Music Streaming Service Market by End-users, Streaming Service, and Geography - Global Forecast and Analysis 2019-2023
- Published: Aug 2019
- Pages: 128
- SKU: IRTNTR31904
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The music streaming service market size will grow by $ 10.01 billion during 2019-2023. The market’s growth momentum will decelerate during the forecast period because of the decline in year-over-year growth.
This market report provides a detailed analysis of the market by end-user (individual and commercial), streaming service (paid music streaming service and free music streaming service), and geography (APAC, Europe, MEA, North America, and South America). Also, the report analyzes the market’s competitive landscape and offers information on many market vendors, including Alphabet Inc., Amazon.com Inc., Apple Inc., Sirius XM Holdings Inc., and Spotify AB.
Browse TOC and LoE with selected illustrations and example pages of on Music Streaming Service Market
Market Competitive Analysis
The music streaming service market is fragmented. To help clients improve their market positions, this music streaming service market forecast report provides an analysis of the market’s competitive landscape and offers information on the services offered by various companies. This music streaming service market analysis report also includes information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.
The report offers a detailed analysis of several leading music streaming service providers, including:
- Alphabet Inc.
- Amazon.com Inc.
- Apple Inc.
- Sirius XM Holdings Inc.
- Spotify AB
Music Streaming Service Market: Segmentation by End-users
The individual segment held the largest market share in 2018. The segment will account for the highest music streaming service share over the forecast period. Easy access to music online, increasing use of smart-handheld devices, and growing Internet access will boost the growth of the market segment during the forthcoming years. This report provides an accurate prediction of the contribution of all the segments to the growth of the music streaming service market size.
Music Streaming Service Market: Segmentation by Region
- North America
- South America
With a complete study of the growth opportunities for companies, it has been identified that North America will account for the highest share of the music streaming service throughout the forecast period. Factors such as the high adoption rate of music streaming services, expansion of vendors by collaborating with artists to gain exclusive rights, and the presence of a localized radio industry are contributing to the music streaming service industry growth in this region.
Music Streaming Service Market: Key Drivers and Trends
Companies such as YouTube, Pandora, and Spotify are increasingly introducing differentiated music streaming services. This is one of the key music streaming service market trends that will gain traction over the forecast period. The services include various features such as easy accessibility on various platforms, auto playlist customization, song suggestions, and high audio quality. With these features enabling easy listening, there is an increasing preference among end-users for these services. Companies such as Apple and Amazon, have also synchronized their music streaming services on their hardware, such as smart speakers. These developments will have a positive influence on music streaming service market growth during 2019-2023.
The growing use of handheld devices, such as smartphones and tablets, also contribute to the growth of the market. There is an increase in the number of consumers preferring paid subscription services for streaming music. Another factor increasing the streaming of music online is improving internet bandwidth. Moreover, the elimination of illegal downloading of music owing to the presence of streaming services is further contributing to the revenue generation of vendors. Many services are available at no cost. Therefore, vendors such as Pandora and YouTube are experimenting with various options, such as the inclusion of advertisements, for revenue generation. The rising trend of listening to music has been propelling music enthusiasts to opt for music streaming services, driving market growth. As a result, the market will register a CAGR of over 16% during the forecast period. However, the market’s growth momentum will decelerate over the forecast period because of the decline in year-over-year growth.
Major Highlights of the Music Streaming Service Market - Global Forecast 2019-2023
- CAGR of the market during the forecast period 2019-2023
- Detailed information on factors that will drive the growth of the music streaming service during the next five years
- Precise estimation of the global music streaming service market size and its contribution to the parent market
- Accurate predictions on upcoming trends and changes in consumer behavior
- The growth of the music streaming service industry across APAC, Europe, MEA, North America, and South America
- A thorough analysis of the market’s competitive landscape and detailed information on several vendors
- Comprehensive details of factors that will challenge the growth of music streaming service companies
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Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
- Market size and forecast
- Market segmentation
- Geographical insights
- Competitive landscape
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