms, who use audio streaming platforms to play songs in their commercial locations. Over the projected period, the increased use of OTT platforms for live performance and streaming is expected to boost the segment's growth. Consumers' rising affinity for music videos is prompting service providers to incorporate video into their products. Furthermore, subscribers can simply make their audio and video playlists, boosting the platforms' popularity among millennials.
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Global Music Streaming Market Key Players:
- Apple, Inc. • Google LLC • Spotify AB • Deezer • SoundCloud Limited • Pandora Media, Inc. • Tencent Music Entertainment Group • Amazon Music • JOOX • TIDAL • iHeartRadio • Sirius XM Holdings, Inc. • Aspiro AB • Alphabet Inc. • Comcast Corp. • IHEARTMEDIA, INC. • Microsoft Corp. • Samsung Electronics Co. Ltd. • Sirius XM Holdings Inc. • Sony Corp
The report includes aspects like company size, market share, market growth, revenue, production volume, and profitability for the Global Music Streaming market's major players. The report reveals what growth methods important businesses are employing, such as strategic partnerships, new product innovation, and so on. Also, it informs you whether you're competing with firms or with alternative solutions. The study aids in knowing rival pricing in the Global Music Streaming market in order to assess and design a pricing strategy that is appropriate.
Global Music Streaming Market Regional Analysis:
During this crisis, the report provides a comprehensive examination of options, challenging conditions, and difficult situations in the Global Music Streaming market. The reports assist you in developing market strategies that are relevant and suited for certain nations and regions. In addition, the study includes a collection of principles that should help in establishing and creating a corporate strategy.
Global Music Streaming Market Regional Analysis Includes:
- Asia-Pacific(Vietnam, China, Malaysia, Japan, Philippines, Korea, Thailand, India, Indonesia, and Australia)
- Europe(Turkey, Germany, Russia UK, Italy, France, etc.)
- North America(the United States, Mexico, and Canada.)
- South America(Brazil etc.)
- The Middle East and Africa(GCC Countries and Egypt.)
COVID-19 Impact Analysis on Global Music Streaming Market:
The report details the influence of COVID-19 on the Global Music Streaming market in North America, Asia Pacific, the Middle East, Europe, and South America. The paper presents a comprehensive review of the Global Music Streaming market's choices, challenging conditions, and difficult possibilities during this crisis. The paper summarises the benefits and challenges in terms of financing and market growth obtained during the COVID-19. Additionally, the report provides a collection of principles that are designed to assist readers in determining and creating a strategy for their firm.
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