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.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
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The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.