TOKYO, July 24 2022 (GLOBE NEWSWIRE) — The Global Music streaming market Was worth USD 29,563 million in 2021 and is expected to be worth USD 100,734 million by 2030, growing at a CAGR of 14.6% during the upcoming period from 2022 to 2030.
The rise of OTT platforms, the prevalence of audio streaming apps, and expanding digitalization all provide growth potential for the music streaming market. With the increasing adoption of cloud computing and smartphones, the market is changing. Growing interest in music streaming and video streaming content categories will further fuel the expansion of the market. The growing number of service providers combined with the existence of various subscription options is propelling the growth of the market in a positive manner. Moreover, three of the most common music streaming software available in the market are Apple Music, Amazon Music, and Spotify.
Music streaming is a method of streaming audio content to a device without the user having to download it from the internet. Streaming is an alternative to downloading files, in which the end user receives the entire file for the material before watching and listening to it. Music streaming platforms allow customers to access and listen to podcasts, live performances, music videos and audio broadcasts. These systems include a number of features, including easy access to apps, song recommendations, websites, and automatic playlist generation. These services allow users to download tracks for offline listening. Some of the more modern systems allow users to upload their personal personalized playlists to the cloud, called a music vault.
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|Market||Music streaming market|
|Market size 2021||$29,563 million|
|Market Forecast 2030||$100,734 million|
|CAGR from 2022 to 2030||14.6%|
|Analysis period||2018 – 2030|
|Forecast data||2022 – 2030|
|Segments Covered||By service, by content type, by platform, by end use and by geography|
|Regional scope||North America, Europe, Asia-Pacific, Latin America, Middle East and Africa|
|Profiled Key Companies||Apple, Inc., Gamma Gaana Limited, Amazon.com, Inc., Pandora Media, Inc., Google LLC, iHeartMedia, Inc., Spotify AB, SoundCloud Limited, Deezer and Tencent Music Entertainment Group.|
|Report cover||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulatory Analysis|
|Scope of customization||10 a.m. free customization and expert advice|
Aspects of the growth of the global music streaming market
Huge growth in the music streaming market, combined with increasing urbanization, is supporting the global expansion of the online streaming industry. The growing popularity of streaming technologies, along with the advancement of modern devices such as smartphones, is expected to drive the expansion of the market over the forecast period. Music streaming solutions include a platform that allows consumers to listen to music, podcasts and view live performances. Additionally, these platforms offer benefits such as music recommendations, smart playlist customization, and easy accessibility on smartphone apps and websites, which is expected to pique the interest of particular consumers over the course of the planned timeline.
The global music streaming market is expected to continue to grow owing to the increase in user demand and musical creations for online streaming content. Additionally, the development of music streaming systems such as Apple Music, Pandora, Tidal, Spotify, and Amazon Music has led to a significant reduction in music piracy. Additionally, music organizations such as Warner Music Group, Sony Music Entertainment, Universal Music Publishing Group, and Island Records are investing significantly in performers and repertoire to develop a strong global presence. Accordingly, all these variables will contribute to the growth of the global music streaming market in the coming years. Additionally, emergence of 5G, machine learning, virtual reality technology, and deep learning are some other factors expected to fuel the growth of the global music streaming market.
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Integration of Artificial Intelligence and Machine Learning in Streaming Platforms Drives Market Growth
The music industry is continually witnessing technologies such as artificial intelligence and machine learning through recommender systems. Additionally, music streaming companies such as Pandora, Amazon, Spotify, and Apple are improving their music streaming offerings using AI. This should benefit music streaming services by changing the music industry, as it facilitates audio exploration based on customer profiles. However, by integrating AI and ML alongside human curation, artists can grow stronger over time, resulting in unprecedented levels of fine-tuned customization. The application of Ml and Ai technologies is expected to help musicians create professional quality soundtracks, which is expected to provide a huge opportunity for the music streaming industry.
The global music streaming market has been segmented by Acumen Research and Consulting on the basis of service, content type, platform, and end use. By service, the market is separated into on-demand streaming and live streaming. By content type, the market is split into audio and video. By platform, the market is categorized into application and brewers. By end use, the market is categorized into individual and commercial.
Regional outlook of the global music streaming market
North America, Europe, Asia-Pacific, Latin America, Middle East and Africa constitute the regional classification of the global music streaming market. According to the music streaming market forecast, Asia-Pacific is expected to experience tremendous market growth throughout the projected year. The acceptance of new technologies, along with the increasing use of smartphones and low-cost internet, is driving the expansion of the regional market. Moreover, the music streaming market in China and India has huge potential due to the growing popularity of free music streaming apps like Saavn, JOOX, Gaana and others. Moreover, in order to preserve the region’s volume-driven industry and attract and retain consumers, several providers are offering freemium streaming services, which is fueling regional growth.
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Players in the music streaming market
Some of the major companies in the music streaming market are Apple, Inc., Gamma Gaana Limited, Amazon.com, Inc., Pandora Media, Inc., Google LLC, iHeartMedia, Inc., Spotify AB, Sound Cloud Limited, Deezer, and Tencent . Musical entertainment group.
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Mr. Richard Johnson
Acumen Research and Consulting