Global Music Streaming Market 2020 (Includes Business Impact of COVID-19)

                                          
“Global Music Streaming Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2028” is a recent report generated by Trusted Business Insights. The global music streaming market report has been segmented on the basis of content type, end user, and region.

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Global Music Streaming Market: Overview

Music streaming refers to transmission of music in compressed form by using internet and retrieved and played as per user’s convenience and time, without downloading. These services do not require additional storage space; it provides access to millions of songs as per user’s choice.

Global Music Streaming Market: Dynamics

Increasing number of internet users and rising adoption of smartphones and laptops across the globe are some major factors expected to drive growth of the global market over the forecast period.

In addition, increasing digitization and consumer preference towards adoption of advanced consumer electronics products are some other factors expected to further fuel growth of the target market over the forecast period.

Moreover, availability of rare and dormant music as per user’s continence and time is another factor expected to boost growth of the target market over the forecast period. ‘demand and when demanded is acting as a catalyst for the growth of music streaming market.

Further, technological developments such as evolution of voice recognition technologies in order to enhance consumer experience is another factor expected to propel growth of the global market over the forecast period.

However, growing piracy across the globe is a key factor expected to restrain growth of the global market over the forecast period. In addition, lower profit margins, licensing-related expenditure & efforts, and intense competition are some other factors expected to hamper growth of the target market over the forecast period.

Ongoing trend observed in the target market is increasing consumer preference towards on-demand products and services by using smartphone applications, coupled with innovative services such as enables individual preferences and personalized playlist options. This trend is expected to support growth of the target market over the forecast period.

Rising awareness regarding the adoption of pirated content among individuals and presence of new music streaming service providers are expected to create potential revenue opportunities in order to increase revenue and development of new innovative strategies for music streaming manufacturers.

Global Music Streaming Market: Segment Analysis

Among the end user segments, the individual segment is expected to dominate in the target market and is expected to continue its dominance over the forecast period, owing to rising adoption of connected and advanced consumer electronic devices such as smartphones and laptops and increasing disposable income across the globe.

Global Music Streaming Market: Regional Analysis

The market in North America is expected to dominate in the global market and is expected to continue its dominance over the forecast period, owing to high adoption of digital music, availability of resources offers advanced music streaming, and high disposable income across various countries in this region. In addition, rising adoption of advanced data services such as high-speed broadband connectivity, uninterrupted 4G connectivity are some other factors expected to support growth of the target market in this region over the forecast period.

The market in Asia Pacific is expected to register significant growth in terms of revenue over the forecast period, owing to rising adoption of free music streaming applications such as JOOX, Saavn, Gaana, etc., across various countries in this region.

Global Music Streaming Market Segmentation:

Segmentation by content type:

Audio streaming
Video streaming

Segmentation by end user:

Individual
Commercial