The Music Streaming Market expected to grow from US$ 26.05 billion in 2019 to US$ 46.99 billion by 2027; it is estimated to grow at a CAGR of 7.4% from 2019 to 2027.

Growing popularity of digital music streaming websites is attributing to the growth of the market. As the digital music streaming platforms and websites are changing the musical scenario, music streaming is becoming popular globally. The digital music market is accelerating as the consumers are attracted towards purchasing different contents which they can access for free. Due to increasing disposable income, the consumers are purchasing digital content. Spotify, Google, Pandora, SoundCloud, iHeartRadio, Apple Music are some of the prominent digital music platform providers. The individuals are taking advantage of music streaming platforms provided by respective service providers for their enjoyment. Additionally, the availability of free-trial and paid subscription is playing a significant role in boosting the application of digital music platforms. In the era of digital age, the music streaming industry is evolving in a rapid pace. Owing to availability of digital download feature, the physical sales of CDs is declining. In Spotify, Apple, Tidal, and You tube Music, a subscription fees is required to consume content in music streaming platforms. As the consumers are willing to pay for digital content, the number of digital music website is booming.

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Music Streaming Market – Company Profiles

Amazon, Inc.
Apple Inc.
Deezer,
Google Inc.
iheartmedia, Inc.
Joox
Pandora Media, Inc.
SoundCloud
Spotify
Tidal

The introduction of cloud-based music in the music streaming market is expanding, which in turn drives the adoption of music platforms. The vendors are developing several user-friendly applications to ensure easy streaming of music over tablets and smartphones. The availability of cloud feature in music streaming platform is boosting the adoption of digital music platforms. Moreover, factors such as presence of digital savvy population, increasing disposable income, and smartphone adoption are propelling the adoption of digital music platforms at a significant rate.

Impact of COVID-19 Pandemic on Music Streaming Market

Music and Media industry is also impacted negatively and thus act as a restraining factor for the growth of various markets related to this industry in the coming months. One of the critical areas highly impacted is live performances. The industry is fighting back to recover the loss and come-up with new business models. To monetize, the companies are coming up with live shows on streaming devices. In the first quarter of 2020, the online music subscription was increased by around 70% YoY, globally. The crisis has accelerated the trend in music streaming. The streaming companies are getting a significant number of subscriptions and viewers since the start of this pandemic. The overall music streaming has a significant positive impact of COVID-19 pandemic

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Players operating in the music streaming market are mainly focused on the development of advanced and efficient products.

In 2020, LiveXLive Media, Inc. and iHeartMedia announced a livestream partnership which includes more than 25 iHeartRadio festivals and theater shows annually and the addition of five new shows. The agreement also includes LiveXLive’s exclusive distribution on its platform of two more of iHeartMedia’s top annual events – the iHeartRadio Music Festival and iHeartRadio Jingle Ball.
In 2019, Amazon Music expanded access to free streaming service, and the customers would be able to listen to Amazon Music’s ad-supported selection for free. It is available to customers in U.S., U.K. and Germany who doesn’t have a Prime membership or a subscription to Amazon Music Unlimited.

The music streaming market has been segmented as follows:

Music Streaming Market – by Content Type

Audio Streaming
Video Streaming

Music Streaming Market – byStreaming Type

Live Streaming
On-demand Streaming

Music Streaming Market – by End User

Commercial
Individual

Music Streaming Market – by Geography

North America
US
Canada
Mexico
Europe
France
Germany
Italy
Russia
U.K
Rest of Europe
Asia Pacific (APAC)
Japan
China
Australia
India
South Korea
Rest of APAC
Middle East and Africa (MEA)
Saudi Arabia
UAE
South Africa
Rest of MEA
South America (SAM)
Brazil
Argentina
Rest of SAM

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