Music Streaming Market
Music Streaming Market (Streaming Platform: Application-based and Web-based; Content Type: Audio and Video; Revenue Channel: Advertisement and Subscribers [Premium]) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020-2030
COVID-19 helps Amplify Music Streaming, Upgrade Marketing Strategies
Revenue in the music streaming market has skyrocketed during the coronavirus crisis. Companies are upgrading their online and offline marketing strategies by offering subscriptions and free services up to certain months. Such offers eventually lead to more conversions of users, thus boosting revenue opportunities.
The COVID-19 pandemic has accelerated collaborations among music artists. This is translating into incremental opportunities for companies in the music streaming market via advertisements and subscriptions. These companies are sifting through artist data to attract similar artists in each country to enable local user targeting and increase return on investment. As such, viewership on emerging video sharing platforms such as Twitch for their Music and Performance Arts Category has witnessed a spurt amidst the ongoing coronavirus pandemic.
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Apple Music or Spotify: Which is Better?
The music streaming market is projected to advance at an astonishing CAGR of ~15% during the assessment period. Online reviews and recommendations of bloggers are influencing the decisions of listeners. For instance, weighing the pros and cons of music streaming platforms such as Apple Music and Spotify is impacting subscriber base. Both Apple and Spotify are priced at the same value for users and students; however, Spotify is ad-supported but Apple’s has ads for only Beats1 radio.
The number of songs in the App’s music library also influences a listener’s preference. Hence, companies in the music streaming market are adopting artificial intelligence (AI) and machine learning (ML) to recommend songs as per the listener’s preference.
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Personalization, Artist Analytics Apps Increase Market Competition
The music streaming market is projected to surpass US$ 103.7 Bn by 2030. Companies are realizing that highly advanced personalization is crucial in streaming apps. The combination of ML and human curation has led to the creation of data-driven playlists that are capable of getting smarter over time. App developers are making potential enhancements for user’s recommendations and social discovery in conjunction with sophisticated algorithms.
On the other hand, Universal Music Group is gaining recognition for introducing its Universal Music Artists app, which offers artist and their teams a personalized view of their activity across major global streaming services and social media. Such innovations are translating into revenue opportunities for companies in the music streaming market. Artist promotion toolkits now include artist analytics apps where a musician can gain access to a wealth of information about his/her music in comparison with other musicians across Instagram, Facebook, and other platforms.
5G Connectivity, Live Streaming of Music Shows Bolster Market Growth
Increase in connectivity speed with 5G has become one of the hottest trends in the global music streaming market. Amazon is capitalizing on this opportunity to offer new Music HD service by providing lossless audio streams and downloads to fans in the U.S., the U.K., Germany, and Japan. With the potential to deliver data up to several times faster than 4G, companies will be offering high-fidelity music streams with the growing adoption for 5G.
Virtual reality (VR), augmented reality (AR), and hologram shows are anticipated to gain popularity for live streaming music videos. Such trends are bolstering growth of the music streaming market.
Smart Speakers, HD Music Drives Traffic on Streaming Apps
Streaming platforms are catering to the needs of the modern music community by making it easy and affordable for fans to legally access high-quality content from any part of the world. Companies in the music streaming market are increasing efforts to offer personalized experience to users to increase viewership and boost production of music among artists.
Companies in the music streaming market are trying to modernize the music experience, owing to a surge in smart speaker uptake, HD (High Definition) music, and data-driven insights.
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Live streaming of music videos and concerts is expected for exponential growth due to the onset of the COVID-19 pandemic and enhanced 5G speeds. Data-driven insights are revolutionizing the way creators are understanding their listeners and empowering artists to establish direct connections with fans. Although virtual concerts currently are a rage due to the pandemic, it has been found according to a survey by Forbes that individuals would prefer a live music event to the former. Hence, companies are re-thinking their pricing, ad management and subscription offers to sustain their user base. As such, music creators are garnering widespread exposure, as fans are able to virtually access unlimited supply of music on touch.
Music Streaming Market: Overview
- The latest research report published by Transparency Market Research pertains to the global music streaming market for the historical period 2018–2019 and the forecast period 2020–2030
- Increasing penetration of smartphones and growing usage of mobile Internet data are expected to drive the global music streaming market during the forecast period. Rising adoption of digital music and accessibility of resources delivering advanced streaming experiences on smartphones to consumers are significantly driving the adoption of music streaming platforms on smartphones worldwide. This, in turn, is anticipated to propel the music streaming market during the forecast period.
- In terms of revenue, the global music streaming market is projected to exceed the value of US$ 103.7 Bn by 2030, expanding at a CAGR of ~15% during the forecast period
Availability of Multi-device Compatibility Solutions: A Key Driver of Music Streaming Market
- High technological demand to deliver music in digital format is fueling the usage of multi-device compatibility devices. Thus, vendors are focusing on offering multi-device compatibility devices such as smart speakers, smartphones, smart watches, HD TVs, and various voice assistant devices - Amazon Alexa, Microsoft Cortana, Apple Siri, and Samsung Bixby to provide better listening experience to users, as online streaming has become an effective entertainment option for users. Most vendors are presently launching compatibility devices, which is estimated to create a significant opportunity for the music streaming market. Moreover, rise in availability of multi-device compatibility solutions is projected to boost the number of subscribers and listeners, as they offer freedom to listeners to access their favorite music on the device of their choice. This, in turn, can create significant opportunity for the music streaming market.
- Moreover, music service providers such as Spotify, Apple, and Pandora not only offer music on one device, but offer music services across multiple devices at the same time with the same paid subscription in order to enhance personalized experience with online music streaming. This is projected to offer significant opportunities to the music streaming market during the forecast period.
Adoption of Artificial Intelligence and Machine Learning to Play Key Role in Making Music Streaming Smarter
- The music industry has presently received a glimpse of the power of artificial intelligence (AI) and machine learning (ML) through the recommendation engine. Additionally, music streaming providers, which include Spotify, Pandora, Amazon, and Apple are taking music services to the next level by integrating AI with their music streaming. This is likely to help music streaming providers to reshape the music industry, as it is helpful in music discovery based on user persona.
- Moreover, AI and ML play a critical role in the music streaming industry, as they possess the ability to transform live streaming in order to cater to the user’s demand for real-time music. Additionally, musicians are capable of becoming smarter over time by combining AI and ML with human curation, leading to fine-tuned personalization at an unprecedented level. Use of AI and ML tools is estimated to help musicians create high quality, professional-sounding music, which is projected to offer significant opportunity for the music streaming market.
Music Streaming Market: Competition Landscape
- Detailed profiles of providers of music streaming have been provided in the report to evaluate their financials, key product offerings, recent developments, and strategies
- Key players operating in the global music streaming market are
- Amazon.com, Inc.
- Apple Inc. (Apple Music)
- Aspiro AB (Tidel)
- Gamma Gaana Limited
- Google LLC (YouTube Music)
- iHeartMedia, Inc. (iHeartRadio)
- Microsoft Corporation
- Pandora Media, Inc.
- Saavn Media Pvt Ltd.
- Samsung Electronics Co. Ltd.
- Sirius XM Holdings Inc.
- Sony Corporation
- Spotify Technology S.A.
- Tencent Music Entertainment Group
- TuneIn, Inc.
Music Streaming Market: Key Developments
- Key providers of music streaming, such as Amazon.com, Inc., Apple Inc. (Apple Music), SoundCloud, Spotify Technology S.A., Tencent Music Entertainment Group, and TuneIn, Inc. are focusing on the development of cost-effective music streaming to attract more customers. Additionally, players active in providing music streaming are focusing on inorganic growth strategies such as strategic collaborations and mergers & acquisitions with technology partners to improve their offerings and market reach in the music streaming market.
- Major players are also focusing on adopting alternate distribution channels such as online sales channels to further strengthen their market presence globally. Majority of these companies are headquartered in North America and Europe. Some other key developments in the global music streaming market are highlighted below:
- In July 2020, Spotify launched its services in Russia and 12 more European countries - Albania, Belarus, Bosnia & Herzegovina, Croatia, Kazakhstan, Kosovo, Moldova, Montenegro, North Macedonia, Serbia, Slovenia, and Ukraine
- In January 2020, Amazon added “ultra high definition” and “high definition” options to its music-streaming service, taking hi-fi music streaming into the mass market. The new service is available in the U.K., the U.S., Japan, and Germany, and is priced at US$ 12.99 a month for Amazon Prime members and US$ 14.99 a month for non-Prime users. This, in turn, is estimated to provide significant opportunities for the music streaming market.
- In 2019, Spotify added 40,000 tracks through an AI tool in order to generate endless streams of music to its users
- In the global music streaming market report, we have discussed individual strategies, followed by company profiles of providers of music streaming. The ‘Competition Landscape’ section has been included in the report to provide readers with a dashboard view and company market share analysis of key players operating in the global music streaming market.
Music Streaming Market – Scope of the Report
A latest study collated and published by Transparency Market Research (TMR) analyzes the historical and present-day scenario of the global music streaming market to accurately gauge its potential future development. The study presents detailed information about the important growth factors, restraints, and key trends that are creating the landscape for the future growth of the music streaming market to identify the opportunistic avenues of the business potential for stakeholders. The report also provides insightful information about how the music streaming market will progress during the forecast period of 2020 - 2030.
The report offers intricate dynamics about the different aspects of the music streaming market, which aids companies operating in the market in making strategic development decisions. TMR’s study also elaborates on the significant changes that are highly anticipated to configure the growth of the music streaming market during the forecast period. It also includes impact analysis of COVID-19 on the music streaming market. The global music streaming market report helps to estimate statistics related to the market progress in terms of value (US$ Mn).
The study covers a detailed segmentation of the music streaming market, along with key information and a competitive outlook. The report mentions the company profiles of key players currently dominating the music streaming market, wherein various developments, expansions, and winning strategies practiced and executed by leading players have been presented in detail.
Key Questions Answered in TMR’s Report on Music Streaming Market
The report provides detailed information about the music streaming market on the basis of comprehensive research on various factors that play a key role in accelerating the growth potential of the market. Information mentioned in the report answers path-breaking questions for companies that are currently functioning in the market and are looking for innovative ways to create a unique benchmark in the music streaming market, so as to help them formulate successful strategies and take target-driven decisions.
- How are key market players successfully earning revenue out of music streaming?
- What will be the Y-o-Y growth of the music streaming market between 2020 and 2030?
- What are the winning imperatives of market frontrunners in the music streaming market?
- What are the major drivers and restraints of the market?
- What will be the size of the music streaming market from 2020 to 2030?
- Which will be the fastest growing segment of the music streaming market?
- Which are the leading companies in the music streaming market?
- What are the strategies of companies operating in the market?
Research Methodology – Music Streaming Market
The research methodology adopted by analysts to compile the music streaming market report is based on detailed primary as well as secondary research. With the help of in-depth insights of industry-affiliated information that is obtained and legitimated by market-admissible resources, analysts have offered riveting observations and authentic forecasts of the music streaming market. During the primary research phase, analysts interviewed industry stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. On the basis of data obtained through the interviews of genuine resources, analysts have emphasized the changing scenario of the music streaming market. For secondary research, analysts scrutinized numerous annual report publications, white papers, and data of major countries of the world, industry association publications, and company websites to obtain the necessary understanding of the music streaming market.
Music Streaming Market – Segmentation
TMR’s research study assesses the music streaming market on the basis of streaming platform, content type, revenue channel, and region. The report presents extensive market dynamics and progressive trends associated with different segments, and how they influence the growth prospects of the music streaming market.