Online Music Streaming Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027
The global online music streaming market size reached US$ 16.11 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 29.66 Billion by 2027, exhibiting a growth rate (CAGR) of 9.60% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use sectors. These insights are included in the report as a major market contributor.
Online music streaming applications enable users to listen to songs in real-time using an internet connection. These applications offer an on-demand service wherein audio media files are prearranged in sequential packets of data and transmitted to smartphones, tablets, TVs and computers without saving them to the hard drive. Presently, several companies are introducing smart devices, such as Amazon’s Alexa and Google Cast, to stream music online with hands-free control and instant playback features. With the escalating demand for these smart devices, on account of rapid urbanization, inflating disposable incomes and the emergence of smart homes, the demand for online music streaming applications is escalating worldwide.
Online Music Streaming Market Trends:
The growing dependency on smartphones, increasing penetration of the internet and the thriving media and entertainment industry are among the key factors stimulating the growth of the online music streaming market worldwide. Moreover, easy access to music on multiple devices, along with the rising trend of on-demand songs, are driving the market growth. Apart from this, the integration of online music streaming applications with social media platforms allows users to create and share collaborative playlists with acquaintances. They also offer young artists a platform to upload and promote their tracks and reach a wider audience. Furthermore, digital service providers (DSPs) are launching applications with a user-friendly interface and a huge library of music and podcasts. These providers are also offering attractive premium plans, such as family packs or free subscription for a few months, which, in turn, is anticipated to bolster the market growth in the coming years.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global online music streaming market report, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on service, revenue model, platform, content type and end user.
Breakup by Service:
Breakup by Revenue Model:
Breakup by Platform:
Breakup by Content Type:
Breakup by End User:
Breakup by Region:
Middle East and Africa
The competitive landscape of the industry has also been examined along with the profiles of the key players being 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 Questions Answered in This Report:
How has the global online music streaming market performed so far and how will it perform in the coming years?
What has been the impact of COVID-19 on the global online music streaming market?
What are the key regional markets?
What is the breakup of the market based on the service?
What is the breakup of the market based on the revenue model?
What is the breakup of the market based on the platform?
What is the breakup of the market based on the content type?
What is the breakup of the market based on the end user?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the industry?
What is the structure of the global online music streaming market and who are the key players?
What is the degree of competition in the industry?
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