Reports and Insights (R&I) has published a new report titled, “Music Streaming Services Market: Opportunity Analysis and Future Assessment 2020-2028”
Global Music Streaming Services Market, By Type (On-demand streaming, Live streaming), By Platform (Apps, Browsers), By Content Type (Audio, Video), By End-User (Individual, Commercial), and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, & Africa) is expected to grow at a significant CAGR for the period between 2020 and 2028.
The music streaming market size was valued at USD 21.1 Bn in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 18.8% from 2020 to 2028.
Over the years, the music industry has gone through a strong and steady growth in sales and profits starting from the 80s until the late 90s, although as the 90s came to its end the music industry started to indicate fall in sales as well as profits. Having said that, the fresh transformations in digital technology have diversified consumption habits of masses across the world. Same is the case with the music industry.
After the absolute digitalization all across the globe, the music industry is also evolving in the digital environment at the equivalent swift pace and therefore, most of the people attain their music digitally either by downloading music or by streaming music online, on-demand or live.
The rapid adoption of mobile devices and smart applications among the population along with the swift penetration of internet-based services across the world is majorly boosting the demand of music streaming services globally. Owing to which, the global music streaming services market is expected to rise exponentially in the near future.
Notably, music streaming services have instantaneously become one of the most prevailing and famous formulas for consumers to listen to their favorite music. As a matter of fact, streaming services provide consumers limitless accessibility to massive catalogs of music.
The music streaming service acts as a storage of the music in a server that users can connect and access to via their mobile devices and laptops. While connected to the internet consumers are able to access and listen to any song of their choice, by choosing it on the application from which it can therefore be played.
On several different music streaming services the consumer also has the facility to choose to save and store the music at local level, by making it available offline. Such factors are further playing a crucial role in propelling its demand across the global markets, thereby the global music streaming services market is estimated to rise substantially over the forecast period.
In addition to that, the music streaming services also provides additional services in the subscription-based forms, which further gains traction among the population worldwide. Attributing to which, the global music streaming services market is expected to witness massive growth in the coming years.
R&I Study identifies some of the key participating players in the music streaming services market globally are Spotify AB, Apple, Inc., Amazon.com, Inc., Google LLC, Deezer, Pandora Media, Inc., Tencent Music Entertainment Group, SoundCloud Limited, Tidal, among others.
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