Report Ocean has released a research study titled “Music Streaming Market 2023 Forecast to 2031 Analysis by Market Trends.” This study offers precise economic forecasts, global assessments, and country-level insights. It provides a comprehensive view of the competitive market and includes an in-depth supply chain analysis to identify significant industry changes. The study explores the current market status, anticipated future growth, technological advancements, investment opportunities, market economics, and financial data. It thoroughly examines the market and offers insights based on a SWOT analysis of the industry.
Music Streaming Market is valued approximately USD 20.9 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 17.8 % over the forecast period 2020-2027. Music Streaming services include platform that allow audience to listen audio, podcast and music videos and also provide on demand and live streaming services of full-length content through internet without downloading. The increasing consumer preferences toward the live streaming music, the rise in number of service providers, increase in the penetration of smart phones and the rise in number of commercial end users are the major factors driving the market.
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According to the report of China Based Tencent Music Entertainment group, in the first quarter of 2020, the revenue form online music subscription raised by 70% compared to the revenue of 2019, in addition to these the subscribers of online music touches 42.7 million which is approx. 50.0% a year over year rise. However, the increasing piracy all over the globe impedes the growth of the market over the forecast period of 2020-2027. Also, with the increasing popularity of live streaming music and availability of local content on online platforms is likely to increase the market growth during the forecast period.
Major market player included in this report are:
Amazon.com, Inc.
Apple, Inc.
Deezer
Google LLC.
iHeartMedia, Inc.
Pandora Media, Inc.
SoundCloud Limited
Spotify AB
Tencent Music Entertainment Group
Tidal (Aspiro AB)
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MARKET OVERVIEW
Here’s an outline for a comprehensive analysis of the music streaming market:
- Market Overview:
- Provide an overview of the music streaming market, including its current size, growth trajectory, and major players. Discuss the evolution from physical media to digital streaming and the impact on the music industry.
- Industry Segmentation:
- Segment the music streaming market based on business models (subscription-based, ad-supported), platforms (desktop, mobile), geographic regions, and types of services (on-demand streaming, live streaming, curated playlists). Analyze the growth potential of each segment.
- Key Players and Competitive Landscape:
- Conduct a detailed analysis of major music streaming platforms (Spotify, Apple Music, Amazon Music, etc.), their market share, subscription numbers, pricing strategies, content libraries, exclusive deals, and technological innovations.
- User Behavior and Preferences:
- Analyze user preferences, behavior patterns, demographics, and regional differences in music consumption. Discuss factors influencing user choices, such as personalized recommendations, audio quality, playlist curation, and social sharing features.
- Monetization Models and Revenue Streams:
- Explore different monetization models employed by music streaming platforms, including subscription fees, ad revenue, partnerships, and licensing agreements. Evaluate the revenue distribution among artists, labels, and streaming services.
- Impact on Music Industry:
- Discuss the impact of streaming on the music industry ecosystem, including artists, record labels, distributors, and concert revenues. Analyze how streaming has changed revenue streams, marketing strategies, and the discovery of new talents.
- Technological Advancements:
- Explore technological advancements in music streaming, such as AI-driven music recommendations, high-fidelity audio (lossless streaming), integration with smart devices, and the potential influence of blockchain in royalty distribution.
- Global Market Expansion and Challenges:
- Identify potential growth opportunities in untapped markets and regions. Discuss challenges related to licensing complexities, competition, regulatory hurdles, and cultural differences affecting market penetration in different regions.
- Artist and Label Relations:
- Analyze the relationships between streaming platforms and artists/record labels, including revenue sharing models, exclusivity deals, artist royalties, and the role of streaming in promoting emerging artists.
- Future Trends and Recommendations:
- Provide insights into the future of music streaming, including emerging trends like immersive music experiences (AR/VR), podcast integration, live concerts on platforms, and new business models. Offer strategic recommendations for streaming platforms to adapt to evolving user preferences and technological advancements.
The detailed segments and sub-segment of the market are explained below:
By Service:
On demand streaming
Live streaming
By Content Type:
Audio
Video
By Platform:
Apps
Browsers
By End Use:
Individual
Commercial
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By Region
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World
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