Global Music Streaming Market: Overview
Streaming refers to the process of watching video or listening to music in real time rather than watching or listening to downloaded files. With the prevalence of webcasts and internet videos of live programs, there is no need to download a file, programs are streamed the way it unfolds. Music streaming apps delivering audio-related events do not need one to download files from any of the music-related sites. Services offered by Apple Music, Pandora, and Spotify make use of this streaming technology to offer songs that can be played on any kind of device, which is likely to boost growth of the global music streaming market in the years to come.
The global music streaming market is likely to witness steady growth amidst outbreak of coronavirus across the globe as more people are staying at home and it has been observed that there has been a rise in the use of music streaming apps. Besides, several celebrities, singers such as Keith Urban, Pink, and Chris Martin are streaming their performance for their fans at home. It is estimated that global music streaming market will not be impacted much adversely by the ongoing outbreak.
Type, substrate, application, and region are the four important parameters based on which the global music streaming market has been categorized. The sole aim of such segmentation is to offer a clearer and detailed view of the global music streaming market.
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Global Music streaming Market: Notable Developments
One of the developments that offer a glimpse of the market dynamics about the global music streaming market is mentioned below:
- In May 2020, Swedish streaming and media services provider, Spotify Technology S.A, is connecting family members and friends with a new group feature that is ideal for parties. Group session of Spotify enables the premium users of the parties to share control over music in the same physical space. It allows up to 100 individuals. This enables exploration of genres in music and musical interest with the group. This new feature of Spotify is likely to help people keep in touch whilst maintaining social distance.
Some of the prominent organizations in the global music streaming market include the below-mentioned:
- Spotify Technology S.A
- Sirius XM Holdings Inc.
- Apple Inc
- Amazon.com Inc.
- Alphabet Inc.
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Global Music streaming Market: Key Trends
The global music streaming market is characterized by the presence of the following restraints, drivers, and opportunities.
Increased Penetration of Handheld Devices to Bolster Growth of the Market
Many of the music streaming companies, such as Spotify, YouTube are increasingly launching differentiated services of music streaming. This factor is likely to emerge as one of the important trends that will boost the growth of the global music streaming market in the years to come. Music streaming services offer various features, such as hassle-free accessibility on various platforms, recommendation of songs, high quality of audio, and auto customization of playlist. All of these features enable easy listening for the users, which is likely to drive the demand for music streaming in the years to come. Companies like Amazon and Apple have integrated music streaming service of these companies into their gadgets, such as smart speakers.
Increased prevalence of various types of handheld devices, such as tablets, smartphones make substantial contribution toward the revenue of the market. With the rising disposable income, an increasing number of consumers are opting for paid subscription. Substantial improvement in the internet bandwidth is likely to emerge as another growth factor for the global music streaming market in the years to come.
Global Music streaming Market: Geographical Analysis
After conducting a thorough study of the market, it has been concluded that North America is likely to account for one of leading shares of the global music streaming market. The regional dominance of North America is ascribed to the presence of several localized radio stations, expansion of the market vendors through collaboration with artists, and increased adoption of various music streaming services.
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