Online Music Streaming Market Trends, Growth, Share & Size
IMARC Group has recently released a new research study “The Report Covers : Global Online Music Streaming Market Trend, Share, Size, Growth, Opportunity and Forecast 2022-2027”, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends, and competitive landscape to understand the current and future market scenarios.
What are the growth prospects of Online Music Streaming market?
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 on by 2027, exhibiting a growth rate (CAGR) of 9.60% during 2022-2027.
Covid-19 Impact:
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.
Request For Sample Report: https://www.imarcgroup.com/online-music-streaming-market/requestsample
What is a the Online Music Streaming Market ?
Online music streaming is offered through a web-based or app-based service that allows users to listen to songs in real time over the internet. These applications provide an on-demand service in which audio media files are transmitted to mobile devices, tablets, TVs, and laptops in prearranged sequential data packets, eliminating the need to save them to the hard drive.
They enable individuals to upload their soundtrack to the cloud and download music for offline listening. Currently, numerous companies are developing smart gadgets with hands-free control and instant playback capabilities to stream music online, such as Amazon's Alexa and Google Cast.
What are the major market drivers in a Online Music Streaming Market ?
The global online music streaming market is primarily driven by the rising dependency on smartphones. Moreover, the integration of social media platforms with online music streaming applications enables users to create and share collaborative playlists with other individuals and acquaintances. In line with this, the increasing usage of the platform by young artists to upload and promote their music and reach a wider audience is positively influencing the market growth.
Additionally, the rising trend of on-demand songs and easy access to music on multiple devices have catalyzed market growth. Besides this, digital service providers (DSPs) are introducing apps with an intuitive user interface and an extensive music and podcast library.
In addition, they are offering attractive premium plans, such as family packs or free subscriptions for a few months, which is contributing to the market growth. Other factors, including increasing internet penetration, the rising popularity of podcasts, and the emerging media and entertainment industry, are also anticipated to drive the market further.
Key companies profiled
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.
Click here to view detailed information with table of content: https://www.imarcgroup.com/online-music-streaming-market
Report Segmentation:
The report has been segmented the market into following categories:
Breakup by Service:
o On-demand Streaming
o Live Streaming
Breakup by Revenue Model:
o Subscription
o Non-subscription
Breakup by Platform:
o App
o Browser
Breakup by Content Type:
o Audio
o Video
Breakup by End User:
o Individual
o Commercial
Regional Insights:
· Asia Pacific
· North America
· Europe
· Middle East and Africa
· Latin America
On the geographical front, Asia Pacific enjoys the leading position in the market. This can be attributed to the rising establishment of international companies in the region, on account of low manufacturing costs and cheap labor.
About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
Contact Us:
IMARC Services Private Limited. 30 N Gould St Ste R Sheridan, WY 82801 USA – Wyoming Email: Sales@imarcgroup.com Tel No:(D) +91 120 433 0800 Americas:- +1 631 791 1145 | Africa and Europe :- +44-702-409-7331 | Asia: +91-120-433-0800, +91-120-433-0800
Appreciate the creator