Global Music Streaming Market Revenue to hit US $45 Billion Lots of growth coming for this industry.
Key players involved in the music streaming industry includes Amazon.com, Inc., Apple Inc., Deezer S.A., Gamma Gaana Ltd., Google Play, iHeartMedia, Inc., Inmusik, jango.com, Netease Company, Pandora Media, Inc., Project Panther Bidco Ltd., Reliance Industries Limited, Rhapsody International, Inc., Sirius XM Holdings Inc., Slacker Radio, SoundCloud Limited, Spotify AB, Stingray Digital Group Inc., Tencent, TuneIn, Inc., Univision Communications Inc., VK, and You42 Radio.
According to research, the global music streaming market was valued approximately USD 10,520 million in 2018 and is expected to reach a value of around USD 45,000 million by 2027, at a CAGR of around 17.5% between 2019 and 2027.
Escalating digitization & rising digital music acceptance to steer the market growth
Growing digitization witnessed across the emerging economies has resulted in a substantial reduction of music downloading as well as its storage. This is likely to proliferate the surge of the music streaming industry over the forecast timeline.
Moreover, an increase in the number of smartphone users has resulted in the massive expansion of the music streaming market during the period from 2019 to 2027. In addition to this, the rise in web penetration across the nook & corner of the world is likely to accelerate the market trends. Nonetheless, less availability of skilled workforce and shorter average lead lengths will impede the growth of the market over the forecast timeline.
On-demand streaming to dominate the type segment over the forecast period
The massive popularity of on-demand music subscriptions is projected to spur the growth of the music streaming industry over the forecast timespan. The segment is predicted to accrue the highest revenue by the end of the forecast timeline.
Audio streaming to account for major content type segment share over the forecast timespan
The audio streaming segment, which accounted for nearly 56% of the overall market share in 2017, is predicted to make major revenue contributions towards the overall market during the period from 2019 to 2027. The growth of the segment can be credited to a large number of audio subscribers across the world.
The growth of the segment can be attributed to the high penetration of the device across the globe that is likely to elevate the growth graph of the music streaming market over the forecast timeline.
The segmental growth can be credited to increment in the disposable income of the customers along with the large-scale acceptance of smartphones & laptops by the customers.
North America will lead the overall regional market revenue growth during the timespan from 2019 to 2027
The regional market growth can be credited to the growing popularity of online music in countries like the U.S. along with the availability of the resources providing modern music streaming services to the customers.