Music on Demand Market by End-user, Type, and Geography - Forecast and Analysis 2021-2025

The music on demand market share is expected to increase by USD 24.98 billion from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 13.19%.

This music on demand market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers music-on-demand market segmentation by end-user (individual users and commercial users), type (music streaming and radio on demand), and geography (North America, Europe, APAC, South America, and MEA). The music on demand market report also offers information on several market vendors, including Alphabet Inc., Amazon.com Inc., Apple Inc., Canadian Broadcasting Corp., Gamma Gaana Ltd., Hungama Digital Media Entertainment Pvt. Ltd., iHeartMedia Inc., Mood Media Corp., SoundCloud Ltd., and Spotify Technology SA among others.

What will the Music on Demand Market Size be During the Forecast Period?

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Music On Demand Market: Key Drivers, Trends, and Challenges

The growth in mobile advertisement spending is notably driving the music on demand market growth, although factors such as free music access to users through modified apps may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the music-on-demand industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Music on Demand Market Driver

The growth in mobile advertising spending is one of the major factors driving the music-on-demand market growth. With the high penetration of tablets and smartphones, service provides are developing mobile apps to provide easy access and usage to customers, and thereby capitalize on this market. This has also led to growth in mobile advertising, making it one of the most popular advertising methods. These apps also require users to fill in their personal details, which provides data to vendors for targeted marketing and helps them retain customers. Subsequently, growth in mobile advertising will create higher revenue for music on-demand market and drive its growth.

Key Music on Demand Market Trend

The rise in the adoption of cloud services is one of the key music on demand market trends. Cloud services allow subscription users to access digital content stored in remote servers, as well as store, download, stream, and share content. This has encouraged users to move from music systems to cloud-based streaming services. It is also being adopted by music companies as it provides users legal access to music. 

Key Music on Demand Market Challenge

Modified apps provide free access to many streaming services in rooted Android devices and jailbroken iOS devices. Many illegal and cracked apps can be installed in rooted/jailbroken devices and can be used to access paid services free of cost. With the help of cracked apps for streaming services, the user can access premium services for free. Most of the revenue in the global music on demand market comes from paid-for services. Thus, the development and use of cracked apps during the forecast period is likely to hinder the growth of the global music on demand market.

This music on demand market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.

Who are the Major Music on Demand Market Vendors?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

• Alphabet Inc.
• Amazon.com Inc.
• Apple Inc.
• Canadian Broadcasting Corp.
• Gamma Gaana Ltd.
• Hungama Digital Media Entertainment Pvt. Ltd.
• iHeartMedia Inc.
• Mood Media Corp.
• SoundCloud Ltd.
• Spotify Technology SA

This statistical study of the music on demand market encompasses successful business strategies deployed by the key vendors. The music on demand market is fragmented and the vendors are deploying growth strategies such as distinguishing their product and service offerings through clear and unique value propositions to compete in the market.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The music on demand market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies. 

Which are the Key Regions for Music on Demand Market?

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40% of the market's growth will originate from North America during the forecast period. The US is a key market for music on demand in North America. Market growth in this region will be faster than the growth of the market in MEA and South America.

The presence of numerous artists, music publishers, and well-developed network infrastructure will facilitate the music on demand market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

What are the Revenue-generating End-user Segments in the Music On Demand Market?

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The music on demand market share growth by the individual users segment will be significant during the forecast period. The individual users segment is expected to dominate the global music on demand market owing to the developments in network infrastructure that are lowering the cost of Internet services and providing people with access to music streaming services on mobile devices. The developments in telecommunication standards such as 3G, 4G, and 5G are also expected to drive the individual users segment, as these networks enable individual users to access high-quality music from anywhere at any given point in time. 

This report provides an accurate prediction of the contribution of all the segments to the growth of the music on demand market size and actionable market insights on post COVID-19 impact on each segment.

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What are the Key Data Covered in this Music on Demand Market Report?

• CAGR of the market during the forecast period 2021-2025
• Detailed information on factors that will drive music on demand market growth during the next five years
• Precise estimation of the music on demand market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the music on demand industry across North America, Europe, APAC, South America, and MEA
• A thorough analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of music on demand market vendors

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