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“Global Music Streaming Application Market”The technology developments have allowed the providers of music streaming services to meet to emerging needs of the consumer. This is has led to an increased number of subscribers to the music streaming services driving the growth of the global music streaming application market. The market was valued at USD 11.20 billion and estimated to project the valuation of USD 2.81 in 2025. The driving factors influencing the growth of global music streaming application market include improving network connectivity, increasing smartphone penetration coupled with more customized content offered by the players.
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The music streaming application is gaining tremendous traction globally and hence the market has a large number for service providers who are regional as well as global players. Key players in the global music streaming application market are Apple Music, Spotify Limited, Amazon Music, Pandora Media, Inc., Deezer, Tencent Music Entertainment Group, Google Play Music and YouTube Music. The top 3 players such as the Apple Music, Spotify Limited and Amazon Music capture more than half of the global music streaming application market share by subscribers. Subscribers are having a hard time to differentiate between the service providers as the plans they offer are more over the same.
Music streaming application has now become the most demanding market for consumer to listen music. In the music streaming application a huge amount of musical data is stored in a server that users connect to via smartphones, laptops, music players, smart television and devices. The music files can be stored on the user’s device inside the memory of the streaming service application.
Further, engaging customer experience owing to the availability of content and context playlists are driving more subscribers to the services boosting the growth of the global music streaming application market. These users can have access to music services through a free, freemium and paid service type. Major streaming services permit users to download the music application for free through which they are able to access full service.
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In terms of service type overview, the global music streaming application is categorized into ad-supported and subscription based. In 2017, subscription-based segment registered 80.0% shares in revenue in the global music streaming application market. Ad-free streaming, access via superior quality, original and exclusive content access, and ad-free streaming are the major reasons users are opting to subscription-based services. Furthermore, upcoming trends such as internet radio and live streaming and podcasts are expected to be accessible to subscription-based users. Thus, subscription-based services are projected to grow steadily during the forecast period.
By geography, Asia Pacific is projected to grow at the fastest CAGR in terms of subscribers and revenue. Tailored music according to the local taste and content personalization coupled with increasing internet connectivity and smartphone penetration is driving the growth of the music streaming services in the Asia Pacific. Further, to boost the market growth player in the Asia Pacific are partnering with brands to offer innovative advertisements and with telecom, player to offer their services at affordable rates.
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Music streaming applications are becoming extremely popular among consumers. This is a preferred way of listening to music by many. A streaming service provides consumers access to a large number of music present in the storage. The music is stored in servers and cloud storage is accessible by app and other devices.
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This music streaming application offers user-specific music recommendations over the home screen. There is also an advanced search option available that helps in finding music as per the artist, genre or other interests’ requirements. Then, there is a feature called “Your Library” that lists playlists of the users, starred songs & artists.
Some Key Highlight Points from TOC:
Chapter 1 Executive Summary
Chapter 2 Research Methodology
2.1 Research Methodology
2.2 Market Size Estimation Methodology
2.3 Forecasting Methodology
2.4 Scope, definition, and assumptions
2.5 Assumptions
2.6 List of Data Sources
2.7 Data sources
Chapter 3 Market Outlook
3.1 Introduction
3.2 Key trends
Chapter 4. Service Overview
Chapter 5. Regional Overview
Chapter 6. Company Profiles
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Adroit Market Research is an India-based business analytics and consulting company. Our target audience is a wide range of corporations, manufacturing companies, product/technology development institutions and industry associations that require understanding of a market’s size, key trends, participants and future outlook of an industry. We intend to become our clients’ knowledge partner and provide them with valuable market insights to help create opportunities that increase their revenues. We follow a code– Explore, Learn and Transform. At our core, we are curious people who love to identify and understand industry patterns, create an insightful study around our findings and churn out money-making roadmaps.
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