Newark, Sept. 05, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 35.0 billion music streaming market will reach USD 141.5 billion by 2032. Rising 5G connectivity usage has also emerged as a significant trend in the global music streaming market. Following this trend, the market's leading companies launched new music services that provide music fans with music streams and downloads. Companies may provide high-quality audio streams as 5G technology becomes more common and the increased speed and data transfer possibilities of 5G over 4G. These technological and connectivity breakthroughs are propelling the industry forward. Furthermore, using technologies such as Artificial Intelligence (AI) and Machine Learning (ML) improves the music streaming experience by boosting search recommendations.
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North America to account for the largest market size during the forecast period.
North America is expected to have the essential music streaming market share. North America has significant disposable income and high music demand and consumption, making it the top music streaming market. However, due to increased internet penetration and smartphone use, as well as an increase in online users.
The audio segment dominated the market with the most significant revenue of USD 19.9 billion.
The audio segment dominated the market with the most significant revenue of USD 19.9 billion. Users listen to music while doing regular activities, travelling, jogging, and exercising. Thus, the consumer's busy and stressful lifestyle allows them to obtain audio content more easily than visual content.
The apps segment dominated the market with the most significant revenue of USD 18.5 billion.
The apps segment dominated the market with the most significant revenue of USD 18.5 billion. Owing to the desire for easy accessibility with apps over browsers and several features that enhance the entire user experience while streaming music. Its primary features are customizable playlists, high-quality audio streaming, offline playback, social sharing options, and connectivity with other programmes and devices. Such characteristics are projected to boost segment expansion during the forecast period.
The individual segment dominated the market with the most significant revenue of USD 19.2 billion.
The individual segment dominated the market with the most significant revenue of USD 19.2 billion. Individual lifestyle improvements, such as listening to music while commuting, doing daily chores, and exercising, have fuelled the expansion of the individual segment.
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Market Dynamics:
Drivers: Rising Demand
Individuals used streaming services to explore and enjoy music, which increased user engagement and longer listening sessions, propelling the market forward. Furthermore, music streaming firms focus on improving user experience by providing music video streaming, song lyrics, and podcasts on their platforms. For example, Amazon.com, Inc.'s subsidiary firm, Amazon Music, enhanced its Prime membership bonus in November 2022 by offering a complete music catalogue with over 100 million songs and ad-free access to its top podcasts. Such innovations by industry participants are projected to drive market demand over the forecast period.
Restraint: Lack of Ownership
Due to a lack of ownership, customers are expected to be discouraged from subscribing to music streaming services, inhibiting industry growth during the predicted period.
Opportunity: Rising Acceptance of Digital Platforms
Over the forecast period, market growth will be driven by the increasing acceptance of digital platforms and the widespread use of smart devices. Because of the appealing features offered, such as personalised song recommendations, automatic playlist customization, and seamless accessibility across various applications and web browsers, the popularity of music streaming services, which include websites that allow users to see music videos and listen to podcasts in addition to audio files, is increasing significantly.
Challenge: High Cost
The market's expansion is anticipated to be hampered by low penetration in developing nations and high costs.
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Some of the major players operating in the music streaming market are:
● Spotify AB
● Apple, Inc.
● Amazon.com, Inc.
● Google LLC
● Deezer SA
● Pandora Media, Inc.
● Tencent Music Entertainment Group
● Tidal
● SoundCloud Global Limited & Co. KG
● iHeartMedia, Inc.
Key Segments cover in the market:
By Content Type:
● Audio
● Video
By Platform:
● Browsers
● Apps
By End-User:
● Commercial
● Individual
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About the report:
The global music streaming market is analyzed based on value (USD billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes Porter's five forces model, attractiveness analysis, raw material analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirements whether they are looking to expand or planning to launch a new product in the global market.
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